IT Budget Crunch? Derive Value from Current Tools

IT Budget Crunch? Derive Value from Current Tools

The COVID-19 pandemic has made several organizations cut corners because they are facing acute IT budget crunch. Some are looking for vendors that offer package deals of required technologies, while others want to maximize IT savings. Which one do you think is favorable for your company? In this article at InformationWeek, John Edwards shares how some IT leaders are addressing the IT budget crunch by deriving value from existing tools.

Adjusting IT Budget Crunch

Capgemini VP Sameer Bhagwat remarks on how cost efficiency is everyone’s priority currently. So, what is your strategy to come out of the IT budget crunch? Here are three ways you can address the issue:

Get Rid of the Obsolete Tools

Figure out the tools and resources that you hardly use or no longer need. Arrange teams according to the functions of your business instead of development and support. You can then increase the efficiency of each operation diligently. Analyze which assets are necessary for an update and how they influence the business continuity of your organization.

Reject Old Tools Carefully

Former Gartner research vice president Jim Duggan warns that withdrawing investments from tools without analyzing can impact the organization. “Unless the technology portfolio has been well managed, there are a lot of interactions and hidden consequences that [can] jump out.” Talk to your stakeholders before rejecting old or legacy tools. Sometimes maintaining those legacy technologies will cause less IT budget crunch than removing them.

Increase License Period

Gigaom workplace technologies analyst Stowe Boyd believes that extending the license period of specific applications is wise. You have not explored some features but have been paying for those since the initial installation. For instance, you have not linked the company intranet with local websites or channels to grant access to employees from distributed locations.

Update Systems Regularly

IT director Brad Willman at Entrust Solutions suggests that you update existing platforms to get maximum value from your investments. Ignoring several updates can slow down the process and cause system downtime. So, do not miss any upgrades that you are getting within your license period.

To view the original article in full, visit the following link: https://www.informationweek.com/strategic-cio/enterprise-agility/optimize-existing-technologies-for-maximum-value/a/d-id/1338390

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