With the global economy in freefall, market development uncertain and demand for sourcing and outsourcing likely to rise sharply, IT decision makers in all business sectors will need new strategies to operate within a recessionary climate.
Here are some ways to reduce operating costs and ensure that you and your organisation are well prepared to weather the brewing economic storm according to leading sourcing advisory consultancy, EquaTerra:
- Perform an extra-ordinary review of your current technical/service/commercial environment to understand where you are. You should be able to reduce what you spend with limited effort as the economy has been through several years with a focus on growth
- Evaluate your current investment NOW, wherever you are in the lifecycle of a deal or product investment
- Engage with key stakeholders in your organisation to understand what is important to them. Use this to prioritise what programmes will survive on the capital available
- Be clear about what you expect from your team and service providers. Where they are not performing, communicate this and agree on how things can be improved
- Understand that the market is turning into a ‘buyers’ market and that the right capabilities can be found at a better price. Use this to leverage your situation to your advantage
- Consider outsourcing to modernise or upgrade IT infrastructure and to deploy new applications, thereby avoiding upfront capital expenditures and having to employ staff for ongoing maintenance
- Necessity is the mother of invention: Be creative and look to see if you can identify new sources of revenues. Explore innovative ways to capitalise on existing assets or develop new markets and solutions in addition to your traditional business model
Richard Hannah, Managing Director is available for interview on this topic. EquaTerra (www.EquaTerra.com) is a leading sourcing advisor. To schedule an interview with Richard Hannah, please contact:
Public Relations (EquaTerra EU and Asia Pacific)
T: 020 7347 5156
M: 07702 915 968
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