Remember all those articles you read in January with headlines like “2020 trends to watch in your industry?” You tossed those predictions out long ago. But while everyone knows that the coronavirus pandemic changed everything, none of us is sure how.
This content was produced by Insights, the custom content arm of MIT Technology Review. It was not written by MIT Technology Review’s editorial staff.
As efforts to contain covid-19 crippled entire economies, put millions out of work, and forced office workers to clock in and out at home, every business—and every individual—has made changes. Some adjustments are or were short-term, such as commercial airlines offering cargo flights or even staid organizations permitting staff to work remotely. But it’s evident that deeper business transformations are underway. Organizations are reshuffling existing priorities and accelerating investments in technology to remain competitive while supporting the needs of their workforces.
To get insight into organizations’ plans and expectations, MIT Technology Review Insights surveyed 372 business leaders from its Global Panel executive group to learn about covid-19’s financial impact on organizations, its effect on their strategic decisions, and where management is investing company resources.
The financial impact is significant. Among respondents, 62% expect 2020 company revenue to decrease—a quarter of them by more than 25%.
To survive, businesses must adapt, and to accomplish that, they are leaning heavily on technology. Nine out of 10 business executives agree that corporate technology adoption will increase in speed because of covid-19. In fact, 44% “strongly agree.”
Download the full report.