In today’s operating environment, the hunt for advantage is more intense than ever. Normally risk-averse firms are embracing digital transformation on multiple fronts to power innovative new products, prepare for acquisitions or IPOs, and seize operating efficiencies. In 2024, a key requirement for any leader seeking new advantages is clear, according to industry observers. To win in tomorrow’s world, firms will “likely have to invest in technology and associated controls even amid weak performance and margin pressures,” according to Deloitte’s 2024 investment management outlook. The move to modernize isn’t universal—Deloitte notes that the percentage of firms expecting a large increase in technology spending declined in 2023. But that only increases the competitive advantage for those that embrace change, because “a small group of technology leaders [can separate] from the rest of the pack,” analysts note.