target audience: TECH BUYER Publication date: Mar 2023 - Document type: IDC Perspective - Doc Document number: # US50269223
Time To Tighten the Belt?
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Abstract
This IDC Perspective explains how organizations are tightening their spend management to compete in a digital world.
The economic environment is challenging and changing weekly. Organizations are revisiting hiring plans and technology spend. Spend management has risen in importance and organizations are taking a new look at what is important to them across their resource base, be it people, processes, or technology. The tightening of the belt has started at organizations globally and that means IT investments are being scrutinized continuously.
"Organizations are concerned about the economic situation globally. More organizations are relooking at their software investments, making decisions that change their current digital transformation activities from reducing or delaying investments to moving even faster into modern technologies," said Mickey North Rizza, group vice president, Enterprise Software and CX at IDC. "It is clear the opportunities are vast in the digital world, but IT spend and the budgets are causing issues overall, and for many, it is about tightening their belt while investing in what is needed in the short and long term."