Page 19 - BENTLEY SYSTEMS PR REPORT - APRIL 2024

For all the value IT brings to an organization, its spending is constantly under scrutiny
and pressure from various stakeholders, such as the board of directors, the CFO,
business units, and clients. So, how can tech leaders at engineering firms manage this
dilemma and deliver both efficiency and effectiveness in their IT portfolio, and in some
cases even transform their departments and company? Here are five steps and best
practices you need to consider when navigating this complex terrain.

Understanding and Aligning with the Firm’s Business
Strategy
The first step you should take to help decide what to invest in is to understand your
business’s strategy and priorities, so you can ensure alignment. Don’t think of IT as
supporting the business, but rather as being part of the business. Driving a digital
agenda has become a priority, whether you are doing this as the CIO or the CDO.

Find out how other business units set goals, know what those goals are, understand
how success is measured, and what the key drivers and challenges are for each
business unit in your firm. Once you have a clear vision of the business strategy and
priorities, communicate them effectively to your team, your vendors, and your strategic
partners. Make sure you use the same language as the business when evaluating IT
and digital projects and initiatives, such as value, risk, alignment, feasibility, and impact.
Once you understand your firm’s strategy, priorities, and language for evaluating
investment opportunities, you can confidently move to step two.

https://techitupme.com/5-steps-to-balancing-it-cost-containment/