Where CIO Organizations Can Assist
Manage, Contain, and Reduce Corporate Technology Costs
With U.S. interest rates rising and many businesses needing help to reach quarterly financial objectives. Every dollar counts in this environment, especially for the many companies with slowing sales growth and profit margin compression. Within CIO organizations, there are several key areas to focus expense management efforts. Utilizing a competent third-party company to free internal resources for higher-value Board-level corporate initiatives is suggested. This effort should minimally include the spend categories listed below, delivering invoice capture through line-item validation, executing payments to suppliers, and providing easy access to detailed analytics and reporting encompassing all data points within each invoicing cycle.
Telecommunications: fixed and wireless audit, line-item benchmarking, accurate allocation to GL codes, cost centers, and individuals with accountability.
Cloud: validate usage and right-size compute, storage, capacity, and data transfer as well as regions, utilize auto-scaling, and negotiate discounts and pricing model structures.
SaaS: centralize procurement, monitoring, and management, remove or reallocate unused/under-utilized applications and allocate costs supported with usage reporting linkage.
UCaaS: monitor, manage, and deliver access to utilization, features, and functions at the user level to confirm the need for retention or removal.