A quest for digital transformation will continue. “Among the businesses increasing IT spend in 2021, the following factors will influence budget growth next year: Increased priority on IT projects (45%), changes to business operations during COVID-19 (38%), and the need to support a remote workforce (36%).”
More than 44% of Chief Marketing Officers report midyear budget cuts due to the economic impact of the pandemic. And yet, 73% expect the negative impact of COVID-19 to be short-lived. This optimism, however, is not shared by all members of the C-suite.
The majority, 59%, of heads of IT anticipate their technology budgets will increase in the next 12 months, which is up slightly from 57% in 2019. Only 7% of respondents expect their tech budgets to decrease while 34% are anticipating no change in their budget.
“Our conversation with marketing leaders suggest these budgets are fluid. Some are hard-pressed to make a business case to restructure or increase budgets for staff. On many to-do lists: Bring activities in-house, such as media planning and buying, and make better use of their agencies.”
Marketers waste an average of 26% of their budgets on ineffective channels and strategies, according to recent survey findings. Half of respondents said they misspend at least 20% of their budgets. A few pessimists even believed they’re squandering more than 80% of their marketing budget. CMOs have a choice.
Chief Information Security Officers (CISOs) have updated their IT security plans for 2017, due to ongoing concerns about new threats. Worldwide, IT organizations currently spend an average of 5.6 percent of their IT budget on IT security, according to the latest market study by Gartner.
Source: Digital Lifescapes
Enterprise spending on Information Technology (IT) budgets will reach a combined worldwide total of $3.5 trillion in 2015 — that’s a 5.5 percent decline from 2014, according to Gartner. Regardless, smart CIOs are undeterred and are meeting their objectives — they know how to optimize their budget spend.
How much are content marketing inefficiencies costing business-to-business (B2B) companies? Due to poor management and arduous processes, it’s estimated that U.S. B2B marketers spent a total of $958 million annually on inefficient and ineffective programs.
When a recent study asked marketers in the UK and U.S. about barriers that were preventing them from doing more with content marketing, a lack of resources (talent) and budget to deliver high-quality content was cited by 55 percent.
Online Communities will continue to grow in support of business innovation across all enterprise functions, increasing by $200 million in 2015, a 30% increase over 2014. With the rise in spending shifts from IT to Line of Business (LoB) executives, the Chief Marketing Officer (CMO) will hold 10% of the overall technology budget by the end of 2015.