Industry executives and experts share their predictions for 2023. Read them in this 15th annual VMblog.com series exclusive.
IT expense management will become essential as organizations right-size tech investments
By Robert J Bracco, Upland Senior
Product Manager
As the global economy continues to
face an uncertain outlook in 2023, we predict that IT Financial Management and
Technology Expense Management tools will become more essential than ever as
organizations look to right-size their technology investment.
The last two years have certainly
wreaked havoc on IT teams, forcing them to rethink their support models and
technology used to support a remote workforce. Now, as the proverbial "dust has
settled" and we look towards the future state of business operations, we find
that many organizations are looking to optimize their cost structures,
rationalize expenses and improve economies of scale by combining services and
vendors all while struggling to continue their digital transformation
initiatives.
While Gartner expected a slight dip in IT spending in 2022, they have
predicted stronger growth in 2023, 2024 and 2025 as companies bounce back and
continue to grow their services portfolio and work to remain competitive in
today's market.
As organizations continue to get
back to normal and rebuild their IT strategies for this new economic reality, many
see it as an opportunity to hit the reset button and work to invest in the
right areas to be more competitive and beat out the competition.
As this shift is happening, IT leaders
realize they cannot make this change without accurate and real time data
analytics that drive business insights and outcomes. Making critical decisions
in a vacuum or based on outdated business intelligence would devastate their
companies. This is why many leaders are looking towards IT Financial Management
and Technology Expense Management Tools to help drive those decisions.
Organizations that have adopted
ITFM and/or Technology Expense Management Solutions are ahead of the curve when
it comes to navigating uncertain economic waters. These organizations have also
quickly realized they have the much-needed insights and analytics required to
help provide actionable insights into technology spend, IT Allocations,
Planning and Total Cost of Ownership of products and services, ensuring that
investments are being made in the right places.
These solutions provide valuable
insights into Service Consumption, Cost and as equally important, the ability
to provide a proactive and agile view into Run Costs allowing IT Leaders to
make decisions and move some of those Run Dollars into Invest.
Smart IT Leaders know that blindly
cutting IT expenses without fully understanding the impact is not good for
business and does nothing more than kick the can down the road, which is why
having an effective IT and Technology Business Management Solution will be
mission-critical in 2023.
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ABOUT THE AUTHOR
Robert Bracco
Bob is the Senior Product Manager for Upland's TEM and
ITFM/TBM Solutions (Cimpl and ComSci respectfully) and is responsible for their
Go to Market & Product Strategy. Bob is no stranger to TEM and ITFM with
over 20+ years of IT Financial and Telecom Expense Management experience
delivering solutions that drive outcomes across multiple verticals within the
Fortune 1000.