CIOs in the BFSI sector are less worried, with only 15 percent of CIOs say they expect lines of business to fund IT projects, and 11 percent say they expect lines of business to turn to IT vendors and the public cloud.
Part of reason LoBs have traditionally bypassed IT departments is because they view IT departments as slow and unresponsive. According to the study, more CIOs are cognizant of that fact and are taking measures to ameliorate the situation.
According to the survey, about 59 percent of CIOs feel the need to improve IT's on-time and on-budget performance with more process discipline in areas like requirements gathering and project management. They also realize that they must invest in systems that will help them engage with customers or business partners and market the IT department in such a way that the business has a better understanding of IT's capabilities and processes.
In this way, the IT department can become flexible in undertaking the challenges that business throws at them, otherwise CIOs are a risk of traveling back in time yet again to manage mundane daily IT operations that are deemed less importance by business.
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