The answer, Sacconaghi thinks, is a bunch of things: CEOs and their CIOs don’t believe in IT value as much today as they used to, even though they do still believe in it; factors such as commoditization have led to deflation in IT prices; customers are hesitant because various new ‘architectures” such as cloud computing, CIOs are stuck evaluating new stuff a lot; and spending has lagged the recovery in corporate profits post-recession.

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