Dive Brief:

• Despite the economic contraction, 70% of businesses plan to sustain or increase their 2020 investments in digital transformation, according to a survey of 3,000 global executives published by software company IFS. The survey was conducted between April and May.
• The construction sector is most likely to sustain digital transformation, with 75% of executives planning to invest this year. In contrast, 58% of IT and 55% of manufacturing companies intend to maintain or increase their projected investments.
• In the energy and utilities sector, 37% will sustain digital transformation budgets. A similar contraction took place in retail, where just 35% of companies plan to continue their tech initiatives.

Dive Insight:

The tension between budget constraints and capital-intensive tech projects is far from new. The realities of the pandemic, and the recession it brought along, merely intensified it.

As the impact of COVID-19 unfolds, the C-suite has begun investing in technology to make up for lost revenue, lower expenses or increase efficiency. One in five CFOs polled by PwC say tech investments will help them reduce costs.

To read the rest of the article, please use this link: https://www.ciodive.com/news/digital-transformation-budgets-pandemic-2020/580872/