CIOs may claim they talk the value of IT talk, but they’re certainly not walking the walk. In fact, most CIOs seem to be failing badly at convincing top management that IT can truly transform a business.Right now, the U.S. Department of Commerce reports that corporate profits grew at double-digit rates for the 16th consecutive quarter. You have to go back half a century to find that many consecutive double-digit profit growth quarters.Three-plus years of strong profit growth should be good news for CIOs and their budgets. But it hasn’t been. Gartner recently issued an ominous report forecasting that technology investments will lag behind top-line growth for the next five years.So why is tech investment limping along at rates that are half of profit growth? I put the blame squarely on the CIO.For three years, CIOs have reported in our “State of the CIO” surveys (for all the data, go to www.cio.com/state) that the focus of their IT investment strategy is to enable business growth and innovation. They claim that their top management priority is the alignment of business and technology strategies. Moreover, topping their list of their most important professional skills—the key to their success—is the ability to communicate with CEOs and line-of-business executives. So why isn’t the rate of investment in IT paralleling the rate of profit growth?It seems apparent that while CIOs may be communicating with their business colleagues, they aren’t convincing them of the value of investing in IT.So, what can they do?One modest suggestion: Send me an e-mail and I will send you (from the CIO Executive Council) the definitive work on what constitutes value in IT. The 449 worldwide members of the Council, all CIOs, have built what they call the IT Value Matrix, which is a road map to defining IT value.This road map will help you walk the communication walk. Related content brandpost Sponsored by Palo Alto Networks Operational technology systems require a robust Zero Trust strategy in 2024 Zero Trust provides a foundation for creating a stronger security posture in 2024. By Navneet Singh, vice president of marketing, network security, Palo Alto Networks Dec 05, 2023 6 mins Security brandpost Sponsored by AWS in collaboration with IBM How digital twin technology is changing complex industrial processes forever As the use cases for digital twins proliferate, it is becoming clear that data-driven enterprises with a track record of innovation stand the best chance of success. By Laura McEwan Dec 05, 2023 4 mins Digital Transformation brandpost Sponsored by AWS in collaboration with IBM Why modernising applications needs to be a ‘must’ for businesses seeking growth Around one-third of enterprises are spending heavily on application modernisation and aiming for cloud native status. The implications for corporate culture, structure and priorities will be profound. By Laura McEwan Dec 05, 2023 5 mins Digital Transformation opinion 11 ways to reduce your IT costs now Reorienting IT’s budget toward future opportunities is a big reason why CIOs should review their IT portfolios with an eye toward curbing unnecessary spending and realizing maximum value from every IT investment. By Stephanie Overby Dec 05, 2023 11 mins Budget Cloud Management IT Governance Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe