Some 37% of the IT budgets of large European companies are being spent on new investments, compared to 30% in North America, according to Forrester. In the US, 6.2% of IT budgets are allocated for research and development, compared to 8.5% in Europe. When it comes to the amount of company revenue spent on IT, the figures are closer, with 4.8% spent in Europe and 4.2% North America. Some 31% of North American businesses require chief executive sign-off for new IT investments, compared to 38% of European companies. Forrester says governance by committee has become the norm with 67% of large companies having committees of senior business leaders to oversee and prioritise IT investments. Some 26% of companies said they include business units in choosing software, and 21% help select consulting vendors.