Technology spend finally recognized as a cure for economic woes rather than a cost as it’s vital to build agility
London; Nov 21, 2022: Despite economic headwinds, IT executives believe their businesses are resilient enough to continue as usual if there is a recession, a survey from Orbus Software uncovered. The poll of 1,000 IT decision-makers in the US and UK found that 88% of respondents are re-evaluating technology budgets in response to the possibility of a recession, with 83% citing budgets will increase.
For the first time in 25 years technology spend is no longer viewed as a cost but as a critical investment with 74% of IT executives stating they are advancing transformation projects. The majority of respondents (55%) think their organizations are very agile and able to respond to a recession, with 81% stating collaboration across lines of business has improved over the last two years.
Looking ahead, the survey found that the top three technology investment priorities in light of an economic crisis are:
Hiring tech professionals (72%)
Strengthening supply chain systems (72%)
Product development (69%)
Despite recent layoffs in large tech companies, the war for the right talent remains, with 62% of IT professionals stating the ability to attract and retain top employees is their biggest business concern for 2023.
Rupert Colbourne, Chief Technology Officer of Orbus Software, commented: “The pandemic validated that investing in technology is vital to weather uncertainty and disruption. As a result, IT budgets are now insulated from recession-driven cuts. Instead, organizations are doubling down on transformation efforts to bolster agility and deliver a competitive advantage. Technology has proven itself for its ability to help companies survive hard times—and come back stronger.”