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    Pandemic Spending Priorities Come Into Focus for CIOs | The Info-Tech Brief

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    Today on the Brief, a few months into the COVID-19 pandemic we're starting to get a clearer picture of how this global event is influencing budgets and attitudes in both the near and long term In fact PwC's report called COVID-19 CFO pulse gives us the sharpest insight yet into what financial leaders are thinking and what their spending priorities will be in the months and years to come

    This is critical guidance for CIOs and other technology leaders because IT strategy will be inevitably shaped by the fiscal constraints that define this new and uncertain landscape No matter how you look at it PwC's numbers are a real eye-opener Not surprisingly CFOs are expecting a lot of red ink with 85 percent expecting revenues and/or profits this year to drop because of COVID-19 Just over half say they could see a 25% drop Because of this they're planning to tighten their belts with 81 percent saying they'll consider cutting costs in response to the pandemic, in fact fully 60% of them say they'll push off plans investments with facilities and general capital expenses, operations and workforce leading the list for potential reductions

    The good news is strategic investments look pretty safe only 16% of CFOs are thinking about cutting digital transformation initiatives and only 11% would cut customer experience spending Lastly barely 3% would reduce cyber security or privacy spending Even better news? Plans tech spending decreases are much smaller than other areas which speaks to organizational awareness of the strategic role technology now plays in both pandemic response and overall business success To help put this all in perspective we've written a research note called Stop and Plan Organizational Cost Containment Measures During COVID-19 It can help you figure out what you should be doing to lock in your own spending priorities for the months to come

    Because it's never the wrong time to revisit your budget planning process That's food for thought

    Source: Youtube

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