Last night, I had the pleasure of speaking to the CIO Toronto Association which had about 30 members out last night to an evening to discuss the challenges of the current economy as well as the options organizations have in play - ie: Creating Value or Cost Cutting.
We did a poll with the help of IBM using rapid decision making toolkits and learned with this small sample group of Canadian CIOs that their focus currently is on these areas:
* 64% have been taking a balanced cost cutting and growth approach to the economic crisis, vs 21% focusing primarily on cost cutting, and 14% focusing on innovation and growth.
*Relative to their company's innovative culture, 35% felt that they have been "moderately successful" while 36% felt that their companies were either complacent or in the infancy stage.
*40% felt that they would likely see an IT budget cut next year.
*Nobody felt that they would be getting a budget cut of 15% or more next year (while in the European study, 29% felt they would have a budget cut of more than 15%).
80% felt that the regulatory frameworks (like SOX/Basel) would not help them to identify and measure risk.
*And about 2/3 of the audience felt that the financial crisis would: Add more importance to IT Governance,Give more prominence to long term IS investments, and
Confer more weight to the IT function.
The Canadian CIOs at this session remain confident about 2009 adn their IT budgets, increasing, vs remaining flat. However, everyone appreciates and recognizes that if the market collapses further in Q1 with further risks in the manufacturing, automotive, and financial services sector that the outlook could shift rapidly. But Q1 is off to a positive outlook by this group of Canadian CIOs.
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