51% of IT Leaders To Increase IT Investment Despite Recession Fears

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51% of IT decision makers plan to increase IT investment in companies over the next year, with only 6% expecting a decline.

The findings, which were part of the upcoming Spiceworks Ziff Davis “2023: State of IT” report, underscore the drive to continue IT investment despite recession fears. Despite the losses recorded during the pandemic, companies plan to increase their IT budgets by an average of 21% and cut costs elsewhere.

Despite a pandemic-induced recession in 2020, some companies were able to invest in IT, followed by infrastructure upgrades. These companies were able to navigate the storm by turning to remote work, shifting customer service away from the site and reaching consumers online.

Based on the preliminary results, four out of ten respondents surveyed by Spiceworks Ziff Davis found savings in total IT spending due to previous investments in modernization. Improved security was cited by 45% of respondents as another juicy benefit of IT investments.

According to James Anderson, VP analyst at Gartner, CIOs should prioritize communicating the business value of IT spending to other stakeholders.

The sources for this piece include an article in CIODIVE.

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