A few key strategies, such as not being the first to charge out of the gate and buy new technology, can be a way to avoid costly IT spending mistakes. Businesses worldwide pump $2 trillion (Rs 89.6 trillion) a year into IT—and many of them are spending too much. If you fear you’re overinvesting, try these three tips:
Follow, don’t lead
You don’t have to be the first one out of the gate. Delay investments to save money and see what standards and best practices emerge. Let your impatient rivals shoulder the costs of experimentation.
Be pragmatic: Differentiate between essential and unnecessary spending on new technology.
Focus on risks, not opportunities
Don’t deploy your IT in radical, new ways. Instead, dedicate your spending to mitigating disruptions like outages and security breaches.
Evaluate expected returns from IT investments. Differentiate between essential and discretionary or unnecessary spending. Then eliminate waste, such as frequent upgrades.
Write to us at firstname.lastname@example.org