It is no surprise that CIOs have shown keen interest in cloud computing, since its variations can help reduce IT's capital and operating costs and speed up delivery of projects. But many CIOs are missing an opportunity to address existing and newly identified business needs through projects focused on the smart computing technologies of sensors and other awareness devices, machine-to-machine (M2M) networks, mobile computing, real-time analytics, collaborative applications for project, case, and services management, and related technologies. These technologies help make business assets — physical, human, and financial — not just efficient, but also intelligent and more effective. In fact, CIOs and their firms are sinking billions of dollars into these technologies, but often in a piecemeal fashion. The real opportunity is to apply specific sets of smart technologies in a coordinated fashion to address key business challenges. By doing so, CIOs can help their firms gain the competitive advantage of being smart businesses.