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Technology Spending: Line-of-Businesses Now Spend More on Technology than IT
Gradually there has been a shift in funding technology projects from IT budgets to line-of-business budgets. In 2014, $275.2 billion is expected to be spent by businesses to fund technology projects. That’s nearly 55 percent of all money spent on technology. That’s based on a recent study by IDC.
Spending by business lines is growing at a rate of 6.9 percent annually, compared to the growth of standard IT spending of just 1.9 percent annually. Most of the business spending on technology is for applications that are very targeted on the industry segment that their business is in.
Eileen Smith, Program Manager at IDC, said that “the connection between technology and business is accelerating at lightening pace as business users adopt what IDC refers to as the ‘four pillars’ — cloud, social, mobile, and analytics. Investments in these key areas are driving business funded technology.”
Frank Scavo, president of Computer Economics and Strativa, commented that “technology is too important to leave to the IT department.”
