It would be an exaggeration to say that 2004 is IT boom year, but things are definitely getting better. Steady growth, solid returns and improving credit quality are some of the features of the IT world today. 2004 will, no doubt, go down as a year of moderate overall growth in technology spending, but at least there is actually growth, and that is a very good sign indeed. Helped by an improving economy, more balanced industry inventories and a focus on cost cutting, the IT industry is well on its way to healing itself of the serious downturn that characterised the early part of this decade.