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Cost overruns are a common issue faced by IT project managers. In fact, a study by the Standish Group highlighted that only 16 percent of IT projects are completed within their budget. The remaining 71 percent experiences cost overruns, with an average increase in costs of 189 percent! So how can you prevent your IT projects from becoming a part of this statistic? In this blog, we discuss five ways to avoid cost overruns in IT projects.
Enterprise IT technology is anticipated to grow $100 Billion by the year 2020. While the year 2020 may seem like it is in the distant future, the reality is 2020 is only two years away. The future is here and the need for innovative technology is only going to increase. This means the need for cost management and IT service, software and device control is at an all-time high.
Manual methods of tracking information are not capable of delivering the in-depth information associated with telecom costs. Each application, service and vendor serves as a separate entry, and tracking these items with legacy solutions leads to inaccurate records and missed opportunities.
