Here is an interesting round panel discussion on 2009 challenges in the financial industry from Wall Street & Technology.
There is a major challenge for CIOs because they know what’s coming in the next year or two. They know they are going to be called upon to do much, much more with potentially much, much less. So potentially driving the efficiency in the IT organization is no small feat. They are going to have to figure out ways that technology can help.
The observations are specific to the financial industry, and as such are not very surprising. The industry remains beset by toxic assets on its balance sheets and declining (or highly volatile) asset values. Profitability challenges will constrain spending throughout 2009, on the top and bottom lines. Economists widely blame the current recession on “creative’ instruments and lack of regulatory oversight of the financial industry. In this environment leaders have little choice but to retrench on spending and deal with increasing regulatory scrutiny.
These observations don’t necessarily apply to other industries. Although the economic climate is challenged, there is opportunity in change, and 2009 may become a “breakout” year for aligning IT with organizational drivers. Alignment is a two-way street, and for many organizations it will not occur until IT is more successful in helping define strategic plans, rather than merely reflecting the organizational strategic plan in the IT strategic plan.