One study found that 56 percent of organizations have regretted tech-related purchases in the past two years; IT purchasing regret is a costly mistake CIOs can't afford. Cio.com recently compiled a list of five tips for CIOs looking to avoid purchasing regret:
The five tips:
- Provide guidance to non-IT tech buyers: IT isn't the only part of an organization that buys tech. CIOs should work to advise non-IT tech buyers and lend their expertise to different business units.
- Take a strategic approach to engaging vendors: CIOs should challenge vendors to deliver their best capabilities. While it can be tempting to do a deep dive on every single vendor, a deluge of information isn't always helpful and can lead to buyer's remorse.
- Be aware of hidden costs: CIOs need to be mindful of hidden costs such as installation costs and support requirements to avoid costs stacking up and regret setting in.
- Assemble the right purchasing team: Creating a diverse purchasing team that works together is the best way to make sure CIOs know what they are investing in.
- Be ready to pivot: In a fast-paced and cloud-based tech environment, there is value in failing fast rather than waiting years for major regrets to set in.