Survey Says! Takeaways from the latest CIO spending data
The overall technology spending outlook is deteriorating. And yet there are positive signs making things unpredictable. The negative sentiment is of course being driven by macroeconomic factors and earnings forecasts that have been coming down all year while interest rates keep rising. Making matters worse is many people think earnings estimates are still too high. It’s understandable why there’s so much uncertainty. Technology continues to boom. Digital transformations are happening in earnest. Leading companies have momentum and long cash runways. Moreover, the CEOs of these leading companies are still really optimistic. But strong guidance in an environment of uncertainty is risky and makes navigation more challenging. In this Breaking Analysis we try to put some guardrails on the market by sharing takeaways from from ETRs latest spending survey, which was released to their private clients on the 21st of October. Today we’re going to review the macro spending data, convey where CIOs think their cloud spend is headed, look at the actions organizations are taking to manage uncertainty and then review some of the technology companies that have the most positive and negative outlooks in the ETR data set.