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MAG 20-11, Economy

Companies continue to invest in digitization

Although companies around the world are reporting lower revenues, 90 percent are investing in digital transformation as before.
E-3 Magazine
January 22, 2021
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[shutterstock: 1084540781, PopTika]
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This text has been automatically translated from German to English.

Although a large proportion of companies worldwide are reporting declines in revenue due to the corona pandemic, nine out of ten are continuing to invest in digitization. More than two-thirds of companies (68 percent) report lower revenues, and almost as many (67 percent) do not see a return to pre-crisis levels within the next year.

Despite these sobering figures, 66 percent of companies are maintaining their budget for digital transformation, and another 25 percent are even increasing it. This is the result of a survey by Tata Consultancy Services (TCS). In particular, companies are investing more in technologies to enable work in the home office. These include collaboration tools (65 percent), cybersecurity (56 percent) and cloud (51 percent).

Consulting firm TCS conducted a survey of 300 executives in North America, Europe, and Asia in July 2020 that showed increasing investment in various subsectors of digitization.
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