This time last year, IQ Wired released a Blog “CIO, Chief information Officer or Chief Insightful Officer?”, where we discussed industry strategies that many believed would be top of mind and critical to CIOs, CTOs and Organizations in 2023. The four key areas of focus where: merging disparate technologies across a wide geographical footprint relating to service providers and billing; adopting buzz word technologies such as Internet of Things (IoT), Data Mining and Metaverse; Scrutinizing Cloud Cost and finally Recession Preparation. It was a busy year for IQ Wired and our Clients with projects focused on some, but certainly not all of the topics we had in that crystal ball.
Merging disparate technologies and reducing the number of service providers a client had absolutely proved to be a financially advantageous undertaking for clients. Starting with a holistic, macro level view of our clients’ ecosystem, we were able to uncover locations with the same service provider, on disparate contracts and invoices. Working with the service provider on our clients’ behalf, we negotiate strategic contract terms that reduce cost, allow for business downturn, combine accounts and digitize invoices. This higher-level view also provided an opportunity to look at the number of service providers overall and migrate to service providers that could bundle locations and underlying service provider solutions into one contract, invoice and support desk. We saw massive wins for the IT teams managing the circuits, the AP team’s reduction in bill cycle and bottom dollar savings to the company!
While many buzz words certainly emerged, those predicted weren’t 100% correct. While Data Mining, Metaverse and Web 3.0 did show up at trade shows and pod casts, our clients’ appetite for the new buzz was more around Internet of Things (IoT) and Secure Access Service Edge (SASE). IoT, or what we really see as connecting critical devices over tertiary or LTE to increase uptime to keep an eye on business operations, was a focus. This included all things from Smart Cameras/Locks, Sensors/Hubs for heating, cooling and better customer service interactions at remote branches/ATMs and better healthcare for patients. These conversations led to a bigger ‘Buzz Word’ dialogue around Secure Access Service Edge (SASE). Having more devices connected to the network increased the need for improved and valuable security. We had many conversations with clients about how to unite the new and old systems and keep the entire organization safe. We saw our clients eager and ready to have the roadmap conversations and start the deployment of software and systems to increase security, reduce cost and prepare them not only for current needs but also for the future.
Scrutinizing Cloud Cost was another topic in our crystal ball, that did prove to be valued by clients, but the overreaching conversation was scrutinizing all costs. This topic aligned closely with discussions regarding recession preparation. In the second half of the year clients were very focused on finding and implementing savings that could still be achieved in 2023. This included signing / renegotiating contracts and starting new strategic partnerships with optimism and anticipation of what could come to be realized. All aspects of the business were examined to find cost reductions, areas of waste and opportunities for efficiencies. IQ Wired was an instrumental partner in this space averaging 22% in client savings across their Technology footprint!
We are always focused on the critical needs of our clients and do what we can to stay abreast of technology, industry and business trends. However, we can provide the best insight while defending and protecting our clients is what we strive for each day. The 2023 crystal ball predictions aligned well and we look forward to sharing what were seeing and hearing for 2024. Stay tuned for our 2024 Crystal Ball Reading coming soon!
