With the early response to the COVID-19 pandemic now behind them, CIOs are entering the next phase: Dealing with the massive economic damage the virus has caused. Specifically, they're looking at how to trim budgets in the face of a major economic recession.
Tech budgets were growing between 4% and 6% per year in 2018 to 2019, said Andrew Bartels, a vice president and principal analyst at Forrester. Now, he expects them to contract between 8% and 10% from those levels. In total, that would be a 12% to 14% contraction for IT spending in 2020.
To cut budgets down to size and get...