This morning many of us ripped September from our calendars and realized, “Wow, we’re already in October.”
For many, 2020 has proven to be an odd year, at best. The start of the pandemic and the broad economic shutdown that followed feels equal parts like it happened ages ago yet it is still fresh.
The reality is that the impacts of the pandemic continue to ripple throughout the global economy and the optimist within us continues to seek for ways to help folks pave a path forward. With this, a majority of boards of directors (BoDs) are recognizing an opportunity to continue to do their part to “future proof” their businesses by increasing budgets that help to both enable and protect digital business.
How do we know this? Well, Gartner recently published some insights from their 2021 Board of Directors Survey which was conducted from May through June of 2020. The 265 respondents helped uncover where the strategic priorities are and how many businesses should be thinking of this.
Some key insights:
- 67% of BoDs expect budgetary INCREASES in technology
- Cuts are expected to come from functional areas like HR and marketing
- IT budgets, in particular, are expected to increase ~7%
We’ve said this for some time now: investing in IT is the path forward towards not just surviving through the pandemic, but being able to operate in a way that provides a springboard to thrive through an otherwise uncertain future.
And for SMBs without traditional BoDs, use this as a hint as to how to best proceed. Just because you aren’t an “enterprise” doesn’t mean that you can’t apply similar insights to your business. There are ways — even without the internal team or expertise — to afford your business the types of capabilities that large scale enterprises often have at their fingertips. It’s not so much just purely spending for spending’s sake, but investing in a solution/partnership that helps foster security, agility, and ease of use so that IT can in fact enable positive business outcomes as opposed to standing in the way.
We can help ensure your business isn’t left in the dust.
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