Corporate IT leaders (CIOs), shocked by the way COVID-19 battered their business, are now saying, in a recent survey, that digital transformation could be the only way to weather an economic storm of this magnitude.
In a survey conducted by IDG, more than 61% of CIOs agreed that the pandemic would force them to accelerate their digital transformation efforts.
“It’s encouraging to see that 40% expect their IT budgets to remain the same, and 25% expect their budgets to increase, while 35% expect a decrease,” says the report.
However, some analysts warn that IT spending would not be boosted, pointing to reports that many businesses are struggling to survive with the lockdown measures quickly emptying their coffers.
The IT leaders say the pandemic will stoke demand for technology solutions that support teleworking. In the survey, 44% of IT leaders stated that they would have to acquire new technology solutions or services for remote working.
“The pandemic is influencing our plan on office space and tech staffing,” said around 71% of CIOs.
The biggest victim of the pandemic could be innovation because IT leaders say they expect their supply chain to remain in limbo for many months to come.
As companies direct most of their resources to put their house in order, innovation will take a back seat.
The research firm says the pandemic has also changed the priorities for IT leaders.
Barely six months ago, they were talking about devoting much of their time to security management, improving IT operations, and business innovation. Now, they will focus on cutting costs and redesigning their business processes, says the report.