COVID-19 is Igniting Digital Transformation

Written by
Mogan Livermore
Source: CapitalIQ as of 5/7/20.

“We have seen two years’ worth of digital transformation in two months.”

— Satya Nadella, Microsoft Q3 2020 Earnings Call

Other CEOs are chiming in to support this notion. Aaron Levie, CEO of Box, wrote “[I] spoke with multiple Fortune 500 CIOs in the past 2 days who have been implementing a fundamentally different IT strategy than they would have had a year ago. More cloud. More digital. More automation. Years of IT acceleration being compressed into months” (Levie has some other gems including this). John Dinsdale, a Chief Analyst at Synergy Research Group notes “[The] pandemic is causing some issues for cloud providers, but in uncertain times the public cloud is providing flexibility and a safe haven for enterprises that are struggling to maintain normal operations.” Morgan Stanley did a survey of COOs and CFOs, who list their top priorities for the remainder of 2020. The top response: Maintain investment in tech (54%).

Source: AlphaWise, Morgan Stanley Research.
Bessemer Venture Partners: State of Cloud 2020