Survey: How Enterprises Deal With the Effects of the Pandemic

David Libby February 8, 2021

The year 2020 became extremely challenging for most enterprises. Almost all industries had to deal with the impact of the COVID-19 pandemic on the economy. But based on the latest Sierra Ventures CXO Advisory Board Tech Survey, most industries continuously try to cope with all difficulties brought by the pandemic.

The survey, which looked into the effects of the pandemic on enterprises and the prospect of remote work in the coming days, discovered that the prevalence of new technologies like cloud adoption and cybersecurity helps businesses deal with the current economic challenges landscape.

Several points emerged based on the responses of the survey’s respondents from various industry clusters, including Financial Services, Healthcare and Pharma, Retail & Consumer, Technology & Internet, and Manufacturing & Energy.

#1: Spending For Technology Remains Stable

Based on the survey, at least 45.2% of all enterprises slightly increased their technology spending. It means that despite the significant decline in the sales and revenues of most businesses, they seemed to keep their technology budgets as one of the priorities. They chose not to cut their technology funds because business executives rely on the latest technological advancements during their shift to remote work.

The survey also found out that technologies like AI and Machine Learning, Cybersecurity, and Remote Work are projected to get the most traction in the coming months. Companies are also expected to spend more on next-generation Data Management, advanced Customer Experience technologies, and Cloud Infrastructure to continue their usual operations despite the ongoing pandemic.

#2: Digital Transformation Sped Up In 2020

The annual Sierra Ventures survey also discovered that 47.6% of all companies believed that COVID-19 accelerated their digital transformation rate. Most speakers who attended the 2020 CXO Summit also talked about the rapid acceleration of the Digital Transformation that took place within their specific industries.

During the event, the Customer Experience Officers narrated several examples of the initiatives that appeared to have advanced in months instead of years. The survey respondents agreed with the previous report, with more than 70% of them claiming that their Digital Transformation efforts increased because of the pandemic’s effect.

#3: CXOs Still Prioritizes Remote Work

Due to the restrictions brought by the pandemic, industries were forced to focus on remote work. The survey revealed that approximately 81% of all respondents reported a sharp increase in their investment in this work option since COVID-19 proliferated all over the world.

But as soon as the dangers of the highly communicable disease are over, the experts are looking forward to seeing if Remote Work will remain one of the leading strategic focuses for business enterprises.

The survey also learned that more than half of the enterprises are already leveraging a multi-cloud scheme for their businesses in 2021. It also learned that Kubernetes had become one of the leading platforms used by businesses to manage their containerized applications. And since companies rely on remote transactions for most of their business operations, they are willing to invest in stronger cybersecurity to protect their important data and confidential files.

This post originally appeared on 2pinz.

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