Optimizing Digital Transformation Returns: 5 Strategies to Rein in Cost Escalation
In today's fast-paced digital world, cybersecurity and effective cost management have become critical components of strategic planning, especially during digital transformation. Kerrick Lehman, a renowned expert, is helping government agencies and large enterprises in industries such as telecommunications, finance, and utilities to navigate this digital terrain.
Balancing innovation and risk is crucial to extract maximum business value through the scaling of new technologies. Lehman emphasises the importance of a comprehensive understanding of IT cost levers for effective cost management. Technology leaders are under pressure to achieve more with less due to skills shortages, limited budgets, and outdated digital assets.
To overcome these challenges, Lehman advocates for a holistic view of all cost factors, mapping them across different time horizons to identify immediate opportunities for cost savings and facilitate long-term planning. Collaboration with suppliers and vendors can lead to more cost-effective IT strategies, but complacency in suppliers should be prepared to make changes if a vendor's stale technology is holding you back.
Striking a balance between resources and high-value projects is crucial in digital transformation efforts. Regular re-evaluation of projects can unlock quick wins by either accelerating project completion or redirecting resources. Projects should be critically evaluated for relevance in the rapidly changing technological environment.
Avoiding repeating earlier facts, Lehman stresses the need to prioritise security investments based on risk, leveraging cyber risk quantification to make informed decisions. Reassessing supplier relationships by discussing strategic goals can help maintain high-quality service and ensure continuous improvement.
Innovation velocity can be accelerated by fostering a culture of curiosity, openness, and a forward-thinking mindset. Objective and data-driven analysis provides when discussing cyber risks and associated investments or consolidations. Quick wins can be achieved by terminating or accelerating projects that align with business objectives.
Engaging team members across all departments and levels in brainstorming sessions can uncover hidden opportunities and break down barriers. Supplier consolidation can be an effective cost driver, delivering more with less.
Digital innovation cycles are shorter than ever, staying proactive and open to new ideas is necessary to keep pace with technology changes and market demands. By implementing these strategies, businesses can ensure they are not only surviving but thriving in the digital age.
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