How are you adjusting your IT procurement strategies in response to the new tariffs? Are you postponing hardware refresh cycles to extend their lifespan, accelerating purchases to lock in current prices, or taking a wait-and-see approach?
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Our cloud journey, which began a few years ago, continues to accelerate, especially as new AI tools are onboarded. Applications previously not considered for migration are now part of our cloud migration strategy. Even in areas like AML and fraud detection, where data confidentiality is crucial, industry is adopting a cloud-first strategy. This shift reduces our dependency on high-cost hardware, aligning with our compliance needs.
Much of what Mudit said resonates with our approach. We aren't making massive purchases of endpoint hardware to mitigate tariff concerns. Instead, most business-facing applications are being moved to the cloud. This has been a strategic initiative for several years, so our current actions are consistent with our established plans, without any significant changes due to tariffs.
We are focusing on locking in prices, particularly for commodities. For emerging technologies, we avoid locking in prices because costs tend to decrease over time. However, for commodities like integrations or ERPs, which typically increase in price year over year, we secure multi-year contracts to lock in prices. This strategy allows us to adapt to market changes while managing costs effectively.
We're not based in the US, so the tariffs don't impact our purchasing decision.
What we are keeping an eye on is any recpirocal tarrifs and what they may mean. At this time our government has no plans to apply these.