Despite Recession Fears, Companies Aren’t Pulling Back on Technology Investments
“The chances for a recession are still being debated and inflation looks to be stubbornly high for at least the rest of this year, but when it comes to technology spending for companies it’s full steam ahead.
A new CNBC Technology Executive Council survey shows that more than three-quarters of tech leaders expect their organization to spend more on technology this year. No one said they’ll be spending less.
The areas where they’re focusing investments include cloud computing, machine learning and artificial intelligence, and automation.
‘In other cycles we’ve seen in the past, tech investment was one of the first casualties,” said Nicola Morini Bianzino, chief technology officer at professional services giant EY. “But after the pandemic, people realized that in a down, or even potentially recessionary, environment, we still need to keep our technology investments.’
Danny Allan, chief technology officer at data protection firm Veeam, said that, ‘If you look at what occurred over the past two years, it’s clear that technology is the sustainable differentiator that sets companies apart.’”