Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
Conclusion 05: Hopes and Concerns
CIOs hope to raise revenues for their companiesnot just cut costs. But they feel that they need to spend more on IT to make more money for their companies. This might be behind the optimistic projections for the 2003 budget.
We may be living in uncertainand hopefully post-recessionarytimes, but CIOs' priorities remain solidly oriented to making money. Forty-seven percent say their organization's top priority is revenue enhancement, and another 17% cite customer satisfaction. Only 20% say cost reduction is their main goal.
However, IT execs are worried that they won't be able to meet these goals in the current budgeting environment. More than half (56%) believe IT isn't spending enough to keep up with this year's strategic goals for the organization. And 41% believe the company isn't spending enough on strategic initiatives.
IT executives do not feel that their departments are being singled out for budget tightening: 32% said their budgets were increased more or cut less than other internal groups in 2002, versus 21% who said their budgets were cut more or not increased as much as other departments.
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