Corporate spending looks different for just about every business since the coronarvirus pandemic took hold. So what does post-COVID spending look like now?
A recent survey by ServiceNow gives you an idea how your peers are opening their wallets in the new normal.
And while every company is different, these benchmarks can show you what other companies — or even your competitors — are prioritizing now.
Take a look at some of the key findings of “The Work Survey,” to see where companies are redirecting their dollars.
Almost all have tightened up
If you’ve reduced operational expenses since March, you’re in good company. The vast majority (88%) of businesses say they’ve done so.
The primary places that have been scaled back? Not surprisingly, business travel and in‑person events land at the top of the list.
But more important than where they money was cut from is where it’s being redirected.
The top 4 areas of post-COVID spending
When asked where their dollars would now go, executives in the survey said:
- digital transformation (57%)
- beating out new business (45%)
- research and development (43%), and
- marketing and advertising (42%).
Note the strategic nature of each of these responses.
Companies are no longer in reactive mode. They’re done shelling out big bucks to handle the most immediate crisis.
Now they’re working to set themselves up to be even more competitive going forward. So you want to make sure your company has similar priorities to make sure you keep pace.