IT costs and planning come under scrutiny

• IT is being asked to do more with less: While the majority of organizations feel pressure to reduce IT spend, 63% report an increase in demand for new IT capabilities. In healthcare, the demand is even higher at 93%. Half of financial services leaders and 64% of government organizations are experiencing a demand for new capabilities.
• Cost optimization has surged in priority: 72% of CIOs say the disruption caused by COVID-19 has changed their business priorities. Across sectors, organizations have shifted from prioritizing operational excellence and revenue growth to reducing IT spend. Two-thirds of healthcare organizations say optimizing costs is now the number one priority.
• CIOs must deliver faster business decisions: Three out of four CIOs say the ability to rapidly re-plan is a critical capability during the pandemic. Yet 39% of organizations have a quarterly forecast cadence. Ongoing uncertainty surrounding the pandemic means organizations cannot afford to wait to respond every three months.

“Leaders are facing some of the most difficult decisions of their careers. We are seeing organizations from all industries impacted, some harder than others. In all cases, these organizations have had to look at how technology will enable them to come out of this disruption stronger than when they went in,” said Jarod Greene, GM of the Technology Business Management Council. “But they have to balance the need to manage costs and accelerate innovation, particularly in an environment where cash is king and plans can change on a daily basis. With financial management software, organizations can automate these processes, surface insights they would not have otherwise found in their data and make collaborative, informed decisions that take into account the business impact of their choices.”