Cost Cutting Vs. Innovation: Dueling Priorities for Wall Street CIOs?
Despite smaller budgets, this is the time when business leaders turn to IT for more efficiency, more productivity and, yes, innovative ideas.
October 29, 2012
As information technology leaders look toward 2013, they're wondering what the new year will bring. Following three years of extreme belt tightening, CIOs are hoping that the industry can once again begin to focus on innovation instead of cost cutting and budget reductions. While some see cost cutting vs. innovation as dueling priorities, it's not necessarily a competition. The saying "crises breeds innovation" has proven true time and time again. Yes, many crises, such as the 2008 financial crisis, the Great Depression or the Internet bubble bursting in 2000, caused a lot of casualties. But innovative companies and leaders often thrive when business is down, budgets are tight and competitors are frozen in their tracks. For instance, Sir John Templeton, the legendary stock picker who founded the Templeton Growth Fund in 1954, famously bought 100 shares of each company trading under $1 listed on the New York Stock Exchange. When he bought those shares in the 1930s, the Great Depression... Read full story on Wall Street & Technology
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