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CIOs were given significant budgets to improve productivity, cost savings, and competitive advantages with gen AI. times compared to 2023 but forecasts lower increases over the next two to five years. Examples include scanning invoices, extracting basic contract information, or capturing information from PDF forms.
This includes spending on strengthening cybersecurity (35%), improving customer service (32%) and improving data analytics for real-time business intelligence and customer insight (30%). This applies to his IT group as well, specifically, in using AI to automate the review of customer contracts, Nardecchia says.
To be sure, enterprise cloud budgets continue to increase, with IT decision-makers reporting that 31% of their overall technology budget will go toward cloud computing and two-thirds expecting their cloud budget to increase in the next 12 months, according to the Foundry Cloud Computing Study 2023.
Inflation may have dropped from its high in 2022, but the price pressures on IT budgets have continued unabated. Forty-one percent of the CIOs in the survey said they’ve changed their cycle for revisiting IT budgets to at least every month, says Tony Olvet, IDC’s VP of worldwide C-suite and digital business research.
“The net result is that some organizations’ technology debts are growing faster than anything else and robbing them of their budgets and ability to innovate.” The need to reorient IT’s budget toward future opportunities is one big reason CIOs are reviewing their IT portfolios now.
Amit Goel joins Blox as CTO. Web Werks India hires Kamal Goel as director of IT. Publicis Groupe India names Roopesh Pujari as CTO. Roopesh Pujari has been promoted to CTO at marketing and advertising firm Publicis Groupe India. Gaurav Sharma becomes group CTO of Poonawalla Fincorp. February 2022. January 2022.
More frequently, IT leaders are seeing the value of educating their peers and stakeholders as a win-win for increasing buy-in and budget for digital initiatives. We get consistent investment year over year,’’ says Yao Morin, CTO of global commercial estate company JLL. The payoff can be significant. “We
For the more specialized IT needs, there just aren’t enough people to meet the demand,” says Michael Manos, CTO of Dun & Bradstreet. World Insurance’s Corrigan advises asking what skillsets, certifications, and personality types they look for when hiring.
Healthcare companies must adhere to a myriad of regulations, including the Health Insurance Portability and Accountability Act (HIPAA), the General Data Protection Regulation (GDPR), and other industry-specific guidelines.
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