After facing the vast upheavals of 2020, CIOs are finally seeing high investment and projects a thriving year head for the IT industry. Be it banking, healthcare, retail, or consulting, organizations plan to double their technology spending. In this article at the Wall Street Journal, Angus Loten shares renowned IT leaders’ stance for increasing the IT budget.
Rise in Budget
Amid the grim economic condition, corporate leaders find it challenging to increase their annual IT budget. However, considering the cybersecurity breaches and other problems caused by the Covid-19 epidemic, technology investment is on top of the list. Also, the sudden shift of remote workforce to achieve business continuity has acted as a “proof-of-concept” to accelerate digital diligence.
Key Investment Areas
The new year has brought a range of new opportunities and reasons to adopt advanced technologies. Even the technology executives have realized the significance of upgrading the existing tools. CIO and Executive VP of American Airlines Group Inc Maya Leibman believe future planning in technology is crucial to stay upbeat; otherwise, you will lag.
Similarly, Chief Operations and Technology Officer at Bank of America Corp Cathy Bessant informs that the bank has invested about $3.4 billion in advanced technologies. They have also increased their annual investment up to $10 billion for 2021 to upgrade their digital client services.
Promising Year Ahead
According to the latest estimates of Gartner Inc., the global IT spend may touch $3.7 trillion by next year with up to a 4.3-percent rise from 2020. Organizations are investing in cloud-based IT infrastructure, an efficient tool that keeps most businesses up and running. A sharp surge of about 27.6 percent, i.e., $64.3 billion, is expected in the technology sector by 2021.
Advanced technology trends and growing business opportunities have no limits. Just by staying updated about the emerging trends, you can retain a competitive market position.
Click on the following link to read the original article: https://www.wsj.com/articles/cios-expect-tech-investments-to-climb-in-2021-11608726600