As organizations undergo the transformation from information technology (IT) to business technology (BT), they will have to make many important decisions in the process of moving from the current "as-is state" to the "to-be state." Complicating matters are two powerful and related trends: 1) rapidly emerging and disruptive technology paradigms such as cloud computing that are changing the economics of sourcing and empowered BT, and 2) tech-savvy business managers and staff provisioning their own technology solutions. A next-generation BT environment requires re-architecting and orchestrating the multiple technology portfolios including the service portfolio, applications portfolio, project portfolio, and asset portfolio. Successful transformation strategies will require a strong governance framework and a CIO capable of informing the decision-making in the role of portfolio strategist.