Kenneth Guillame, Big4.com Staff Reporter

72 per cent of business and IT (Information Technology) executives have stated that their organizations now place more importance on the IT functions of their companies than they did before the financial crisis. They also view IT as a solution to their economic problems and a means to get out of the current situation. This is the findings of a global study released by Accenture and produced in collaboration with the Economist Intelligence Unit (EIU).

Forty seven per cent executives expect technology spending in the organization to improve selectively while ten per cent feel that it will improve across the board. The non-IT executives are more optimistic about this spending than their IT colleagues while an overall 61% expect increase in technology spending.
 

Along with the investments, the organizations will also keep a lookout for the returns that they are getting from the same. In the same vein eighty one per cent of executives across various geographies felt that the pressure to deliver projects and incorporate more flexibility than before would be highlighted due to these changes. Eighty seven percent in US agreed with this statement, while in Europe, France, Ireland, and UK felt this more accurately.
 

This survey was of more than 550 executives and highlights that cost savings and control are an important factor in IT investment decisions. The three measures proven to be most effective in reducing the cost of applying IT projects are - the replacement or rationalization of existing systems; movement to open platforms; and ensuring the stability and business relevance of project requirements.
 

“The results of the survey show that firms recognize the need to invest in technology to defend and accelerate their competitive position, even in difficult times, which has not always been the case in the past. The turmoil over the last 18 months has underscored the need for further flexibility and scalability to stay ahead in business and drive agile business change." said Keith Haviland, Accenture s Global Managing Director for Systems Integration Consulting.
 

"Just how indispensable IT has become to business survival and leadership is proven by the anticipated increase in investment over the next year, despite the challenging economic conditions. While other operational budgets are being slashed, global firms look towards IT as a way to re-build strength. Far greater efficiencies and cost savings can be realized through automation across technologies, faster access to the benefits of emerging technologies such as SaaS and Open Source coupled with flexible frameworks of integrated tools and metrics to track returns on investment." Haviland added.