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.