IT/Technology Spend is Rising

Seven out of 10 Boards of Directors have accelerated their digital business initiatives in the wake of COVID-19 disruption

While the year 2020 was definitely the poster child for disruption, the changes made there are strolling right into 2021 as the new norm is beginning to settle in.

A new survey from Gartner sheds light on the direction of many boards as they deal with all these topics, and the pressure from stockholders to retain or increase market share.

As a result of COVID-19, 67% of the respondents in this survey said that IT/Technology would see a Budgetary Increase, far above any other areas.

Survey respondents were also asked “What kind of impact do disruptions caused by COVID-19 have on your organization’s digital business initiatives?” 69% said that they would accelerate digital business initiatives, while 50% said they had an “Increased focus to drive higher levels of cost optimization through digital initiatives.

So, these items, as well as others in this survey show the projected increase in the need for IT/Technology services, as well as the means to control this increase. Unfortunately, in most companies, this will mean a knee jerk reaction in the management of these changes. Oftentimes, IT/Telecom expense management in-house is fraught with unknowns and a disconnect is keenly felt from IT to AP. The left hand doesn’t know what the right hand is doing. Costs are not contained properly, productivity is far from optimal, and no real way of gauging reliable results

The evidence of these inefficiencies can be found in earlier research from Gartner, and others, such as the Aberdeen Group.  Gartner says that the average company that deploys an expense management solution can see an average decrease of 13% in the Total Cost of Ownership of their IT/Telecom budget.

Of course, the most efficient way to handle expense management is outsourcing this to a TEM specialist that can tick all the boxes like:

·        Full management of the technology environment – from procurement to payment globally.

·        TEM Telecom Expense Management

·        MMS Managed Mobility Services

·        UEM Utilities Expense Management

·        Fully integrated Help Desk/Support Desk services

·        Full integration with AP

·        Big Data Analytics with automated reporting features

·        Line-item audit of all charges monthly

·        Contract Repository for all contracts, tied directly to the asset.

·        A Robust software management platform that provides intelligent processing of the above areas.

RadiusPoint is your custom-tailored enterprise technology solution, with 30 years experience, and 100% global client retention for 4+ years. 

I encourage you to take our new buyer-enabled website for a test-drive at www.radiuspoint.com and then contact me for a FREE consultation to see if RadiusPoint is the right fit for your company.