| | NOVEMBER 201919CIOReviewThe role of the CIO is multi-faceted. To the business, the CIO is the bridge to technology. To marketing, the CIO is the innovator that drives new sources of revenues. To finance, CIO is the enabler of organization's efficiency. Independent of the size of the company, perhaps the most challenging aspect of the CIO's role is developing a meaningful IT budget that caters to all three.In the past, presenting IT budgets was not unlike visiting the Dentist. We all had to do it, but hated it. We all tried to compare how well we did in reducing costs. We used metrics such as cost of IT per employee or percentage of revenues and compared it with our peers. For example, mid-sized companies spent around $15K per employee on IT and large companies spent about 20 percent less. These cost centered IT Budgets are a thing of the past in most companies. In construction companies like Howard Building, where margins are tight, technology has to provide sound value before we can jump into it. Most construction companies are in the early stage of maturity with respect to assimilating technology. Wikipedia has a great definition for BIM (Building Information Modeling) as an intelligent 3D model-based process that gives architecture, engineering, and construction (AEC) professionals the insight and tools to more efficiently plan, design, construct, and manage buildings and infrastructure. Most people regard BIM as the ultimate sign of maturity. Our experience tells us that BIM is great but one in a series of technology innovations that will change the construction industry.MANAGING IT BUDGETS TO HELP FOSTER INNOVATIONBy Subbu Murthy, CIO, Howard Building CorporationSubbu MurthyCIO INSIGHTS
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