Research
State of the CIO
Foundry’s 23rd annual State of the CIO survey aims to understand how the CIO role is evolving and helps to define the 2024 CIO agenda. Results are based on 875 heads of IT and 251 line of business respondents.
88%
of CIOs say that their role is becoming more digital and innovation focused
87%
of CIOs are more involved in leading digital transformation initiatives compared to their business counterparts
85%
of CIOs agree that the CIO is becoming a changemaker, increasingly leading business and technology initiatives
Key findings
Tech leaders have stronger ties to the business
In order to have an effective technology purchase process, the partnership between CIOs and the business must be solid. Over 3/4 of heads of IT say they have a strong educational partnership with their CEO and board of directors, indicating the CIO’s value is increasing enough to educate the business on the technology landscape and what’s appropriate for their organization. Line of business respondents equally agreed.
CIOs stay optimistic about budgets in 2024
Despite some economic ups and downs of the last year, technology has proven to be a constant necessity in order to drive the business forward. Fifty-four percent of CIOs anticipate budget increases this year with 35% expecting IT investments to remain the same. Those growing their IT budgets are doing so because of the need for security improvements (38%), for keeping pace with the rising costs of technology and services (35%), and investment in emerging technologies like AI (34%.)
The AI frenzy puts the CIO to work
Jumping up from 55% in 2023, 80% of CIOs say that they will be more involved in AI/machine learning over the next year. They are tasked with working closely with the business on formulating AI apps (71%) and researching and evaluating possible AI additions to the technology stack (80%). More than half of CIOs said IT and LOB are aligned on the adoption and use of generative AI, in particular.
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