Now we can argue all day long about what is and is not a "Strategic Application." But I find it interesting that this is as high or higher priority than security, even among large firms. Perhaps senior leadership is seeing additional security as buying more insurance when you think you already have enough, especially after all the security spending done in the past few years.
In any case, I believe that "Strategic Applications" are those that enable the firm to grow, either by entering a new market or expanding their reach into an existing one. They rarely are tied to efficiency or cost-savings initiatives. And they are even more rarely associated with generic quality improvements or customer satisfaction drives. We in the technology industry would be well-served to focus our energies on helping our clients drive revenue (positive) instead of focusing on risk and/or cost mitigation (negative) strategies.
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