Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
CIOs and top IT strategists appear to be dodging bullets when it comes to widespread and debilitating technology spending cuts throughout their organizations, according to a May CIO Insight survey. The majority of respondents said they had not cut IT expenditures from their original 2001 budget since the beginning of the year. Still, many CIOs have seen their budgets affected in some way by the economic slowdown, particularly in larger organizations.
Among the 426 CIOs and senior IT executives surveyed, just 43 percent said their original IT budgets for 2001 have been reduced. Of those facing reductions, 74 percent said they've come in the form of delays, while only 42 percent also faced outright cuts or elimination of projects.
Among CIOs who saw their budgets reduced, the average reduction during the first quarter, compared with their original IT budget, was 30 percent. That figure is expected to stay relatively flat, at 28 percent, in the second quarter.
Some CIOs who have faced budget reductions said they expect a reasonably healthy resumption of spending in the second half of the year. Of those who said they'd suffered budget cuts so far this year, about 30 percent said they expect IT spending to wind up matching their original budgets by the end of the year.
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