IT Cost Optimization Strategy for Covid-19 Series – Part 2: Project Prioritization
IT Cost Optimization Series
This series was introduced with four main focus areas for IT Cost Optimization:
- Workforce Optimization,
- Project Prioritization,
- Asset Optimization, and
- Vendor Management.
This week we are discussing the second of four focus areas in our IT Cost Optimization for Covid19 Series – Project Prioritization. This year’s pandemic has substantially highlighted the need for proper priorities considering the change in our environment and its newly introduced complexities. This evolving situation has made it difficult for IT leaders to make ideal project decisions due to rapidly changing and incomplete data. The importance of project prioritization cannot be overstated, particularly with our current dilemma.
When in reactive mode, your first response may be to stop or pause all projects until the employees return to the office. However, hitting the brakes or continually restarting projects can greatly increase the risk of project failure once a project is restarted. Remember, that a project delay over weeks and/or months can result in:
- Loss of knowledge
- Loss of critical resources
- Excessive time allocation for start and restart
- Higher overall project cost
- Serviceability of IT – putting your business at risk with end of life platforms/software
Though, pausing a low risk project which offers low value for the organization is less risky than pausing a strategic project; the business value should be the ultimate driver.
You may find that a project meets your selection criteria but needs an adjustment in the timeline execution– either decreasing or increasing its priority. These are projects providing high value to your organization at a low cost and/or low risk. One example could be your organization’s technology infrastructure. This could be the best time to optimize your aaS model, such as Infrastructure as a Service or Disaster Recovery strategies – improving performance for the increased work from home model. Another example may be to address your telecommunications infrastructure, moving to a cloud model for voice services can reduce overall cost and improve performance and end-user satisfaction.
With your organization’s strategic goals in mind, your project list should be carefully reviewed based on criterion that are specific to your organization.
Project Prioritization Selection Criteria to consider:
- What is the Cost/Benefit Ratio?
- What is the impact to your organization’s growth?
- What is the contribution to your organization’s efficiencies?
- Amount of risk?
- Do we have sufficient resources? (Time, Budget, Infrastructure, People)
When prioritizing your projects, your resources are a critical element to consider – which may be heavily impacted by the pandemic. Considering all of these factors in your project prioritization list in advance, will help you develop a proper overall strategy. Ensure that you are documenting each of these areas and building milestones to show your success, ongoing gap analysis, and remediation efforts will assist you in building a successful IT program during this uncertain time.
Utilizing industry experts can help you avoid some of the current pitfalls. We are walking this road together and collaboration efforts should increase even more so during these times of constant uncertainty. Proper collaboration will reduce this uncertainty at some level and any reduction of risk, uncertainty and loss is a big win for one and all.
To learn more about ChoiceTel and what we can do for your small, medium or enterprise organization, visit our website at ChoiceTel.com , Contact us at email@example.com or call us at 800-815-3320 for a consultation.