Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
IT Chiefs See Their Influence Growing
IT leaders have significant spending clout. Need to make a large purchase, but don't think the CEO or CFO will go for it? Turns out it doesn't matter much: CIOs, on average, can single-handedly approve expenditures of almost $1.4 million. (Tack on an extra $850,000 for IT chiefs at large firms.)
If the description of their roles is any indication, that clout could be growing. About three in 10 CIOs also manage another area of the business--strategic planning, operations or product development, for instance. Those IT chiefs who described themselves as strategic were more likely to take on expanded roles. As their roles grow larger, will their spending power keep pace?
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