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Upland 2023 Predictions: IT expense management will become essential as organizations right-size tech investments


Industry executives and experts share their predictions for 2023.  Read them in this 15th annual 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 Making critical decisions in a vacuum or based on outdated business intelligence would devastate their companies.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.



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.

Published Thursday, December 08, 2022 7:30 AM by David Marshall
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