Global inflation is shaking not only the tech industry, but the whole world, as widespread layoffs and other cost-cutting measures have taken place. However, the British tech industry seems unconcerned because British companies understand the importance of investing in technology.
According to the latest Nash Squared’s Digital Leadership report, 746 IT executives in the U.K. participated in the report, and 52% of them expect to increase their technology budgets, while 56% expect to increase their headcount in 2023. This means that, despite the ongoing global economic turmoil, spending on U.K. technology companies will increase as IT executives receive more budgets and staff.
The report goes on to say that while 90% of IT executives in the UK expect an economic slowdown, technology spending will rise this year at the fastest pace in more than 15 years, and most technology executives expect their budgets to rise in 2023.
All of the above statistics relate to maximizing the efficiency of what technology leaders already have, and to become more agile and responsive in highly unpredictable conditions, technology spending is the key factor. Moreover, increasing spending can be seen as the long-term effect of Covid-19, which encouraged CIOs to go faster and further, especially by accelerating their investment in data and cybersecurity.
In addition to the projected growth in spending, the three top priorities of the digital executives surveyed are improving operational efficiency, customer experience, and developing new products and services.
The sources for this piece include an article in CIODIVE.