2025展望：高科技与软件的未来

2025 Outlook WHAT’S INSIDE Executive Summary3 Shifting from the Years of Efficiencyto the Year of Efficient Growth4 Navigating the AI Transition8 Extracting Maximum Valuefrom Data and Content11 Assessing the Investment Climate14 Your Watch List & Collaborators17 Advancing With Purpose in 2025 While the “Years of Efficiency” broughtstreamlined operations, 2025 marks acontinued shift toward purposeful, efficientgrowth. Companies now face the challenge ofrefining their strategies to deliver measurableimpact by rationalizing their productportfolios, navigating AI innovation, managingworkforce transitions, and maximizing thevalue of their vast data assets. need to adapt their operating and economicmodels to support the deployment andadoption of new capabilities, while urgentlyinnovating on their internal processes to drivefocus and improve efficiency. This outlook provides actionable insights tohelp software leaders seize the opportunitiesahead. By embracing AI’s potential,reimagining data use, and making bold,strategic moves, companies can transformchallenges into competitive strengths. Thisyear isn’t just about keeping pace—it’s achance to redefine what’s possible in high-techand software and set the stage for a future oflasting impact and innovation. AI acceleration poses both a tremendousopportunity but also a potential threat totech companies. Incumbent leaders thathave vast troves of data have an early-mover advantage but need to act fast asnew entrants seek to disrupt the market.Moreover, customer adoption of new AIcapabilities is not guaranteed given itspotential to disrupt traditional workflowsand teams. To navigate this, tech companies DhavalMoogimane, SeniorPartner,High-Tech&Software EXECUTIVE SUMMARY Extracting Maximum Value from Dataand Content Shifting from the Years of Efficiency to theYear of Efficient Growth To meet high valuations, tech companiesmust prioritize efficient growth, not justefficiency. While maintaining a sharp focuson cost management, organizations needto re-evaluate resource allocation, refineproduct strategies, and leverage datainsights. Driving data-informed productdecisions and delivering standout value tocustomers will be key to maximizing returnsfrom their teams. Tech companies sit on vast amounts ofdata, yet few fully leverage it. Treating dataas a core asset and implementing strategiesto harness it will help companies securecompetitive advantages in the coming year. Assessing the Investment Climate With modest deal flow growth expectedfrom lower interest rates, competitionfor high-quality assets will intensify.Longer hold periods in private equity (PE)transactions are driving greater focus onvalue-creation initiatives. Navigating the AI Transition Tech is on the cusp of transformativechange as AI reshapes companies’ productportfolio, economic and operating models,and internal processes. By embracingshifts in how data is used, workflows aretransformed, and the workforce is managed,companies stand to gain significantproductivity and efficiency, unleashingopportunities for disruptive innovation. TREND01 SHIFTING FROM THE YEARSOF EFFICIENCY TO THE YEAROF EFFICIENT GROWTH What to expect Efficiency and growth have often competed for techcompanies’ attention. The past several years werecharacterized by a relentless focus on optimizingoperations and seeking higher productivity andoutput with reduced costs. This was initially achievedthrough workforce reductions, restructuring, andleveraging technology to streamline processes. Asthe trend continued in 2024, companies appliedmore targeted workforce adjustments and focusedsharply on core competencies. Rather than rehiring,they maximized productivity per employee by takinga holistic, strategic view of resourcing and talent. Higher EV/Revenue multiples are driven by higherEBITDA margins versus top-line growth19 Rule of 40 Top-Performing Companies (September ‘19) However, to justify current valuations, companiesmust go beyond operational efficiency and focuson driving efficient growth. This shift means takinga data-driven approach to product and portfoliomanagement, ruthlessly optimizing non-labor costs,designing products that achieve scalable grossmargins, focusing intensely on delivering customervalue to increase net retention rates in an era wherecustomers are scrutinizing tech investments. TREND01:SHIFTING FROM THE YEARS OF EFFICIENCY TO THE YEAR OFEFFICIENTGROWTH YOUR TO-DO LIST Align R&D priorities with commercial goals. Maintain a laser focus on retaining andexpanding existing customers Maximizing returns on R&D investments requiresa direct connection between product roadmapsand commercial goals like revenue growth andcustomer retention. While many companiesclaim data-driven alignment, most rely heavily onanecdotes. Building and managing product-levelP&Ls can help clarify operating margins at theproduct level, assess investment rationale, andfoster efficient growth. Retaining customers costs far