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How IT teams can reduce expenditure during high inflation

This allows businesses to maximize each dollar spent on enterprise management procedures through improved decision-making.

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Integrated tech is much more than simply having video conferencing capabilities on a laptop or smartphone. Done properly, it facilitates idea sharing and team building, and works seamlessly with other elements of your physical space. – Image by: Hero Images
Integrated tech is much more than simply having video conferencing capabilities on a laptop or smartphone. Done properly, it facilitates idea sharing and team building, and works seamlessly with other elements of your physical space. – Image by: Hero Images

Inflation has reached 9.1 percent, the highest level during the past 40 years for the U.S. economy. Coupled with an increasingly uncertain economy, this statistic is an additional reminder to IT teams that implementing the correct tools and strategies to reduce expenditure and avoid preventable monetary losses within their IT estate is more critical than ever.

By ensuring the profitability and efficiency of their internal IT infrastructure, companies can shift focus to tackling the external obstacles that continue to threaten the financial stability and scalability of their business, according to Jon Davis, CISO at Oomnitza.

Davis explains to Digital Journal  how IT teams can prevent avoidable financial losses and maximize the efficiency of their IT estate during an increasingly difficult economic period.

Davis begins his analysis by setting the landscape that IT professionals are working within: “As companies prepare for an economically uncertain time, it is imperative they enhance their enterprise technology management (ETM) solutions to optimize costs, improve risk management, and gain greater visibility of their IT estate.”

Things are also changing, and IT departments need to move with the changes. As Davis explains: “Traditionally, CIOs and CISOs have viewed IT management tools as costly requirements necessary for passing audits, maintaining compliance, and monitoring systems. Costs mount based on multiple IT management systems running separately from different parts of the business.”

That was then, Davis moves to the ‘now’: “Modern ETM is agentless, collecting data from all siloed IT asset systems and consolidating this data into a single database for analysis and automated workflows. This allows businesses to maximize each dollar spent on enterprise management procedures through improved decision-making due to better visibility of companies’ IT, and overall technology portfolios.”

As to how this can pay dividends, David discusses: “Modern ETM offers incredible cost efficiencies including 25 percent savings in asset inventory due to higher accuracy of asset monitoring. Additionally, a single audit can result in 100 percent return on investment and prevent further financial losses through enhanced risk management visibility.”

In terms of effectiveness, Davis adds: “By maintaining a focus on modern ETM, companies can help optimize spending by eliminating unnecessary procurement and boosting the visibility of existing assets. The reality is, businesses can avoid expensive unexpected license “true-ups” and penalties for overuse of software licenses, as well as create purchasing plans that accurately reflect consumption trends. All in all, minimizing spend through the full enterprise.”

In drawing a conclusion, Davis notes: “In a time of uncertainty, there is no room for additional expenses or unnecessary – preventable – monetary losses. By gaining total visibility of their tech stack, CIOs and CISOs can rest assured their IT estate is effectively maximizing expenditure and ensuring company assets are efficient, secure, and compliant.”

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Written By

Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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