The world of CIOs has been in disarray, an investment ban into IT solutions across sectors seems to have been lifted, leaving the question, where to spend the money?

It is forecasted worldwide IT spending to reach $3.4 trillion in 2010, representing a 5.3 percent increase from IT spending of $3.2 trillion in 2009. The research firm also points to hardware as a key driver to IT spending. For instance, worldwide computing hardware spending is forecasted to reach $353 billion in 2010, a 5.7 percent increase from 2009.

CIOs and heads of IT functions have been fighting a battle to regain control of the IT landscape and the IT investment decisions. Typically this results in a fragmentation of IT landscapes, multiple technology deployments, shadow IT investment, islands of information and very high fixed costs of maintenance. Typically IT budgets are greater than 90-95 percent spent on keeping the lights blinking and fixing faults. This in turn can lead to high operational costs within corporate business departments, for example purchasing and finance.

Over the last 20 years, IT departments have found their bread and butter to be managing the data interfaces between mutually heterogeneous systems, this has to change, but how? As such, the CIO Europe committee has been formed to combat modern day challenges.

With a new generation of CEOs who are embracing the strategic innovation of today's CIOs as business peers, now is the time to take a fresh look at the future. Any successful company must now engage with its customers using technology. It is now imperative that the CIO has a place on the executive table.

Global companies such as Omya, Sandvik and EDF Energy will be sending their CIOs to the CIO EU summit to shape the future. The role of the CIO has not always been clearly defined, but at last they are not only accountable for technology operations, but also the drive for innovation, to fuel growth, enable change and create a competitive advantage. It is key for the CIO to focus outside the walls of the company in regards to markets, customers and sales opportunities and then develop strategies to suggest, develop and execute product strategies to take advantage of said opportunities.

The CIO EU summit has also announced the attendance of Michael Foster - Michael is the CIO and VP Europe, Middle East, Indian Sub-Continent & Africa at FedEx and is responsible for corporate IT and business processes for one of the world's most recognizable brands. Also Gilles Chauveau - the acting Global CIO at EDF Energy will attend, both of whom deal with big budgets and even bigger corporate solutions.

It is predicted that by 2012 the top 25 percent of companies in terms of earnings growth will be those with entrepreneurial CIOs who provide new or breakaway competitive advantages that translate directly into revenue, financial results and market share. But conventional perceptions of IT leadership are seen as reactive and business challenges proved stubborn.

With so many technologies commoditized and increasingly available as cloud services the need for planning for the future is now and with this is agreed those companies with decisions to make will be attending the CIO EU Summit.