Things have been looking up for CIOs and their IT departments. Over the past year, there's been stable growth for most companies and CIOs are continuing to hire new employees, but current conditions in the mortgage and credit markets should not go unnoticed. In order to minimize the risks to any IT department, CIO Insight recently surveyed executives on issues regarding cost management. Some of the outcomes are pretty predictable: "IT departments must collaborate closely with their companies' business lines, maintaining a continuing dialogue to plot strategy, planning and execution in terms of dollars and cents." Six of ten respondents say that their IT organizations aren't under more pressure than other departments to cut costs. Nearly half noted the importance of IT and business to work together to guide their companies' cost management decisions. Yet when asked what techniques would best help their companies control costs more efficiently, 60 percent pointed to better collaboration between the two sides. The article points to some best practices from insurance company AIG, where cost management policies are dictated by a CIO council. Additionally, top IT executives from each business unit meet with the global CIO and his deputies to set strategies around planning and architecture.
For much more on the numerous strategies CIOs are taking around cost management:
- see the article in CIOInsight
