Recent stock market performance has gotten people talking about a possible U.S. recession, but CIOs say that their tech budgets won't be harmed, The Wall Street Journal reported June 24.
CIOs told the Journal they are facing pressure to ramp up some tech investments and reduce others as fears of a recession circulate, but they don't expect to reduce their budgets.
This is due to the COVID-19 pandemic and the rise of cloud computing, which has shown the importance of enterprise technology and digital transformation within an organization.
The one thing that may slow down, according to CIOs, is discretionary spending such as proof-of-concept tests, which validate whether an emerging technology is ready for commercialization.
But because organizations and businesses are seeing more value in technology, budgets are not likely to face big cuts.