Businesses are set to increase spending on digital transformation, which is one of the options that are left to wriggle out of the economic recession brought about by the COVID-19 pandemic.
Interestingly, according to the report, people concerned with economic disruption are 20% more likely to increase spending on digital transformation.
The businesses most eager to purchase digital technologies and services are the ones involved in construction, followed by information technology (58%) and manufacturing (55%). But retailers and utilities are least interested in spending money on IT at this moment of time.
Aside from the financial crunch, there are many other factors standing in the way of executives wanting to invest in digital transformation. Some of them are doubtful of seeing quick returns on their investment, and a few others think it would be hard to convince stakeholders in their company.
Despite the hurdles, it is true that the pandemic is accelerating IT investment. In the survey, only 18% of companies said they would cut back on spending.
“The study confirms that many companies are wisely using the global downturn to divert resources to technological renewal and innovation,” concludes Antony Bourne, IFS Senior Vice President.