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Fiorina brought her "return on technology" theme to Europe in a keynote address at HP's ENSA@Work storage conference in Amsterdam. She first voiced this line in a keynote at Comdex in Las Vegas.
"Customers now realise that it is not the glamour of technology that is most important, it is return on technology.
"We all know that this is a tough IT market and I think that a lot of the commentary has evolved around a cyclical economic environment. The market trends today are not driven by cyclical economics, they are driven as much by changes in customer requirements. That means these are long-lasting changes in the economy."
Still, Fiorina admitted she was "more hopeful and more optimistic" than she had been about the industry.
"We are actually not at a crossroads, we are on a path to the future and that path simply requires us to take one step at a time."
She added that customers were no longer interested in "hot boxes and the latest killer apps", but wanted to reduce their technology costs and align IT with business requirements.
"Smart application of technology increasingly will determine winners from losers," she told a record 3,970 attendees at HP's annual European event.