PANDEMIC REORIENTS ENTERPRISE IT SPEND TO FUEL RESILIENCE FOR THE NEO NORMAL: CMR STUDY
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- Overall IT spending is likely to reduce by 4% on average, the IT budget has shifted towards more immediate priorities
- The pandemic has accelerated the digital transformation journey for enterprises. Three in every four organizations will focus on digitization in the neo normal.
- Organizations are strategically experimenting with emerging technologies, but not planning to invest heavily unless they see tangible benefits in the near-term.
6th July 2020 | NEW DELHI. According to new research by CyberMedia Research (CMR), the COVID-19 pandemic has contributed to a shifts in enterprise IT spend, and a greater thrust to digital transformation. The study titled “Digital Transformation in the Neo Normal” is based on a primary survey conducted in May and June 2020. As per the study findings, while overall IT spending is likely to reduce by 4% on average, the IT budget has shifted towards more immediate priorities, to build resilience for the neo normal. The study provides insights across small, mid- and large-sized enterprises, with a view on CIOs versus CEOs. Additionally, the study lists key recommendations for enterprises to adopt to navigate to the new normal.
“The big bang transformations of the pre-COVID era have been streamlined, in favour of more strategic enterprise IT priorities. While there is an increased realization on digital transformation, the new economic realities have put pressures to rationalize IT costs. As such, CIOs will need to prudently assess on where to invest.,” said Anil Chopra, VP- Research, CyberMedia Research.
Key Study Findings
A. The big bang transformations of the pre-COVID era have been streamlined, in favour of more immediate enterprise IT priorities.
- IT Spend will increase in the following areas.
- Internet connectivity (88%)
- Security Solutions (74%)
- Networking products (62%)
B. While enterprises were already high on their digital transformation journeys, the current crisis has accelerated the shift for others. Three in every four organizations will focus on digitization in the neo normal.
- Digitization (76%)
- Up-gradation and modernization of the system (48%)
- Infrastructure Consolidation (38%)
C. Organizations are strategically experimenting with emerging technologies, but not planning to invest heavily unless they see tangible benefits in the near-term.
D. The pandemic has impacted CIO priorities, making them consider the long-term impact of the crisis on their business. In the neo normal, brand trust will rule over all other metrics when it comes to vendor selection.
The CMR “Digital Transformation in the Neo Normal” report is based on primary interactions with 149 CIOs, through to senior and mid-level IT management, from across a range of industries, including IT, financial services, retail, public sector, manufacturing and automotive, and media and communications. The study covered small, medium and large-sized organizations.
CMR offers industry intelligence, consulting and marketing services, including but not limited to market tracking, market sizing, stakeholder satisfaction, analytics and opportunity assessment studies.
Its bouquet of consulting services includes incubation advisory, go-to-market services, market mapping and scenario assessment services. CMR is servicing domestic as well as international clientele in India and few global destinations. The clientele serviced represents SMBs, Large Enterprises, Associations and Government. CMR’s core value proposition encompasses a rich portfolio of syndicated reports and custom research capabilities across multiple industries, markets and geographies.
A part of CyberMedia, South Asia’s largest specialty media and media services group, CyberMedia Research (CMR) has been a front-runner in market research, consulting and advisory services since 1986. CMR is an institutional member of Market Research Society of India (MRSI).
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