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Playbook: IT cost reduction strategies for economic downturns

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"Playbook: IT cost reduction strategies for economic downturns"

With the ongoing impacts of inflation, talent shortages and supply chain slowdowns, IT leaders are challenged to find ways to reduce costs and maximize resources amid economic downturns.

Managing the pressure to reduce IT costs in uncertain economic conditions isn’t unfamiliar territory for organizations worldwide. The looming threat of economic downturns creates marching orders for IT, finance and other departments to revisit and deploy cost-cutting strategies. ​

Identifying how and where to cut costs isn’t always easy. Here’s what you can do now to maximize current investments and increase efficiency amid economic headwinds:

  • Prioritize both immediate and long-term IT cost reduction tactics ​
  • Balance capital and operating cost-cutting strategies ​
  • Maximize current investments to reduce business expenses ​
  • Consider temporarily bridging the tech talent gap with managed services ​

​It may feel like everything is resting on your shoulders; however, it presents an opportunity to drive value, exceed expectations and achieve company initiatives.

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