• Seventy-three % of tech leaders consider at the moment’s financial uncertainty can have a constructive impression on their organizations’ means to innovate
• Amid current financial and monetary uncertainty, 94% of tech executives have plans to extend their funding in IT or rising applied sciences over the subsequent 12 months

NEW YORK, May 18, 2023 /PRNewswire/ — Ernst & Young LLP (EY US) at the moment introduced the discharge of its new pulse ballot analyzing expertise leaders’ views on the position of innovation throughout present financial uncertainty. The ballot, which was carried out in late April and surveyed greater than 250 leaders within the expertise business, reveals how enterprise leaders are rethinking conventional methods to adapt to unsure instances – and which applied sciences are serving to them get there.

On the heels of three main financial institution failures, ongoing tech layoffs and a rising curiosity in superior synthetic intelligence (AI), most tech executives surveyed (94%) point out that company-wide innovation will assist them come out of the present financial downturn a stronger firm than earlier than. Similarly, 94% of respondents nonetheless have plans to extend funding in IT or rising applied sciences over the subsequent 12 months, with 52% stating they plan to prioritize metaverse applied sciences.

“The technology industry manages to remain resilient, despite the headwinds of tech industry layoffs and the ongoing economic downturn,” says Ken Englund, EY Americas Technology, Media and Telecommunications Leader. “As our most recent technology pulse poll points to, leaders are looking for the right balance between safeguarding their operations and driving ongoing innovation and growth.”

The EY survey additionally discovered that:

AI is right here to remain. More and extra expertise executives are targeted on experimenting with AI-based applied sciences. In reality, 9 in 10 are targeted on platforms like ChatGTP, Bing Chat and OpenAI. Further, 80% of tech executives point out they may improve funding in AI within the subsequent 12 months. More than half of tech executives whose firms are experimenting with generative AI (56%) are doing so for financial financial savings.

Innovation is not taking a again seat. Despite a overwhelming majority of tech executives (73%) pondering current financial institution failures can have a trickle-down impact on the business’s investments, 81% of tech executives report their firm plans to make an innovation-related acquisition within the subsequent six months.

The highlight is on rising cyber threats. Seventy-eight % of tech executives are extra involved concerning the cybersecurity threats of at the moment in comparison with cybersecurity threats of 1 12 months in the past. Additionally, tech executives at firms with plans to extend investments in IT or rising applied sciences most frequently report having a plan to prioritize cybersecurity (74%), huge knowledge or analytics (62%), 5G (62%) and generative AI (58%).

“Our pulse poll reveals a positive outlook – with no signs of a lag in innovation for technology companies. The momentum and excitement around emerging technologies like generative AI marks a tectonic industry shift, one focused on effectiveness and efficiency,” says Ken Englund.

Survey methodology
EY US commissioned Atomik Research to conduct an internet survey of 254 executives within the expertise business all through the United States. The margin of error is +/- six share factors with a confidence interval of 95%. Fieldwork happened between April 20, 2023 and April 27, 2023.

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SOURCE EY