Digital transformation is top of mind for companies despite uncertainty around the economy, according to one cloud software executive.
“IT [Information Technology] remains extremely strong. Resiliency, security, IT operations, having to do more with less — and again, the technology strategy being the business strategy,” ServiceNow’s chief financial officer Gina Mastantuono told Yahoo Finance at the World Economic Forum in Davos, Switzerland.
The executive has been meeting with clients at this year’s forum, where CEOs, economists and world leaders meet.
Mastantuono highlighted a more cautionary spending environment of “elongated deal cycles and more scrutiny around deals in this economy continues to be commonplace.”
While industry consensus is calling for a recession this year, Mastantuono says sentiment seems to have shifted to a scenario less dire.
“The fundamentals seem stronger, such that if a recession does occur, the likelihood of a soft landing seems more credible today that what I was hearing 3 or 4 months ago,” said Mastantuono.
ServiceNow has been able to keep its workers, and is still hiring, despite a wave of layoffs in the tech sector.
“We certainly have slowed down hiring a bit during the back half of the year but … continuing to grow. We are absolutely hiring with a priority on sales and engineering talent.”
Finding workers is getting easier, as well.
“The ability to snap up some great talent is better today than certainly the last year. So we’re taking advantage of that for sure,” said Mastantuono.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
More Yahoo Finance coverage of Davos 2023:
Credit: Source link
