How Can CIOs and CTOs Spend Increasing IT Budgets? CIOs and CTOs are increasing their IT budgets due to the need for new technologies.
By Steve Taplin
Opinions expressed by BIZ Experiences contributors are their own.
CIOs and CTOs are increasing their IT budgets due to the need for new technologies. It is good news for the tech industry but also for companies looking to improve their bottom line. IT budgets are expected to grow. What will this mean for IT budgeting, leadership and the industry?
According to Gartner, investments in cybersecurity, analytics and the cloud are the technology trends top-level tech executives expect to see over the next 12 months. Gartner also found that IT budgets will grow by almost 3.6% in 2022.
Technology executives and CIOs should invest in technologies that give them a level of flexibility. There's a lot of benefits to hiring remote employees — from lower office rent to no commute, all the way to more overall efficiency. It is a trend that's been going on for a while and will be continuing in the future.
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Nowadays, executives have realized that tools are essential in keeping close tabs on their business and forecasting trends. They're beneficial for companies to be able to plan. Business intelligence and data analytics tools allow organizations to stay ahead of the competition, whether it be a business rival, a competitor outside the industry or even another organization in their industry.
Businesses are spending more time and money on integration technologies and APIs that allow different platforms to connect. APIs are essential for big brands to stay on top of their game. They allow companies to connect with different platforms and systems, which ultimately drives sales.
The world of technology is constantly changing, and the executives who operate these technological innovations need to remain ahead of the curve.
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With change happening so quickly, businesses and IT departments are struggling to keep up. This new normal is something you need to adapt to, as the overall objective should be to take advantage of changes and remain competitive. According to Gartner, the average revenue increase for companies that operate in a highly modular and adaptable way is 7.7%. Organizations that don't consider themselves to be highly modular average about a 3.4% revenue increase.
To meet these challenges, CIOs and CTOs need to properly allocate funds in their IT departments. If they do it right, they can improve a company's infrastructure, advanced analytics, digital transformation and cybersecurity.
