Title: Key Recommendations for Managing IT Costs in 2021
Author: Hyoun Park
Topic: IT Budget and Spend
Chief Information Officers, Chief Technology Officers, Telecom Directors and Managers, Mobility Directors and Managers, IT Architects, Vice President/Director/Manager of IT Operations, DevOps Managers, System Architects, Product Managers, IT Sourcing Directors and Managers, IT Procurement Directors and Managers
Why It Matters:
2020 was an extreme challenge for IT departments as global IT spend fell over 5%, making this the first year since 2009 that we saw a global decline in IT. For CIOs to succeed in 2021, IT budgeting, forecasting, and spend needs to take an approach that fills gaps from 2020, takes remote work into account, and plans for a return to work post-COVID vaccine.
IT expense managers need to remember that 2021 will be a year in flux and that it is less important to tightly optimize spend than to make sure that employees are supported in their hybrid work environments. There will be some duplication of resources and services as employees try to decide whether they are at-home, in-office, or hybrid employees. Because of this, flexibility is the name of the game for 2021 where contractual obligations, termination fees, and long-term capital expenditures need to be avoided in favor of month-to-month and short commitments.
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