Digital transformation is seeing a significant increase in investment from Chief Information Officers (CIOs), with 34% of IT budgets now being allocated to this area, according to Gartner. This is a rise from 18% in 2020, with the shift being driven by a need for businesses to become more agile and responsive to market changes. The focus is on accelerating business activities, reducing costs, and improving service quality, with 79% of CIOs agreeing that digital business is making their job more challenging. Yet, despite the increased investment, only 21% of companies have completed their digital initiatives, indicating a gap between ambition and execution. The survey also revealed that 66% of CIOs are now responsible for innovation and 37% for digital marketing, demonstrating a broadening of the CIO role. However, the rapid pace of digital transformation is causing a talent crunch, with 59% of CIOs reporting a lack of IT skills within their organisation.
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