SMBs increasing investments in IT: Ernst & Young and CIO KLUB

Companies with revenues less than Rs.1 billion will spend 32% of their budget on business opportunity and 25% on innovation, while IT spend for larger companies, with revenues greater than Rs.1 billion, has dropped to <1% - understandably so, considering maturity of operations and better leveraging of IT investments, as per an Ernst and Young and CIO KLUB third Annual Survey "The Enterprise IT Investment Trends Survey 2011. The Survey report was unveiled in Mumbai at the CIO KLUB Anniversary event held in Hyatt Regency in the presence of Nandan Nilekani, Chairman, Unique Identification Authority of India. This year's study is based on a survey of over 170 CIOs of companies with annual revenue ranging from less than Rs.1 billion to greater than Rs.10 billion.  The objective of the survey is to capture key IT trends and investment patterns across various sectors and strategy adopted by various CIOs to aid business growth.

"The survey results reflect confidence in the India growth story and many companies are taking steps to further increase spend on IT with a focus on providing business with innovative IT solutions, being more customer centric and investing in technologies that truly aid in giving their business a competitive edge in the market. IT's focus will be largely to develop positive relationship with the users, support business initiatives with innovative technologies and invest in customer centric and business intelligence applications for better decision making," remarked Samiron Ghoshal, Partner, Leader - IT Advisory Practice, Ernst & Young.