However, 75 per cent of the respondents foresee organisational agility being a challenge in the smooth implementation of new technologies, said the survey titled 'Deconstructing disruption: Impact of future technologies'.
"Digital transformation of businesses across the globe are forcing organisations to reimagine the role of their IT functions to stay competitive and relevant. Today, CIOs are constantly on the look-out for futuristic technologies to challenge the status-quo, cut costs, boost revenues, generate process efficiencies and facilitate the development of new products and services," Nitin Bhatt, Partner and National Risk Advisory Leader, EY India said.
The ongoing disruption of businesses, enabled by technological innovation, provides an opportunity for CIOs to be the strategic reference point in their organisations' transformation journey, Bhatt.
The survey noted that over 83 per cent of CIOs have shown the willingness to invest in new technologies.
It sought the views of over 400 CIOs, and covers essential considerations to enable CIOs make better decisions regarding their IT investments.
The other key business priorities that emerged in the survey include ensuring a lower cost to business, innovating and managing the cyber security posture effectively.
The survey results also highlight cyber security threats, with 75 per cent of the CIOs citing the lack of employee awareness and training to pose a major risk to business.
While last year's survey indicated that CIOs were leveraging social, mobile, analytics and cloud as a vehicle for enterprise transformation, the responses from this year indicate the rise of a second wave of digital disruption.
Specifically key trends like the Internet of Things (IOT), Robotic process automation (RPA), Blockchain, Artificial Intelligence (AI) and Virtual Reality (VR) have piqued the interest of CIOs, the survey indicated.
While 68 per cent of the CIOs are concerned that existing technologies could become obsolete, 74 per cent indicate that skill gaps could pose a hurdle in new technology adoption.