CIO Pandemic Business Impact Survey, 2020
Since the pandemic began in March, mindsets on when “back to normal” life will occur have changed. Previously it was by the summer, then by the fall, and now we’re onto 2021. One thing is certain though, and that is that technology continues to connect communities – whether that be for work, family or individual life. To get a better understanding of how mindsets have shifted since March, specifically for tech decision-makers, CIO conducted the 2020 Pandemic Business Impact Survey in July. Asking some of the same questions from the first round of this research, the results show that ITDMs are remaining true to their expense management position as well as their acceleration of digital initiatives. IT leaders are regaining a strategic focus and spending time redesigning business processes, developing new go-to-market strategies & technologies, and studying market trends/customer needs to identify commercial opportunities. See below for some key findings and sample slides on the research.
- Technology is realized as a key element in navigating the pandemic – 41% of ITDMs anticipate their tech budgets will increase in the next 12 months (bouncing back from 25% in April), and another 35% expect budgets to be stable.
- CEOs’ top priority for IT continues to be to lead digital business/digital transformation initiatives, and 59% of respondents agree that the effects of the pandemic are accelerating their digital transformation efforts.
- As a result of COVID-19, 64% of ITDMS say that increasing operational efficiency has increased importance as a digital business objective, followed by creating better customer experiences (58%) and improving security (58%).
- In order to become a digital business, ITDMs expect to invest more into big data/analytics, business process management and mobile devices over the next 12 months compared to three months ago.
- COVID-19 continues to change how we work, with the majority of organizations (52%) saying they won’t see employees back in the office in 2020, and organizations are facing the reality that on average only 23% of their workforce needs to be in the office for their business to be fully operational.
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