"Software has become one of the biggest issues for the CIO," said Schwab's Lepore. "It is so complex and costs are escalating so dramatically."
Last year, Burger King also began implementing Oblix's NetPoint, an identity-management application in an attempt to cut costs and increase employee, franchisee and partner satisfaction. Burger King uses Oblix for authorization of employee, franchisee and supplier access to online information.
"You don't turn around a company by taking your eyes away from your customers or your operations," Sanchez said.
Other risks include the choice of key software vendors. What if you pick one that goes bust after you've based your business around them? "It's the same thing at every CIO's shop," said SAP's Agassi, noting that the choice of software vendors is a key CIO concern.
Sanchez said the best you can do to mitigate this particular risk is to investigate the vendor as thoroughly as possible. But, at some point, a decision has to be made knowing full well that new and possibly better technology may be around the corner.
"When you make a decision on technology, you have to put blinders on for a certain period of time," Sanchez said.
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