The document discusses the challenges facing CIOs based on surveys of CIOs and industry trends. Key points include: 1) CIOs are facing economic uncertainty and shifting business models which is driving a shift to cost cutting and contingency planning. 2) There is a move from focusing on return on investment to total cost of ownership for IT investments over the next year. 3) Emerging trends around digital natives, the consumerization of IT, and enterprise adoption of web 2.0 will require changes to IT infrastructure and strategies to engage employees and customers.