84% of Fortune 1000 IT Teams Are Freezing New Spending During the Most Rapid Acceleration of Digital Transformation, Study Finds
Windward Consulting and Helix Market Research release study revealing how Fortune 1000 leaders are responding to the economic impact COVID-19 has had on the IT industry
HERNDON, Va., Oct. 28, 2020 /PRNewswire-PRWeb/ -- Today, Windward Consulting, a leading provider of IT solutions consulting in IT Operations & IT Service Management, and Helix Market Research, a privately commissioned research firm that specializes in research-driven market strategy, launched the 2020 COVID-19 IT Economic Impact Study. The study uncovers what IT leaders want from their vendors in uncertain times, how much revenue was impacted for the Fortune 1000 since lockdown, what has shifted in 2020 priorities and objectives, what IT leaders prioritized in their contingency plans and more. Responses came from nearly 300 participants from the Fortune 1000, including CIOs, CTOs, VPs and Directors of IT teams.
"The fear of the unknown has led us to this economic downturn, and many business leaders, specifically in IT departments, are navigating the ups and downs heading into the new year," said Sean McDermott, CEO of Windward Consulting. "While quickly moving a ship as large as a Fortune 1000 company can be a feat, this year has forced these companies to do just that, figuring out what tools and resources they need to accelerate their digital transformation much more rapidly than originally planned and pivoting to new IT service offerings because of COVID-19. During this shift, IT leaders must focus on reassessing workflows, embracing technology to drive automation and collaboration, and develop new programs for engaging staff and increasing morale."
Key findings from the study included:
- 2020 investments from IT leaders include data analytics, process optimization, security, and Software Development and IT Operations (DevOps) which will pave the way for automation in 2021
- IT revenues are expected to be down for 60% of respondents with 38% expecting revenue to decline by 15-30% in 2020
- 85% of IT teams have made changes to their IT priorities as a result of the economic impact of COVID-19 on their business
- The demands on IT have increased the importance of soft skills from leaders. IT leaders' top priorities are remote working, employee morale, and retention of existing staff
"Shifting entire companies to remote work overnight derailed priorities for business leaders," said Nichole Kelly, VP of Market Research at Helix Market Research. "Our study shows that more than half of leaders say remote work is their top priority, with employee morale falling close behind. As we enter the new year, I believe we'll continue to see new technology and new initiatives to support the effects of remote work long-term, especially at the Fortune 1000 level."
To learn more about the data and how Fortune 1000 leaders are adjusting priorities in the new year, register for the Windward Consulting and Helix Market Research webinar on Thursday, October 29 at 1 p.m. EST: https://bit.ly/3dLX9pN.
About Windward Consulting
Founded in 1997, Windward Consulting delivers Service Management, AIOps, and DevOps solutions using a unique blend of expert process knowledge, technology acumen and deep operational experience. This combination of skills enables Windward to serve as a trusted partner to a number of the world's leading Fortune 500 companies and Federal Agencies. Since its inception, Windward Consulting has supported over 500 clients around the globe with more than 3,000 projects. Strategic Thinking, Real World Results. For more information: http://www.windward.com
About Helix Market Research
Helix Market Research is a privately commissioned research firm that specializes in research-driven market strategy. Our clients trust us to capture the attention of hard to reach B2B buyers and provide deep levels of intelligence on where their market is heading and how their buyers are responding. By combining industry-relevant research and in-CRM intelligence on individual respondents Helix Market Research breaks the mold of traditional qualitative and quantitative research. For more information: http://www.helixmr.com.
SOURCE Windward Consulting
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