Economic pressure heightens the desire and urgency to realize time-to-value for digital investments, and executives continue to demand better returns from tech spending. However, that’s not to say managers should bask in the safety net of a steady budget. Today, IT generates both efficiencies and revenue and cannot be cut without damaging business performance. In the 1990s when IT was strictly “back office,” it was a cost that could be cut. Technology is deeply integrated into the global economy and must play a part in responses to economic turbulence, potential recession, and recovery. Yet, Gartner data shows that IT spending will continue to increase (albeit tempered by inflation), with spending on tech forecast to grow more than 5% in 2023. In a down or deteriorating economy, conventional wisdom calls for cutting costs, including tech spending. Inflation and recessionary economic conditions are challenging businesses worldwide. Economic uncertainty demands strategic digital investment. Here are five lessons that the tech world has learned this year about disruption, innovation and constant change, and the takeaways for managers to drive growth through transformation in the year ahead. Global, existential forces are not the only drivers of disruption tech managers must also navigate new regulatory pressures, unknown cyber-threats, a growing IT skills gap, breathless emerging technology hype, and more. Tech leaders must not only prepare their teams and organizations for disruption, but also ensure that their products and services are agile enough to embrace the unknown changes ahead. Yet simultaneously, new leaders have emerged: companies that have found opportunity in our world of perpetual uncertainty, seizing the moment, and taking a risk to move ahead. This past year we’ve seen tech giants fall due to mismanagement, recklessness, economic turmoil, a lack of innovation, or some combination of unforeseen circumstances. Yet, amidst each of these disruptions, managers must maintain forward momentum to ensure their teams achieve success. Economic uncertainty, social and political unrest, environmental catastrophe, and global health crises continue to impact people and businesses worldwide.
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