The economic tumult of the past two years has affected every facet of corporate operations, including IT.

In McKinsey’s fourth annual survey on information technology strategy and spending, they asked chief information officers (CIOs), chief technology officers (CTOs), other executives in the IT function, and additional C-level executives about their companies’ business technology agendas, the impact of the recession on their IT organisations, and their approaches to developing and executing IT strategies.

Today, we’re looking  forward to the fruits that 2010 will bring – described by technology commentators as ‘IT in the new normal’. Projections for operating budgets follow trends seen in last year’s survey. More than 60 percent of respondents expect IT operating expenses to decline or hold steady, reflecting a continued focus on “resetting” operating costs for an uncertain future.

Expectations for new investments, however, paint a different picture. More than 45 percent of respondents expect to increase investments, while about 20 percent see them holding steady. When there is a payback, it seems businesses are willing to invest; many of these investments are geared toward improving business operations, both to lower costs and improve effectiveness, echoing respondents views on where IT is offering value to the business.

Digging deeper into the data, financial-services firms lead all sectors with their spending and investing plans, a finding that may reflect improving business conditions in that industry. Thirty-three percent of financial-services respondents expect to increase operating expenses in 2010 (up from the 15 percent who expected increases last year), and 61 percent are considering an increase in new investments (up from 40 percent last year).

Vision Critical has the power to tip the balance even more in the favour of financial-services firms – by increasing investment in our technology, lenders will actually reduce their operational costs.