The role of CIOs and their IT departments continues to grow in importance as they now more often included in corporate strategic planning meetings and more frequently involved in board decisions as they relate to the use of technologies throughout the organization. Foundry has released its 2024 State of the CIO Report which includes some interesting findings that we've summarized below:
That last stat is interesting because, while budgets may be increasing, CIOs and other stakeholders recognize the importance of managing expenses to be able to afford all the new technologies and improvements on their agendas.
One of those expenses is a company's telecom bill.
In fact, telecom represents the third greatest expense to companies. And, because of that, what many IT professionals don't realize is that catching billing errors and anomalies can save hundreds of thousands of dollars on that annual telecom spend. Using a TEM (telecom expense management) system can therefore be
instrumental in providing the visibility to find those errors and hold suppliers accountable. Another way CIOs are tightening up and saving money is through regular audits. That involves doing a deep dive of invoices, contracts, and equipment.
If you are a CIO or IT manager with a plate full of exciting projects in front of you, make sure you stay on top of your expenses so that you can afford those projects. Without proper visibility and management, these costs quickly add up. Before you know it, you're over budget. Not a place you want to be.
As IT veterans ourselves, we know your world. We'd be happy to talk with you about your programs and initiatives. We've helped thousands of IT managers tighten up expenses so that they have the resources to take advantage of new technologies to serve their end users. Feel free to contact us. We're here to help.