IT Budgeting Stats, Trends and Best Practices
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IT Budgeting Statistics: Double Down
Total IT spending among organizations this year is expected to increase by 3%, which is significantly more than last year's 1.8% increase. -
IT Budgeting Statistics: Top Industries for Tech Spending Increases
Automotive: 8%, High tech: 7.3%, Retail: 7.1%, Financial services (not including banking and insurance): 5%, Construction, engineering, building materials: 4.8% -
IT Budgeting Statistics: Asset Management
38% of organizations launched a portfolio approach to IT budgeting last year. -
IT Budgeting Statistics: Upward Mobility
36% of global organizations are expected to allocate at least 2% of their total IT spending on mobile apps, up from just 14% of global organizations in 2012. -
IT Budgeting Trends: Innovation Investment Gains Edge
With CIOs ascending to the strategic leadership table, spending on innovation and business opportunities have grown to represent more than one-third of overall IT budgets, which is up from about one-quarter in 2009. -
IT Budgeting Trends: Programmers Rise to the Top
Programmers and developers will rank #1 in terms of personnel budget priorities, followed by project managers, help desk and tech support, software engineers, and architects. -
IT Budgeting Trends: Spending for Apps and Infrastructure Dominates
Tech spending is primarily focused on the implementation of new IT apps and infrastructure, followed by business process improvement through the cloud, consolidation, and other tech innovations. -
IT Budgeting Best Practices: Think Like a VC
Given tech's increasing prominence within organizations, CIOs need to view themselves as portfolio managers who evaluate individual and aggregate performance over time, especially with respect to resulting value, risk and reward. -
IT Budgeting Best Practices: Hedge Your Bets
Take an initially conservative approach on new tech investments which still allows for innovation, but introduces checkpoints to measure whether milestone objectives are being met along the way. -
IT Budgeting Best Practices: Benchmark Your Spending
Present comparative assessments of organizations of similar size and sectors to bring budget influencers up to speed on current industry standards.
More than ever, today's CIOs must combine impact-worthy strategic contributions which reflect equal parts business and tech insights. As previously reported, marketing is expected to take on greater ownership of IT budgeting. So to continue advancing as vital, senior-level contributors within their organizations, CIOs have to closely align with business-side executives and users to get a sense of specific pain points which IT acquisitions can address, as well as the capabilities which are most in demand. To elaborate upon these concepts, we're presenting the following collection of IT budgeting stats, trends and best practices. They reflect the big picture in terms of overall spending direction. But they also address the various ways in which CIOs can leverage the financial-planning process to raise their profiles as valued leaders. (Hint: You'll increase your internal fan base by expanding mobile app investments.) Our stats, trends and best practices were compiled from a variety of online resources and reports, including those presented by TEKsystems and CEB. For more about the TEKsystems report, click here. For more about CEB's report, click here.