How is budget planning evolving for CIOs?

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CIO in Education, 1,001 - 5,000 employees
There is no wrong way for budget planning. We always tend to review previous budgets. Nowadays it’s about planning a flexible budget based on organizations revenue forecast. Account for fixed and variable costs, list your assumptions, and communicate clearly.

Look at the industry trend, tie your budget to organizations growth and profitability.

Allow for a contingency.

Leverage spend management tools.

Plan and forecast based on business threats and opportunities.

Leverage interactive data visualization.

Establish a cause effect relationship. Be able to anticipate behavior and results.
CTO in Education, 1,001 - 5,000 employees
The amount of cyber security products and services we now buy has changed my budget. It is never enough. Planning involves convincing others we need these services and they cost a lot less than a incident. Additionally I have started to think of desktop/laptop hardware as a service. No longer can I keep devices until they die. Again part of this is cyber security reason. But it has help get some devices on a refresh cycle. Without that departments wait too long to replace hardware and don’t like the price tag to replace. PCs as a service give department heads a consistent cost that makes budgeting easier for them.
C-PIO in Software, 10,001+ employees
Budget planning has changed markedly over the years. Hardware was the big ticket item software came second. With the pass of technology security and software innovation software has taken the brunt of expenditures. 
In addition we used to be reactionary now we plan out for the foreseeable future and try to acquire sufficient funds. Today planning is paramount to staying on top of an IT infer structure. 
IT is now considered an integral part of the organization and is part of the planning for change and innovation. We are no longer just a service but a vital component of any modern company. 

Sr. Director, Head of Global MCM IT in Manufacturing, 10,001+ employees
It’s a lot more tied to revenue generation and no longer just about cutting costs. We are engaged a lot more with business unit leaders like sales and marketing and are measured for creating new opportunities for revenue and leads.
COO in Healthcare and Biotech, 5,001 - 10,000 employees
Budget planning is going from an annual planning cycle to a continuous planning cycle, in many progressive organizations.

Gone are the days of submitting a budget in Q4 and being stuck with your decisions for the next 15 months, despite changes in competitive pressure, internal prioritization, or other adjustments needed.

Astute CIO’s are making adjustments quarterly and negotiating based on changes in projects, business dynamics, etc.

It should be noted that these changes are not always increases in budget. When other business functions like Sales are under-performing, it may be necessary for IT to reduce its spend to ensure margins are met. (Just don’t forget to articulate the enterprise risk of foregoing certain projects or not hiring planned resources.)
CIO in Energy and Utilities, 1,001 - 5,000 employees
Budget planning is a continuous cycle of regular inspection and adaptation. It is no longer a one-off proposed budget at the end or beginning of the fiscal year. Rather, it is something that is regularly evaluated and adjusted based on several factors that are affecting the technology landscape as well as the business directions. 
CIO in Healthcare and Biotech, 1,001 - 5,000 employees
IT budgets are becoming much more dynamic and agile than historically with regular reviews and reforecasts. Flexibility is key. 
Its essential to do much longer range financial planning by planning forward multiple years looking at architecture, assets, innovation opportunities, analytics, cyber etc to avoid large anomalies or surprises in year to year budgets. 

Other changes I've noticed over time is there is a much reduced need for capital expenditure given all of the as a service offerings or subscriptions arrangements for just about anything and increased provision for cyber spending, analytics. There is also much more collaboration with business areas as almost all of their strategic initiatives have significant technology dependency.
Founder and CTO in Software, 51 - 200 employees
It is becoming more continuous, though we are still doing annual budgeting but we realise more and more that this has challenges and we find ourselves in situations where either we have to put a hard limit on an initiative or a purchase due to no inclusion in the budget made an year ago or we run over. 

We try to keep a decent enough amount of contingency/buffer under different heads that indeed helps in situations of need.

Specifically for CIOs and CISOs, over the years the expenditure on Software has increased quite a lot and the ever expanding landscape of Security and technology is pushing the budgets.
CIO in Consumer Goods, 1,001 - 5,000 employees
Doing more of a "bottoms up" approach annual budget plans help to validate spend and identify new spend better.  Budgets are getting much more scrutiny due to current macro economic conditions.  Benchmarking against peers and industry helps with calibration.
Chief Data Officer in Services (non-Government), 51 - 200 employees
With increasing cloud adoption, budgets are moving from the traditional CAPEX to an OPEX model. Additionally, with as we see more uncertainty and volatility globally, we’ve had to increase the number of revisions we make across the course of a financial year (i.e. continuous calibration).

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