Technology spend within organizations is increasingly being directed towards addressing emerging social media, mobile, analytics, and cloud technologies (SMAC) trends, as well as the continued demand for equipment that help increase scalability, bandwidth, and processing capabilities. Businesses need to align their existing tools with emerging technologies, and invest in innovation in order to enhance productivity and competitiveness. However, ensuring continuous innovation is an expensive proposition, and a CIO needs to strike a balance between supporting and enabling growth, and working within budgetary constraints.
Thus, effective procurement of technology products consists not only of planning and managing the process of procurement and budgets, but also of ensuring that suitable trends in emerging technology are leveraged to meet business needs. IT governance teams should follow a streamlined process for prioritizing IT investments and creating business cases for technology needs. There are several roadblocks that can occur during the management of IT budgets. With the help of a team of internal experts backed by robust support systems, CIOs can optimize their budgets and deliver an improved ROI.
In this paper, we discuss the common challenges faced by CIOs during the course of procurement of third-party IT products, and how these challenges can be addressed with the support of trusted external experts.