By Mark on Tuesday, 21 July 2020
Category: Telecom Expense Management Blog

COVID Cut Your Budget by 7.3%: What You Need to Do

What You Need to Do If you've read the latest Gartner report, you know that IT spending is down this year by 7.3%. Looking at the categories, the most dramatic budget cuts are being felt in devices, down by 16.1% and data systems, down by 10.3%.

Why is this? As you can guess it's COVID-19 related, as are so many issues and challenges these days. It is, according to Gartner VP of Research, John-David Lovelock a "reaction to revenue uncertainty."

Looks like the rocky revenue road will continue at least in the short term.

What does this mean for IT departments? It means that smart IT managers will look for ways to accomplish three things:

 These are challenges and now is the time to get organized. The last thing you want to do is pull the blanket over your team and wait this out. Moving past the twists and turns of COVID requires all hands on deck, with a plan to make better use of what you have today and innovate when budgets loosen up again.

We're here to help, by the way. We work with hundreds of companies on a regular basis to help them optimize their technologies and manage expenses more effectively. Contact us, we'll be happy to share our thoughts and experience with you and your team. Let's get through this together and come out stronger on the other end!