When economic uncertainty strikes, the first thing many organizations do is review their expenses. One key area on their list is technology spending, which includes the cost of acquiring and maintaining the technological components that makeup their IT infrastructure, both hardware and software, as well as the cost of paying the end users who utilize and maintain that technology.
The review process typically involves evaluating the importance of technology to the organization’s success, identifying areas where it overspends and optimizing them, increasing investments in technologies that can potentially drive long-term benefits, slowing down IT hiring, and acquiring relevant digital talent.
To learn how the current macroeconomic condition is shaping technology decisions, the ManageEngine ITOM solutions team surveyed over 470 IT admins, engineers, CIOs, and CTOs in organizations of various sizes and across different industries.
We crafted a questionnaire that delved into their budgeting vision and unveiled the budget decisions and strategies they are adopting to ride a macroeconomic wave successfully, such as:
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Are organizations optimistic about their IT budget, or are they practicing frugality?
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What are their investment priorities?
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What are the trade-offs they embrace to cut down IT costs?
With questions like these, we gained interesting insights into how organizations are behaving in the face of economic uncertainty. We ensured the responses are more helpful by providing information in business and technological contexts, and we presented the insights as a vivid infographic.
To understand how people who share your reality navigate their businesses during the current macroeconomic phase, please, check out our infographic: IT budgeting amid a challenging macroeconomic climate.
