The IT budget is growing at a rapid pace and is expected to surpass the 2021 figures. A 2022 State of the CIO report identified the top 10 business needs that drive IT spending.
These include increasing cybersecurity protections (49%), increasing operational efficiency (46%), improving customer experience (42%), transforming existing business processes by 41% and improving employee productivity (27%).
Others needs on the list include improving profitability (24%), new product development (22%), improving hybrid work technologies (21%), increasing topline revenue for the business (20%), and meeting compliance requirements (19%).
Another report by the Info-Tech Research Group in its CIO Priorities 2022 report found similar trends.
According to Info-Tech, the top priorities for competing in the digital economy include reducing friction in the hybrid operating model, improving ransomware readiness, supporting a worker-centric retention strategy, developing an automation platform and preparing reports on new ESG indicators in the areas of environment, social affairs and governance.
The sources for this piece include an article in CIODIVE.