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Finance Data & Insights How IT Budget Changes will help CIOs to Capture Value in 2023 Apr 21, 2023 In February 2023, ADAPT surveyed 131 Australian CIOs, CTOs and other technology leaders and reveal budget allocations, predicted changes in budgets, and how effective this persona is at capturing value for their organisation. Request to Download

Overview

ADAPT contends that funding of IT is no longer about just keeping the lights on.

CIOs can embrace funding strategies that drive smart modernisation and gain competitive advantage against the headwinds of present macroeconomic conditions.

The percentage of IT budget allocated towards Operational Expenditure (OpEx) has gone backwards since 2022.
There are a variety of project and cloud migration factors that may have an impact on an increased proportion of CapEx funding. New digital transformation initiatives may be funded using capital expenditure instead of pay-as-you-go models.

Over half of CIOs expect an increase in IT budgets at the end of this financial year for FY 23/24. CIOs need to ensure that they are funding initiatives to capture more revenue growth and build operational excellence.

Almost a quarter of IT budgets are allocated to infrastructure. Modernisation depends on infrastructure, but CIOs must ensure that resources are financed and architected…

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