Businesses are making more and more IT investments, particularly to better leverage digital solutions and transform their organization for the 21st century. If you are like other enterprise leaders, you have invested tremendous resources in developing technologies that make your organization more efficient and effective. You probably often find, however, that price increases or unexpected demand and usage growth can cause spending to quickly grow out of control.
A good TEM solution helps you to understand your usage, includes planned check-ins with your teams to determine whether technology is still needed, and helps you ensure you’re spending only on valuable technology that improves your business. As technology becomes unnecessary, subscriptions can be cancelled promptly to avoid needless spending.
An organization’s technology spend captures a lot of attention due to its overall impact on the budget, but current management strategies may be ineffective in their approach to the problem. Today’s enterprise business leaders continue to struggle to optimize costs and manage efficiencies. Sourcing, procurement, and vendor management leaders need TEM partners to provide cost-efficient solutions to support diverse technology needs across medium and large enterprises.