A recent report from Yellowbrick has shed light on the impact of COVID-19 in regards to IT budgets and work environments moving forward.
The coronavirus has impacted almost every industry across the globe as remote work has become the new norm for many companies. For businesses that were unable to move to remote environments, some had to close temporarily and others were forced to shut down permanently. Business that were able to avoid shut downs often had to cut costs in order to relieve financial stress.
However, according to a new report from Yellowbrick, that wasn't that case for the IT industry. Nearly 38% of 1,000+ enterprise IT managers and executives surveyed stated their IT budgets remained unchanged or actually increased since the pandemic.
So what's the reason IT budgets may remain the same or increase at a time like this? Yellowbrick's chief marketing officer, Jeff Spicer, said "The survey brought to light some trends that we have been noticing recently related to the speed at which companies are moving to the cloud and investing in analytics. In fact, more than half of enterprises are accelerating their move to the cloud in light of COVID-19 challenges to their businesses,”
In order for companies to embrace this new professional landscape they need to experiment with what works best for their employees and consumers. Maintaining or increasing IT budgets allows businesses to be more flexible and remain competitive during the pandemic and into the future. The data collected by Yellowbrick also shows that companies are not looking to go fully remote, in fact, around 55% are looking into a hybrid strategy, with a combination of cloud and on-prem solutions. Many businesses feel a hybrid approach will be best for day-to-day functions and handling any unforeseen challenges.
Implementing a hybrid environment can offer a multitude of benefits. Surveyed participants who had moved from entirely on-prem to a hybrid setup offered insight for best practices when using moving to a hybrid environment:
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