Banking & Financial Services

We are halfway into the year and, looking back at what the last 2 years of the COVID-19 pandemic left us, we can say that the advancements on technology and all the different languages, frameworks and development tools have not disappointed us and even in many cases have overtaken us. It doesn’t seem that long since Java 8 was released more than 8 years ago and, although it is true that today the latest version is Java 18, we must remember that there are still many companies stuck with Java 8 and even a few with Java 1.4 a 1.6 and a few other legacy frameworks.

Nowadays, Information Technology (IT) has become, along with people, the spine of the operations of almost every organization. No matter the business you are running, technology is now what supports the entire company operation.When technology started being an important component of organizations, it was somehow limited to some computers running accounting software and any other tool specific to the business. Companies used to hire “IT guys” with enough knowledge to fix PC issues and skills to learn about a couple of applications to assist the end users whenever necessary. The IT department was, in many cases, a small team of two or three guys who used to report to the general manager or any other manager who could or not have IT knowledge.

The cost takeout is a strategic initiative that can help your company become more efficient. The goal of the initiative is to determine ways to reduce expenses without sacrificing quality, speed or customer satisfaction. A successful cost takeout requires an accurate understanding of where costs arise in your business process and how those costs can be reduced through new technologies. In this guide, we’ll look at some of the most common drivers of costs in IT departments and explain how you can identify them within your own organization’s processes.