How Can CIOs and CTOs Spend Increasing IT Budgets?

CIOs and CTOs are increasing their IT budgets due to the need for new technologies.

learn more about Steve Taplin

By Steve Taplin • Dec 29, 2021

Opinions expressed by Entrepreneur contributors are their own.

CIOs and CTOs are increasing their IT budgets due to the need for new technologies. It is good news for the tech industry but also for companies looking to improve their bottom line. IT budgets are expected to grow. What will this mean for IT budgeting, leadership and the industry?

According to Gartner, investments in cybersecurity, analytics and the cloud are the technology trends top-level tech executives expect to see over the next 12 months. Gartner also found that IT budgets will grow by almost 3.6% in 2022.

Technology executives and CIOs should invest in technologies that give them a level of flexibility. There's a lot of benefits to hiring remote employees — from lower office rent to no commute, all the way to more overall efficiency. It is a trend that's been going on for a while and will be continuing in the future.

Related: Use Technology to Give Your Team Superpowers

Nowadays, executives have realized that tools are essential in keeping close tabs on their business and forecasting trends. They're beneficial for companies to be able to plan. Business intelligence and data analytics tools allow organizations to stay ahead of the competition, whether it be a business rival, a competitor outside the industry or even another organization in their industry.

Businesses are spending more time and money on integration technologies and APIs that allow different platforms to connect. APIs are essential for big brands to stay on top of their game. They allow companies to connect with different platforms and systems, which ultimately drives sales.

The world of technology is constantly changing, and the executives who operate these technological innovations need to remain ahead of the curve.

Related: How to Fake It Till You Make It in Tech

With change happening so quickly, businesses and IT departments are struggling to keep up. This new normal is something you need to adapt to, as the overall objective should be to take advantage of changes and remain competitive. According to Gartner, the average revenue increase for companies that operate in a highly modular and adaptable way is 7.7%. Organizations that don't consider themselves to be highly modular average about a 3.4% revenue increase.

To meet these challenges, CIOs and CTOs need to properly allocate funds in their IT departments. If they do it right, they can improve a company's infrastructure, advanced analytics, digital transformation and cybersecurity.

Related: 10 Technologies That Are Changing the World

Steve Taplin

Entrepreneur Leadership Network Contributor

CEO of Sonatafy Technology

Steve Taplin is the CEO of Sonatafy Technology (, a premier nearshore software-development-services firm that provides its clients with expertise in cloud solutions, web and mobile applications, ecommerce, big data, DevOps practices, QA, IoT and machine learning.

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Business News

Frontier Airlines Just Announced Its All-You-Can-Fly Summer Pass for $399. What's the Catch?

As travel begins to pick up, the airline hopes unlimited travel will jumpstart its business.

Thought Leaders

5 Small Daily Habits Self-Made Millionaires Use to Grow Their Wealth

We've all seen what self-made millionaires look like on TV, but it's a lot more subtle than that. Brian Tracy researched what small daily habits these successful entrepreneurs adopted on their journey from rags to riches.

Business News

Mark Cuban's Grocery Store Hack Will Help You Score Cheaper Produce

The billionaire talked about his early days in Dallas when he was strapped for cash.

Growing a Business

The Success of Your PR Campaign Depends on These 3 Essential Elements

A successful PR campaign requires these three critical ingredients to ensure you're on the right path to success.