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6 tips for making the most of a tight IT budget

CIO Business Intelligence

IT leaders seeking to drive enterprise growth through technology investments are often saddled with budgets that make their tasks of increasing the top and bottom lines challenging. Despite an estimated increase to IT budgets of 5.1% The year 2023 seems to be no different.

Budget 138
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Many CIOs are better equipped to combat rising IT costs. Are you?

CIO Business Intelligence

Inflation may have dropped from its high in 2022, but the price pressures on IT budgets have continued unabated. Forty-one percent of the CIOs in the survey said they’ve changed their cycle for revisiting IT budgets to at least every month, says Tony Olvet, IDC’s VP of worldwide C-suite and digital business research.

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11 ways to reduce your IT costs now

CIO Business Intelligence

“The net result is that some organizations’ technology debts are growing faster than anything else and robbing them of their budgets and ability to innovate.” Today’s CIO is not just a technology leader, but a business executive. Zero-based budgeting can be a good approach for discretionary spending.

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CIOs sharpen cloud cost strategies — just as gen AI spikes loom

CIO Business Intelligence

To be sure, enterprise cloud budgets continue to increase, with IT decision-makers reporting that 31% of their overall technology budget will go toward cloud computing and two-thirds expecting their cloud budget to increase in the next 12 months, according to the Foundry Cloud Computing Study 2023.

Strategy 140
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Aligning security and business strategies

CIO Business Intelligence

In times of economic downturn, for example, cybercrime may increase as people turn to illegal activities to make money. This is the time when many CFOs trawl through every line item in the budget, looking for potential savings. Cyber budgets must be spent wisely, often without increasing costs or targeting the most likely risks.

Strategy 105
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5 ways to maximize your cloud investment

CIO Business Intelligence

No IT organization wants to get caught short on processing or storage resources that could negatively affect operations, or have to suddenly add resources that exceed the budget. In this way, you can take advantage of the cloud’s agile, on-demand approach with unlimited capacity without breaking the budget. Then there’s housekeeping.

Cloud 124
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Transforming IT for digital success

CIO Business Intelligence

CIOs and their IT teams have enjoyed a bump in power and prestige in recent years, as the C-suite has embraced continuous transformation, digital everything, and a host of emerging technologies — all enabled by IT. This reinvention goes beyond the adoption of cloud, agile development principles, and cutting-edge technologies.