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84% of Fortune 1000 IT Teams Are Freezing New Spending During the Most Rapid Acceleration of Digital Transformation, Study Finds
Today, Windward Consulting and Helix Market Research launched the 2020 COVID-19 IT Economic Impact Study. The study uncovers what IT leaders want from their vendors in uncertain times, how much revenue was impacted for the Fortune 1000 since lockdown, what has shifted in 2020 priorities and objectives, what IT leaders prioritized in their contingency plans and more. Responses came from nearly 300 participants from the Fortune 1000, including CIOs, CTOs, VPs and Directors of IT teams.

"The fear of the unknown has led us to this economic downturn, and many business leaders, specifically in IT departments, are navigating the ups and downs heading into the new year," said Sean McDermott, CEO of Windward Consulting. "While quickly moving a ship as large as a Fortune 1000 company can be a feat, this year has forced these companies to do just that, figuring out what tools and resources they need to accelerate their digital transformation much more rapidly than originally planned and pivoting to new IT service offerings because of COVID-19. During this shift, IT leaders must focus on reassessing workflows, embracing technology to drive automation and collaboration, and develop new programs for engaging staff and increasing morale."

Key findings from the study included:

  • 2020 investments from IT leaders include data analytics, process optimization, security, and Software Development and IT Operations (DevOps) which will pave the way for automation in 2021
  • IT revenues are expected to be down for 60% of respondents with 38% expecting revenue to decline by 15-30% in 2020
  • 85% of IT teams have made changes to their IT priorities as a result of the economic impact of COVID-19 on their business
  • The demands on IT have increased the importance of soft skills from leaders. IT leaders' top priorities are remote working, employee morale, and retention of existing staff

"Shifting entire companies to remote work overnight derailed priorities for business leaders," said Nichole Kelly, VP of Market Research at Helix Market Research. "Our study shows that more than half of leaders say remote work is their top priority, with employee morale falling close behind. As we enter the new year, I believe we'll continue to see new technology and new initiatives to support the effects of remote work long-term, especially at the Fortune 1000 level."

Published Wednesday, October 28, 2020 12:35 PM by David Marshall
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