The annual EY-CIO Klub’s enterprise IT trends and investment survey shed light on how CIOs can learn from ‘the startup gene’ and adopt the attitude that has fueled numerous success stories across the globe.
About a half of the 294 CIOs showed faith in implementing startup practices to get their work done. A third of the participants believed it to be more prudent to rope in external expertise to perform certain specific tasks rather than trying to deal with it in-house.
The survey revealed that, by implementing startup practices, CIOs can ensure that their projects are driven to quick closure. The report says that the onus of adopting the culture falls on the CIO.
Nitin Bhatt, national leader, Risk Advisory Practice, EY India highlighted this point. “We are now seeing CIOs being questioned by their executive leadership when they do not leverage the startup ecosystem for enhancing product capability, reducing cost, and furthering competitive advantage.”
The survey also highlighted what CIOs believe could be the “next big tech” to take the enterprise by storm. 81 percent of the respondents put their money on IoT as the most promising futuristic technology that will gain momentum in the next five years.
The advent of IoT also adds to the issue that CIOs admitted to giving them sleepless nights—cybersecurity. Cybersecurity happens to remain a board-level agenda for the second year in a row.
Trends observed by EY revealed that companies are ready to spend up to 30 percent of their total IT budget on SMAC technologies. However, an interesting point the 2016 survey highlighted was the fact that companies have turned their focus on mobility, not social.
In addition to discussing and highlighting tech trends, EY-CIO Klub also exalted business leaders who made waves in the IT space. Vijay Sethi of Hero MotoCorp took the crown in the ‘automotive’ category, while Anup Purohit of Yes Bank won the laurel in the ‘banking’ space.
The ‘infrastructure & real estate’ domain saw Bhavesh Champaneri, Essar Power Gujarat bag the top honors, and Thomson Thomas of HDFC Standard Life Insurance emerged as the winner in the ‘insurance’ segment.
Here’s the list of this year’s winners:
Name of the Participant
Name of the company
Hero MotoCorp Ltd.
Automotive & auto components
Reliance Capital Asset Management Ltd
Capita Market & Mutual Funds
Thyssenkrupp Elevator AG
Essar Power Gujarat Limited
Infrastructure, Real Estate & Hospitality
HDFC Standard Life Insurance Co. Ltd.
Reliance Big Entertainment group
Media & Entertainment
Ajay Kumar Ajmera
Banswara Syntex Limited
Retail – Textile, Apparels and Accessories
Harvinder Singh Banga
Delhi International Cargo Terminal
Transport & Logistics