Cost optimization
In SoftwareOne’s 2023 CIO Pulse Survey, 83% of CIOs stated that they have to achieve more with less despite a general rise in IT budgets. The only way to achieve this is through cost optimization, which can be defined as identifying and reducing wasteful spending, underutilization and low return on IT budgets.
Unlike cost reduction, cost optimization involves the continual strategic alignment and streamlining of business processes through the integration of digital technologies. This leads to reduced operational expenses, waste elimination, and maximized return on investment, without compromising product or service quality.