Despite the pressure on funding from high interest rates, the appetite for digital investment remains strong, with 89% of boards agreeing that digital is an implicit part of growth strategy and 80% of CFOs planning to increase their technology spend by at least 3% — and 43% planning to increase that spend by 10% or more.
Prioritizing digital investments by business value
IT organizations need a formal process for evaluating, measuring and prioritizing IT spend, tying investment opportunities to the priorities the organization’s primary business objectives.
Gartner predicts that by 2027, 75% of all IT investments will fail to drive meaningful business value if CIOs do not establish a clear and actionable technology investment model.
Six common business objectives are:
Time to value
Whatever are your objectives, it’s key to prioritize and weight each to validate your key business outcomes so you can produce a defensible yet actionable list of supporting IT investments.
Also make sure you foster a productive CFO-CIO partnership that focuses on enterprisewide outcomes when you try to seek and sustain funding for digital initiatives.