Nine Rules For CIOs To Optimize It Costs Strategically
siliconANGLE, Monday, October 16,2023
As chief information officers strive to maximize technologies' impact on the business, they must establish a structured approach to cost management within information technology and with business partners. This requires CIOs to build a programmatic and strategic cost optimization discipline.
Strategic cost optimization is more than cost-cutting. It is an ongoing discipline of analysis, review, recovery, productivity improvements and reinvestment. The objective is to optimize cost from inception at the planning and budgeting stage through to actual utilization and spend. CIOs must drive a culture that proactively looks for ways to optimize spend prior to contractual commitment and recover current spend on projects and services that are underperforming or in which there is overinvestment.
CIOs should use these nine rules as a starting point to frame and guide the execution of their strategic cost management activities: