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More often than not, the CEO perceives the IT department as a cost center as opposed to a strategic area that can help the organization become more agile and adaptable to the changing business environment. In an evolving, globalized business setting it is imperative to develop IT from a support component into an integrated business function.
Need to Get in Line
The BTM Institute examined five years worth of Global 2000 financial data, finding that companies that had “converged business technology management” noticeably increased their financial performance and demonstrated superior revenue growth and net margins, compared to counterparts in their individual industries. More specifically, those companies with converged business technology management had 12% average annual revenue growth, compared to 4% for their industry groups. They also achieved 36% average annual earnings per share growth versus 7% for their industry peers.