The changing online business model is a prime example. IT managers are predominantly innovating the ways customers deal with their companies online, not because their Web site or online business model is outdated. Without innovation, potential online customers will migrate to a better site.

Catherin Bennett, director of the IT Management Program at industry analyst IDC, said CIOs in 2006 are managing the risk of integration efforts in order to free up innovation funds.

"IDC's CIO research has revealed the theme for 2006 is 'regeneration, next generation'," Bennett said

Customer satisfaction, ensuring projects are on time and on budget, as well as ensuring systems are available and reliable still continue to be a part of keeping the wheels on, she said.

But return on investment (ROI) expectations, she said, require that most CIOs deliver on investments within a 24 month timeframe. "This can be a real challenge," Bennett said.