The coronavirus outbreak has changed the way we live and work, with many businesses offering their goods and services online for the first time, and enabling staff to work from home. As a result, the pandemic has been a catalyst for businesses to review their technology – and ensure their IT platforms can support their changed remote working, collaboration and security needs.
Has your business adapted to the digital demands of the rapidly evolving economic environment?
The latest study from CommBank of more than 900 Australian businesses reveals why a majority are investing in their technology in a coronavirus world. Let’s see how technology is getting businesses through the tough times.
Greater focus on productivity
Most businesses were focused on enhancing their technology capabilities before the pandemic – but the changed economic conditions have driven many to seek ways to boost efficiency and drive down costs. This has sparked widespread plans for investment in new technology (60%) and online capabilities (56%) to maximise productivity and growth.
Unsurprisingly, large companies are leading IT investment (61%), to supply their employees with equipment to help them work productively at home, such as laptops, desks, and printers. At the same time, they have leveraged their scale to invest heavily in online capabilities (68%), with increased spending on ecommerce, supply chain and payment systems.
However, a majority of smaller companies had also budgeted for IT and office equipment in FY21 (64%), including IT hardware and software – albeit on a smaller scale than larger enterprises. Whilst technology investment was prevalent across all industry sectors, it was driven by the health and education (52%) and services industries (42%), which require IT infrastructure to support transitioning their service delivery to online. However, retail and hospitality lagged at 26% investment in new technology – perhaps because employees in this space are unable to work remotely.
Investment into new technologies and online capabilities
How has / will the coronavirus crisis prompt change in any of the following areas of your business?