It is an unavoidable topic that 2020 saw a dramatic shift in the demand for digital technology solutions and company-wide digital transformations.
The question is: are Tech Buyers (still) ready to buy?
Last year, Emissary conducted a survey with executive-level Fortune 500 technology buyers to see if they were buying technology solutions. However, back then they were more focused on adapting to the pandemic.
Fast forward to over a year later, things have certainly changed!
Based on over 203 executive technology buyers representing billions in spend, they revealed some big facts on how they have adapted. Only 6% say their organization is trying to adapt and respond to the pandemic vs 49% last year. When asked if they thought their business was stable, over three quarters (76%) said yes, vs 49% tackling a ‘new normal’
The figures continue to flow, with 70.3% of tech buyers taking on more technology projects than one year ago, contributing to digital transformations.
What has helped implement these changes?
The simple answer: They have ‘more’. More budget, more staff, more projects (and more pressure). Nearly 37% reported a technology budget increase vs last year.
‘2020 accelerated digital transformation… there is more pressure to grow and evolve, not just maintain’
Priorities across boards and executive teams changed, including the need for security, data management, product innovations and digital transformations. Companies are now impatient to see change!
Moreover, the influx in hybrid working has presented different opportunities for buyers and sellers to reach each other, being able to view product demos of technology online for instance, making it more accessible and a better use of their time.
Admittedly, the report claims there is still a benefit of human interactions, but the flexibility is there to create strategic relationships that matter, even if that is through a hybrid approach.
Ultimately: Change has been anchored by technology.