CIOs are being asked to drive innovation while optimizing their budget spend.
According to the 2023 State of IT survey, over
Respondents reported that
of companies are concerned about a recession this year
of the budget increases in 2023 will be influenced by inflation
Taking a hard look at resource allocation can help you find places where both time and budget can be optimized to get more done.
CIO SMART MOVE #1:
Evaluate every project and every dollar spent through the lens of ROI.
Separate business-as-usual activities from projects that deliver capabilities that establish competitive differentiation.
Consider outsourcing routine activities so that your team can focus on innovation.
MODERNIZE ON A BUDGET
By optimizing your budget, you may find that you already have dollars in your budget to fund modernization.
According to Mobile Magazine, CIOs are feeling the strain of modernizing their IT stack with unpredictable budgets:
of CIOs surveyed expect their IT budgets to increase this year
believe that they are expected to do more with less.
This may seem paradoxical, but it’s important to keep in mind that these short-term IT budget increases are quickly diminished through rising costs and high salaries.
TRIM THE FAT
CIO SMART MOVE #2:
Get rid of the support fees that aren’t delivering value.
Scrutinize subscriptions to eliminate unused licenses.
Dig deep into the organization to see if any employees are putting shadow IT on the corporate card – and if they are, move them to the approved software.
Emerging technologies rely on rigorous application and data hygiene.
ALIGN APPLICATIONS AND DATA
A cohesive application architecture and data orchestration layer can make the difference between a successful integration of modular applications, artificial intelligence, and Internet of Things (IoT) initiatives into your IT stack versus a prolonged deployment stalled by data silos and integration issues.
When these elements are aligned, it makes it easier to incorporate new tools and applications at lightning speed, enabling the IT department to drive measurable and immediate ROI. This may be easier said than done, but there are steps you can take to begin realizing this goal.
CIO SMART MOVE #3:
Take advantage of your owned and customized ERP systems and evolve to a composable ERP strategy. After you’ve aligned your application and data layers, you can more easily leverage existing technologies while innovating at the edges with cloud and SaaS applications.
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