Practical Strategies for IT Cost Containment

Confronted with the ongoing impacts of a global pandemic, CFOs are partnering with departments in their organization to reduce IT costs and stabilize the health of their business. Whether the cost containment initiatives are immediate or downstream, swift action may be needed in response to future cutbacks.

According to a recent CFO Research survey, 50% of finance executives stated their organization was “scaling back or delaying investments.” Businesses are depending on key departments to reduce, find efficiencies, or freeze spending altogether. 

In anticipation of future unknowns, financial professionals need to deploy immediate and actionable cash conservation strategies including:

  • Strategizing with scenario planning to stay ahead of the curve
  • Creating a multi-phased approach to guide changes over time
  • Assembling a cost-cutting task force comprised of cross-departmental allies
  • Prioritizing the needs of current data center equipment and reconsidering hardware refresh alternatives to control CapEx costs.
  • Partnering with third-party maintenance to reduce data center support costs by 50-70%

The key to cost containment strategies is to start with an understanding of what you are being asked to accomplish, the impact of the actions and what the results will look like at the end. Read more to get started.