The economic downturn demands IT and business leaders to redesign business expansion in a constrained budget strategically. Indeed, it would help if you redefined your investments by leveraging cost-efficient applications. In this article at Information Age, Alberto Pan illustrates advanced technologies like data virtualization as a strategic investment. The new-age tools can prevent digital disruption without affecting IT operations. Even if you anticipate portfolio rationalization, investment in advanced technologies will help you accomplish more in less cost and manpower.
According to a Gartner report, global IT spending increased by Percent, i.e., $3.9 trillion. However, the analysts foresee an 8 percent drop in the annual IT spend due to the pandemic. CIOs are prioritizing the daily business goals over the costly annual projects.
Teams are examining if the existing technologies are worth spending money on before upgrading. Their efforts to decrease the budget of investing in modern technology may prove optimistic now. However, it would hinder your future endeavors. Once the economy bounces back, your former efforts would go in vain, and you have to repeat the whole procedure. So, invest in advanced technologies now to reduce immediate budget cuts and enable future evolution.
CIOs should keep operating without suspending the core IT transformations. Data virtualization is the key to analyzing the current applications, their usage, and market position. It enables real-time data delivery with minimum storage costs and data extraction processes. Advanced technologies save not only infrastructure and storage fees but also your IT resources. Data virtualization saves over 45 percent in data assimilation and distribution, says Gartner.
Though IT is not an explicit revenue originator, it facilitates cost-efficient initiatives by enhancing security, productivity, clear communication, and visibility.
Being the company CIO, you can overcome any economic crisis by leveraging such rewarding technologies. Keep focusing on applications that should bring business agility by helping you navigate through the future’s uncertain situations.
Visit the following link to view the original article in full: https://www.information-age.com/it-portfolio-rationalisation-how-cios-are-surviving-economic-turmoil-123492202/
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