R. Srikumar is the Chief Solutions Officer at Mphasis. Read Srikumar Ramanathan's full executive profile here.
Not too long ago, many executives were quite happy saying, “I am not a technology guy, you should ask our CIO about it,” when topics about technology arose.
As a direct result, technology spending behavior has also changed. Historically, CIOs have held significant influence over IT purchasing decisions and strategic priorities, often reporting to high-ranking executives, such as chief operating officers or CEOs. CIOs still hold sway over high-level strategic initiatives, but more technology product and service decisions are being taken by business leaders.
IT services today have emerged as the leading segment for expenditure, with a projected growth rate of 8.7%. Simultaneously, software spending is expected to witness a significant uptick of 12.7%, with no signs of a plateau on the horizon. The resurgence in data center systems spending is also anticipated to increase by 7.5%, reflecting a renewed interest in on-premises strategies amid heightened scrutiny of cloud costs.
Previously, software development involved building functionalities from the ground up. Now, there's a trend toward integrating existing solutions rather than extensive customization. For instance, core systems often come with pre-built features like banking or HR assistance. The shift means HR managers may find ready-to-use solutions suitable for their needs without requiring significant customization. Thus, a growing portion of technology spending is being decided outside the CIO’s ambit.
With a growing emphasis on IT as a strategic asset, CIOs now enjoy increased visibility at board meetings and direct reporting to CEOs. Moreover, CIOs are expected to drive innovation, enhance customer experiences and explore new revenue streams, particularly amid the trend of mergers and acquisitions where technological prowess can be a decisive factor.
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