Digital transformation spend increase during pandemic, says IFS study

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According to a recent IFS study, 70% of businesses have increased or maintained digital transformation spend amid the Covid-19 pandemic The economic downturn has led to increase in digital and technology investment.
The macro-economic disruption caused by Covid-19 has failed to dampen digital transformation spend, with 52% of companies stating they will increase their spending on digital transformation, according to a global research study from IFS.
Despite the virus’ devastating impact economy, businesses are investing more in technology.
The survey data indicated that, during these dynamic times, plans to increase spending on digital transformation tracks closely with concerns about economic conditions disrupting the business.
The survey found that the people concerned with economic disruption were 20% more likely to plan increased spending on digital transformation.
Digital transformation spend differs by region and vertical
Digital transformation plans, however, are not consistent across all geographies or industry verticals.
Looking closer at the latter, the survey places construction as the most willing to increase digital transformation spend, with 75% of respondents in this sector saying they have plans to invest this year.
Information technology (58%) and manufacturing (55%) companies closely follow.
On the other end of the spectrum, the study found more cautious in industries in energy and utilities …

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