Just over one-third of company financial officials are "very confident" they are obtaining the desirable return on IT spending, a new survey reveals.

But 76 percent of 107 CFOs and managing directors who completed PricewaterhouseCoopers' IT Effectiveness Management Barometer say IT spending has positively impacted business. Twenty-two percent of respondents reported their IT spending had "very little impact" on the company and two percent said it had a negative one.

Phil Bloodworth, a PricewaterhouseCoopers partner who heads up the firm's IT effectiveness practice, said better communication between information and business leaders translates into more efficient growth.

"By aligning IT and overall business objectives more closely, CIOs can show how investments are helping the business to succeed," he said.

Business executives who reported ineffective IT spending were more likely to report less confidence they were getting an optimum return, the study showed. Those who reported no confidence in their organization's return on IT spending said their organization wasted about 32 percent of spending, compared to 9.6 percent waste for those very confident.

The survey, released Tuesday, also showed that those organizations reporting "excellent" or "very good" technology function expected to grow faster and earn more revenue over the next year than other organizations. They expected to increase revenue by 10.3 percent, versus 8.4 percent for other businesses, and grow 23 percent faster.

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