But nearly half (45%) of IT spend is now made outside of the IT department, and this figure is expected to rise to 47% in the next three years as businesses use software applications to engage with employees and customers.
The study from CA Technologies, carried out by Vanson Bourne, also found that over half of respondents believe IT leaders need to be better aligned with the business.
But in the UK, 89% of CIOs now report to the CEO, which is the highest figure in Europe and 24% higher than average.
“Software and technology are disrupting business models, creating new businesses from the ground up and even transforming entire industries," said Martin Ashall, chief technology officer at CA Technologies UK & Ireland.
"Customers are demanding new applications and a different experience, and employees require new tools to succeed and be productive. As a result, we are seeing a seismic shift in the way technology is seen, purchased, used and deployed across UK organisations,” he said.
The CA study – The changing role of IT and what to do about it – surveyed 1,300 senior IT leaders in financial services, healthcare, manufacturing, public sector and telecommunications in 10 European countries and a further 12 other countries around the world.
The report claimed that UK IT leaders are not doing enough to leverage technology to measure the impact IT has on the business. Only 17% look at the impact of shifts in investment, while 31% assess current investments and understand how resources are being deployed across projects.
“IT departments must evolve from single-source providers to business consultants, brokers and advisors, or risk becoming marginalised in the technology-driven economy,” said Ashall.