A system and method are disclosed for configuring an integrated computational element (ICE) to measure a property of a sample of interest. The system includes an illumination source to provide a sample light which is reflected from or transmitted through a sample. A dispersive element disperses the sample light into wavelength portions. An intensity modulation device having an array of electronically controllable modulation elements is disclosed that forms a pattern which modulates the dispersed sample light. Collection optics focuses the modulated sample light on a detector, which generates a signal that correlates to a property of the sample. The electronically controllable modulation elements can be readily altered to conform to a different measurable property of a sample of interest as desired.