Financial organisations see the redeployment of technology as being the key to surviving the downturn, according to research conducted by CMG.
CMG, the global Information and Communications Technology group surveyed managers and directors across the financial sector on operating efficiencies.
The main trends the research identified are that:
In light of the IT downturn, the most likely cost cutting measures to be made are:
- Redeploying technology (48%)
- Freezing expenditure (16%)
- Downsizing (16%)
- Reducing fixed costs (12%)
- Cutting training budgets (4%)
60% of IT managers stand behind their past IT investments, because throughout the technology boom, they had clear methodologies in place to control their investment.
However, the majority (56%) are building cost efficiency into their corporate objectives. A quarter of companies are looking for savings of between 5-10% and believe that this figure can be achieved.
28% of managers believe they are in a strong position to survive a recession as they have always had an emphasis on keeping costs down and chasing revenue.
16% are now taking measures to prevent the effects of the recession, which will stand them in good stead when the economy strengthens.
85% of companies have already introduced IT cost management or are planning to do so in the next year.
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