Covid-19’s Impact On The Future Of IT Budgets

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Despite IT spending’s downturn, spending on remote working apps and platforms is projected to reach double-digit growth rates this year

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79% of IT organizations have not had a layoff since the start of the pandemic.

The severe labor shortage IT organizations grappled with last year is fresh in the minds of many manufacturing CIOs based on conversations over the last few weeks. CIOs are reluctant to cut headcount too far for fear of not having adequate staff to support remote working becoming the new operating model for their businesses. While the majority of companies are debating if they become 100% virtual or not, IT staff stability is key to keeping operations running today.

The Avasant research team interviewed a government agency that had to increase its budget to update a legacy unemployment insurance system so it could handle a larger number of applicants. The research team also learned of organizations fast-tracking ERP replacements so they could gain new analytics and reporting insights. Consistent with Gartner's prediction of remote working being a growth catalyst for cloud-based IT spending during the pandemic the Avasant research team found the same.

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