Large companies often spend a good deal of money on cultivating their technology, but a new study suggests nearly 70 percent of what they spend may be misallocated.

In a study, Genpact Research Institute recently found that, of nearly $600 billion spent on digital projects, almost $400 billion of it was invested in projects that fall short of expectations and returns on investment (ROI). In fact, much of what companies invest in technology sustains existing, or "legacy" systems, rather than new technology, the report found.

In a global market for technology spending estimated at $4 trillion, an amount that research firm Gartner expects to shrink by nearly 5 percent this year, the wasted money can be significant. It suggests companies will be operating from a smaller pool of money, and will need to invest it wisely.

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Out of a host of technology that includes cloud computing, big data and social technology, "at least 67 percent of those efforts are either scrapped, or end up being underwhelming," Gianni Giacomelli, Genpact's senior vice president of product innovation, told CNBC in an interview.

In a world where research and development spending is perceived as a hallmark of product innovation, the study's findings could have competitive implications, Giacomelli added.

"It's important that [companies] get better … otherwise we're not going to get the impact of productivity and technology and competitiveness," he said. "New technologies are not going to get an impact."