CIOs Should Take a Go-Forward Stance: John Lovelock, GartnerCIOs Need to Do New ROI Calculations for Ongoing and New Technology Projects
According to Gartner analyst and chief forecaster, John Lovelock, while economic challenges may be present, the theory of declining IT spending trends is inaccurate. The main factor affecting the global IT spending growth rate is the strengthening of the U.S. dollar against other major currencies. Despite this, the constant currency growth rate still indicates a healthy 7% growth in technology spending during FY 2023, one of the best results in the past decade.
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Lovelock believes that long-term IT projects should be broken down into smaller, more manageable components for greater internal efficiency and cost-effectiveness. Gartner's research shows that investment in on-premises infrastructure and applications will persist, but new spending will predominantly focus on "cloud-first" strategies.
"It is time for CIOs to reassess the ROI from technology investments for both current and new projects," Lovelock says.
In this video interview with Information Security Media Group, Lovelock discusses:
- IT growth trends and future of technology consumption;
- Importance of balancing on-premises, cloud and edge infrastructure;
- Criticality of redoing ROI calculation on technology investment.
Lovelock has spent 35 years in the IT industry, including eight years working in a variety of healthcare environments. Prior to joining Gartner, he co-founded and managed a boutique consulting firm that specialized in large software solutions with a special emphasis on the healthcare industry.