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2020 State of Tech Spend Report from Flexera Shows IT Executives Struggle to Gain Cost Visibility and Manage Spend EffectivelyStudy Shows Significant Opportunity for Companies to Manage IT Spend and Re-Invest Savings in Digital Transformation ITASCA, Ill., Oct. 15, 2019 (GLOBE NEWSWIRE) -- Flexera, the company that helps organizations realize technology’s power to accelerate their business, announces the findings of the Flexera 2020 State of Tech Spend Report. The first annual Flexera 2020 State of Tech Spend Report provides insight into current and future technology spend from the perspective of enterprise CIOs and IT executives. The report highlights how companies are shifting spending to support their critical IT initiatives, how they’re tracking and managing IT spend, and the challenges they face in optimizing spend. Survey respondents are IT executives working in large enterprises with 2,000 or more employees, headquartered in North America and Europe, encompassing industries such as financial services, retail, e-commerce and industrial products. More than half are C-level executives. Complete survey results and highlights are available in the Flexera 2020 State of Tech Spend Report. The survey results are made available under an open source Creative Commons license so the data may be freely shared with the required attribution. “With this survey, we wanted to gain more insight into how enterprise organizations are embracing digital transformation, cybersecurity, cloud computing and other initiatives,” said Jim Ryan, President and CEO of Flexera. “By doing so, we can then see if/how these initiatives are providing a competitive advantage for their particular industries, as they require sizeable investments in technology. “The survey found that 8.2 percent of respondent revenue is eing spend on IT,” Ryan continued, “but the return is dubious at best. It’s likely that many of these investments aren’t attaining maximum ROI, and we identified that 30 percent or more of technology spend is actually being wasted. With the increasing uncertainty of U.S. and global economies, enterprises need to be prepared to manage their operations and finances when—not if—the next downturn kicks in. Proactively being able to dial IT spend up or down is a tremendous opportunity, and there is never a better time to address a potential problem than right now.” According to survey respondents, increasing spend efficiency and cutting waste are challenging with respect to gaining visibility into costs and managing IT spend effectively. The biggest obstacle to visibility, cited by 61 percent of respondents, is reporting on IT spend by business service. The top challenge to managing spend effectively, cited by 86 percent of respondents, is the large number of manual processes. Considering the magnitude of potential savings, tackling these challenges can have a major impact on the bottom line. A few key highlights from the Flexera 2020 State of Tech Spend Report:
For more information on the Flexera 2020 State of Tech Spend Report:
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