MarTech Series – Marketing Technology Insights
Making Science, an international technology and digital marketing consultancy specializing in digital acceleration, released its first report, CIO Outlook: Economic Challenges and Outsourcing, highlighting the challenges and concerns of CIOs leading into 2023. Among the top concerns were talent management, cybersecurity, and budget adjustments amid an uncertain global economy.
The report analyzed the completed responses submitted between August 23 and August 29, 2022, by 1,000 participants who identified as CIOs based in the United States. The main goals of the survey were to identify the challenges CIOs are currently facing, how they are managing the situation, and what they predict will happen with their projects, talent, and organization in the next six months.
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“The reality is that staff augmentation through contractors, freelancers, or agencies is necessary to provide manageable scalability and flexibility…”
Some of the key findings from the data that are included and expanded upon within the report include:
– CIOs need support. More than 4 in 5 (86%) CIOs reported that it’s likely they will outsource tech-related or other functions within their company’s technology department within the next six months.
– Concern about the economy is creating pause and cutbacks. When asked about the economic outlook, almost 9 in 10 (87%) CIOs said they are concerned about the impact on their company and team from an upcoming economic slowdown. Over three quarters (78%) anticipate budget reductions through the end of 2023.
– Organizations are already outsourcing. Nearly half (47%) of CIOs surveyed said their department currently works with freelancers/contractors, consulting companies, or staff augmentation companies.
– If they aren’t outsourcing yet, they probably will. Over 4 in 5 (86%) CIOs surveyed said they will likely outsource any tech-related or other functions within their company’s technology department in the next six months, with just over a third (34%) saying it’s very likely.
– Security remains top of mind. In general, cybersecurity (45%) is the most significant challenge CIOs anticipate their department will face within the next six months. It is the most in-demand tech profile in the current environment.
For organizations with technical needs and the ability to scale their teams and support, they consider outsourcing and relying on the talents of freelancers, contractors, and others to be a viable solution. With the outsourced talent pool growing, those organizations believe outsourcing is a strategic approach to augmenting their teams without taking on the expenses of investing in full-time employees – specifically within an unpredictable economy. This enables their organization to maintain flexibility and competitive advantage.
“Outsourcing is no longer an option for most companies,” commented Kevin Daly, First Party Data Director at Making Science. “The reality is that staff augmentation through contractors, freelancers, or agencies is necessary to provide manageable scalability and flexibility – specifically during a time when the business landscape is rapidly changing with little predictability.”
In response to the needs of CIOs, Making Science Sweeft responded by further developing its new line of business, which is a cost-effective staff augmentation solution. The solution provides well-vetted and dedicated tech, data, and digital experts and teams ready to quickly commit to tech-related projects and deliverables. Serving an international audience, Making Science Sweeft is a trusted staff augmentation resource and partner for companies seeking technical talent.
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MarTech Series (MTS) is a business publication dedicated to helping marketers get more from marketing technology through in-depth journalism, expert author blogs and research reports.
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CIOs Want to Outsource, According to Making Science Sweeft's – MarTech Series
MarTech Series – Marketing Technology Insights