[Report] C Suite Looking To Invest In Technology As A Route Out Of The Recession

C SUITE LOOKING TO INVEST IN TECHNOLOGY AS A ROUTE OUT OF THE RECESSION ACCORDING TO WORLDCOM CONFIDENCE INDEX SPECIAL TECHNOLOGY REPORT

• Significant Increases in Engagement for Investing in Technology, Especially Artificial Intelligence
• Report Confirms Leaders See Hybrid Working Is Here to Stay
• Concerns About the Widening Tech Skills Gap is Seeing a Move to Low Code or No Code Software Consumer Views Raise Communications Implications for Technology Vendors

NEW YORK (January 12, 2023) – Hard on the heels of CES, where companies showcased the latest advancements and innovations in technology, Worldcom issued today a Special Technology Report from the Worldcom Confidence Index (WCI) on how leaders in the C Suite are planning to use technology to respond to the challenges of global recession, high inflation and the attitudes of consumers.

The report, entitled: The role of technology in responding to the challenges of global inflation and recession, and the implications for technology companies, draws on the analysis of online conversations from over 80,000 C Suite executives between July and December 2022[i]. The report helps technology leaders, and businesses in general, gain insight into areas of concern, opportunity and need. It also highlights the communications implications of their response and its impact on the confidence and trust of stakeholders.

The data shows that business leaders are planning to invest in technology – particularly Artificial Intelligence – to address the current economic challenges. Both topics saw a significant increase in engagement from September to December 2022 as leaders’ minds turned to planning for 2023. The latest monthly WCI data for December 2022 reinforces the report findings, as AI and technology to collaborate and innovate were the only topics to see an increase in engagement.

In addition to investing in AI, the other technologies that received special attentions are:

• Technology to enable hybrid working is seen as improving productivity and suggests that hybrid working is here to stay
• Disruptive technologies are being considered to remove inflationary drivers from the supply chain
• Concerns about the widening tech skills gap is seeing a move to low code or no code software by small to medium tech vendors.

The report also covers the consumer view over the same six-month period. Full analysis can be seen in the report, but highlights include:

• Consumers are keen for organisations to embrace new technologies to minimise the risk of layoffs, although some see technology being used to enable layoffs
• Just like the C Suite, consumers see the use of Artificial Intelligence as a positive move to help prevent recession.
• People are concerned about the Catch 22 of moving to low carbon technologies in a period of high inflation.

The different views of the C Suite and consumers, around the use of technology, raises some interesting communications implications for technology vendors. As a result, Worldcom’s tech experts have included a special advice guide in the report on how technology vendors can best to address those communications implications.

Todor Janev, chair of The Worldcom Public Relations Group, said: “On the face of it, some tech vendors are likely to prosper as organisations around the world adapt to a period of stagflation. However, in today’s hyper-transparent world, key stakeholders have a complex set of expectations about what is communicated by tech vendors. It will be vital for technology companies to explain the long-term implications of embracing new technologies and not just the short-term benefits.”

Todd Lynch, managing director of Worldcom, said: “The ability of the Worldcom Confidence Index to discover trending topics over a protracted period, gives business leaders the insight they need to distinguish between a short-term increase in interest in a topic and a systemic shift in focus. We are delighted Worldcom’s experts can use this insight to craft more effective communications strategies and campaigns for their clients.”

The Worldcom Confidence Index is the world’s most extensive monthly study of what the C Suite is talking about. It is the only global study that shows the change in confidence across a range of important business topics. This extensive data is available via an interactive online portal and can be filtered by geography, industry, and role. Explore the WCI live data. Our Worldcom partners in 115 cities are ready to provide even more local context. Contact Todd Lynch to start the discussion.

About the Worldcom Confidence Index

The Worldcom Confidence Index (WCI) is the first AI-driven ‘living’ global market research, tracking the topics that over 80,000 CEOs and CMOs are commenting on online. The AI-fuelled tracker is updated monthly and is drawn from an active sample of over 100,000 C-Suite executives. It tracks data for two roles, six regions, 42 countries and 11 industry sectors. It identifies the levels of engagement with business topics and how much the level of confidence for each topic has changed. It is the first global study of this type to use AI supported data capture. The longitudinal analysis employed by ASI, the research company providing the data for the WCI, enables Worldcom to look back in time and make direct comparisons for levels of engagement and confidence.

About The Worldcom Public Relations Group 

The Worldcom Public Relations Group is the world’s leading partnership of independently owned public relations firms, with 143 offices employing some 2,000 staff in 115 cities across six continents. In total, Worldcom partners reported combined revenue of US$300+ million last year from 3,034 clients. Established in 1988, the group was formed so that the strongest, most capable independent firms could deliver immediate impact and sustained value through the intelligent use of communications – wherever in the world a client needs support. Partners serve national, international, and multinational clients, while retaining the flexibility and client-service focus inherent in independent agencies. Through Worldcom, clients have on-demand access to in-depth communications expertise from professionals who understand the language, culture, and customs of the geographic areas in which they operate.

Connect with The Worldcom Public Relations Group on Facebook and LinkedIn

Learn more about Worldcom at www.worldcomgroup.com or call Todd Lynch at 1-800-955-9675.

[i]