Jannsen: Innovation will continue. It's an important part of who we are in the U.S. That combination of capital flow and entrepreneurialism is unique to America.
CIO.com: But aren't countries like India maturing in terms of IT innovation capabilities as well?
Jannsen: That's the scary part. They will get there. It's one thing to get cost savings from less strategic parts [of the corporate IT portfolio]. But at some point, Infosys is going to be just as innovative as IBM.
Padron: And some of the IBM innovation is not done in the U.S. anymore. The economic world is ahead of the geopolitical world.
CIO.com: Is corporate IT-and U.S. IT job loss-a bellwether for other corporate service functions like finance or HR?
Jannsen: Finance is catching up in a big, big way. IT was leading the pack. In three to five years, there will be just as many finance jobs lost as IT jobs. HR will take a little longer because it is a business-to-consumer function while finance and IT are business-to-business.
Read more about outsourcing in CIO's Outsourcing Drilldown.