CEOs and senior executives are looking to invest in technology as a way out of the recession, according to the Worldcom Confidence Index special report on technology

22 Feb 2023

Worldcom, the leading global association of independently owned public relations firms, has released a Worldcom Confidence Index (WCI) Special Report on Technology on how senior managers and executives (C-Suite) plan to use technology to respond to the challenges of the global recession, high inflation and consumer behaviour. Entitled The role of technology in responding to the challenges of global inflation and recession, and the implications for technology companies, the study is based on analysis of online conversations of more than 80,000 C-Suite executives between July and December 2022. The data shows that business leaders plan to invest in technology, especially Artificial Intelligence, to address today’s economic challenges.

 

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

  • Technology that facilitates hybrid working is seen to improve productivity and suggests that hybrid working is here to stay.
  • Disruptive technologies are being explored to remove inflationary factors from the supply chain.
  • Concerns about the growing technology skills gap are causing small and medium-sized technology providers to opt for ‘low code’ or no-code software.

 

The report also captures consumer opinion over the same six-month period:

  • Consumers are in favour of organisations adopting new technologies to minimise the risk of redundancies, although some see technology being used to enable them.
  • Like business leaders, consumers see the use of Artificial Intelligence as a positive move to help prevent recession.
  • People are concerned about the move to low-carbon technologies in a period of high inflation.

 

The differing views around the use of technology, from both executives and consumers, raise some interesting communication implications for technology companies. Worldcom’s technology experts have therefore included in the report a special advisory guide on how technology providers can best address these communication implications.

 

Todor Janev, president of The Worldcom Public Relations Group, says: “On the face of it, some technology vendors are likely to thrive 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 technology vendors communicate. It will be vital for technology companies to explain the long-term implications of adopting new technologies and not just the short-term benefits”.

 

Imma Folch, CEO and founder of LF Channel, comments: “The world and the current economic situation demand a fast and constant advance in terms of technology. Technology companies must stop and listen to both what the public is asking for and what they need and are not yet able to detect. And all of this must be based on strict standards of sustainability and corporate social responsibility, which will determine their success. Communication throughout this process can make the difference between the failure and success of new proposals”.

 

Todd Lynch, CEO of Worldcom, explains: “The ability of the Worldcom Confidence Index to uncover trending topics over an extended period of time gives business leaders the insight they need to distinguish between a short-term increase in interest in an issue and a systemic shift in focus. We are delighted that Worldcom’s experts will be able to use this information to develop more effective communications strategies and campaigns for their clients”.

 

The Worldcom Trust Index is the world’s most comprehensive monthly survey of what is being talked about among senior managers and leaders (the C-Suite). It is the only global study that shows changes in trust across a range of important business topics. This extensive data is available through an interactive online portal and can be filtered by geography, sector and function.

 

Download Worldcom Confidence Index (WCI) Special Report on Technology in PDF

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