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How is your IT budget being spent? With the increasing hype around the importance of data, many businesses feel that they need to up their IT spending to keep their businesses from falling behind. But increased spending on IT won’t necessarily equate to the success that many businesses envision, according to Gartner.
The problem is that businesses may spend more, but they tend to spend their money on improving their existing processes and systems. In short, they tend to spend more dollars to optimize what they already know well and what they are already doing. Optimizing current processes will definitely improve the business, but the problem is that the payout for optimization often doesn’t match what the business might have been able to achieve if that same money had been invested into something more transformative.
For example, Gartner recently surveyed IT executives in the Asia Pacific region. The report found that there was a gap between “what they want to achieve and where technology investments are being made”.
Partha Iyengar, vice-president at Gartner, said that “digital means different things to different people, and Asia-Pacific CEOs hold less transformative views of digital business than their global counterparts. Chief information officers (CIOs) need to take on an evangelizing role with the CEO and other business leaders about the transformative possibilities of digital business using real examples. Many business leaders still cannot describe digital business well, and need education.”