What should CIOs be doing now to secure their IT budgets in the current economic headwinds?
Director in Manufacturing, 1,001 - 5,000 employees
While I am sure all CIO's would be confident in their cost benefit analysis, I would double check it under the new business conditions. And I would also re-confirm with the senior business sponsors, are they still willing to commit to the business benefits and economics. I think a lot of business leaders are reconsidering their assumptions for 2023. The last thing you want to have occur, is have your business sponsors change their minds on your projects and benefits during the review with the CFO and/or CEOVP of IT in Services (non-Government), 201 - 500 employees
Focus on the core non-negotiable items that are critical to business operations and maintaining core competencies and then prioritize out from there. For any projects or discretionary funds , secure a business sponsor that is willing to define the business value with you and champion it over other priorities on their own list. In this climate, you have to be willing to part within non-essential items unless there is a clear business value and business owner. Vice President Information Technology in Finance (non-banking), 201 - 500 employees
Need to review the re-priorities the projects and postpone the least priority assignments for later.Senior Director, Technology Solutions and Analytics in Telecommunication, 51 - 200 employees
Here are a few strategies that CIOs can use to protect their IT budgets:1. Demonstrate value – As with any business initiative, when it comes to securing your IT budget, the key is to demonstrate its value to your organization. This means identifying specific ways in which IT contributes to business objectives and providing concrete evidence of those contributions.
2. Get buy-in from executives – To secure funding for your IT projects, you'll need the support and approval of senior executives in your organization. This can be a challenge, as budgets are typically allocated based on business priorities and needs – not individual departmental objectives. Therefore, it's important to engage with senior management early in the budget-planning process so that you have an opportunity to present your ideas and make the case for funding.
3. Don't just focus on costs – While it's important to keep your IT budget under control, it's also essential to focus on the value of your initiatives. For example, rather than just looking at the cost of a new hardware upgrade or software implementation, think about how those changes will improve business processes and drive efficiencies within your organization.
4. Use data to support your case – In today's data-driven world, it's crucial to have solid evidence in support of your IT initiatives. This means collecting and analyzing relevant data, such as customer or employee feedback, or sales metrics. Armed with this information, you can make a strong case for funding and gain the buy-in you need to secure your IT budget.
CIO in Education, 501 - 1,000 employees
Ensure that the budgets still mirror the business strategy, ensure that justifications are sound, take out whatever fluff may exist as good corporate citizens, and continue to sell the strategy and vision surrounding the use of technology to deliver business outcomes.Content you might like
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CTO in Software, 201 - 500 employees
Without a doubt - Technical Debt! It's a ball and chain that creates an ever increasing drag on any organization, stifles innovation, and prevents transformation.Senior Director, Technology Solutions and Analytics in Telecommunication, 51 - 200 employees
Palantir Foundry