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CIOs say innovation and growth are top priorities, yet report limited investments

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CIOs say innovation and growth are top priorities, yet report limited investments

Only 15% of CIOs are investing significantly in emerging technologies; 16% of IT budgets allocated for business innovation and growth will not be enough.

Global CIOs cite innovation and growth as top business priorities, yet 84% of IT budgets are spent on running day-to-day operations and incremental change, according to a recent report from professional services firm Deloitte. At a time when new business ecosystems are emerging and the C-suite is becoming more interconnected, CIOs are striving to strike a balance between innovation and operational effectiveness while improving their C-suite relationships and leadership skills.

"As global business ecosystems evolve, CIOs are expected to embrace and anticipate the pace of change and its impact on enterprise-wide technology needs," said Kevin Walsh, partner and global technology consulting leader, Deloitte Consulting LLP. "The C-suite is now, more than ever, looking at the CIO as a leader who is prepared to drive global business priorities through both scalable technology solutions and smart investments."

"The challenge lies in the CIO becoming a respected business leader."

Innovation and growth top of mind, yet not mirrored in investment strategy

While assisting in business innovation is a top technology priority for CIOs across industries, according to the survey, only 16% of IT budgets focus investment on innovation and growth. In addition, only 15% of global tech leaders are investing in emerging technologies that would contribute to innovation and growth.

"CIOs have a huge opportunity to drive innovation and growth in today's increasingly global and connected business environment," said Karen Mazer, US CIO Program Executive Sponsor, Deloitte Consulting LLP. "The challenge lies in the CIO becoming a respected business leader, with a role in advancing both the growth and innovation agenda as well as supporting operational excellence."

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