Should an IT Manager always be responsible for recommending "cutting edge" technology" - or should ROI come first and work with you have currently ?

I believe the requirements should drive new projects rather temptation. This shall also cover the ROI.

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IT manager is entrusted with the responsibility for laying the technology road map of the organisation, ROI is one of the key measures in selecting the new/upgrading the technology to make it viable to the business. 

else their is a high probability that the organisation will risk of having same applications/technology sold by different vendors to different departments.

No governance, duplicate resource over head cost etc