However, Forehand--insisting that "IT still matters"--said C-level executives' need for real-time information that will help them better manage their business will drive the next wave of spending on consulting and business-transformation services. "I've yet to find an executive who says they have all the information at the right time to run their business; that's the opportunity," Forehand said.

He added that areas such as radio-frequency identification, business analytics, and application software will be the focus of significant IT innovation over the next several years. "Application software is still quite clunky compared to the [Microsoft] Xbox or [Sony] Playstation. Will there be a business version of Xbox?"

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