The number of organisations planning to boost their investments in technology and hire new staff has reached record levels, a survey of technology leaders has revealed.
Planned spending on information technology reached its highest levels for a decade as companies invested in business transformation projects.
The trend continues an acceleration in spending on technology that began during the pandemic as companies were forced to adjust to new ways of working.
Company boards have identified investment in technology to develop new products and services as a top priority, according to the Harvey Nash Group survey of over 2,000 digital leaders in nearly 90 countries.
But investment plans could be undermined by staff shortages as demand for technology professionals reaches new highs, according to the resulting Digital leadership report. Survey respondents reported difficulties hiring cyber security specialists, data analysts, technical architects and developers.
“With businesses planning record levels of digital investment, we could be on the verge of a ‘second renaissance’ for technology,” said Bev White, CEO of Harvey Nash Group. “Organisations are looking to push their digital transformations further and faster than ever before.”
But she warned that companies’ plans were under threat from an acute shortage of qualified staff as demand reaches record levels.
Surge in tech spending
Last year saw the biggest recorded surge in spending on technology in more than a decade, according to the Harvey Nash report, as companies invested in technology to help them manage the pandemic.
Rather than cutting back their spending, companies have now pivoted from providing the technology needed for employees to work remotely to using technology to transform their business.
Broadcast and media organisations, technology companies, banks and retailers are among the sectors planning to invest most heavily in new products and services.
Many organisations learned to be more nimble and agile with their technology during the pandemic and are now using those skills to engage with their customers more effectively, the report stated.
Innovation on the agenda
The pandemic also placed innovation high on the agenda, said White, as organisations developed new ways to reach customers in lockdowns.
In the hospitality business, for example, before the pandemic, restaurants offered customers one choice – the ability to book a table. Now customers can opt to …….