OSLO, NORWAY-- May 19, 2022 -- A global study released today shows 54 percent of IT decision-makers identify their biggest challenge as IT cost optimization.

IT cost optimization, which is the practice of controlling and reducing costs while maximizing business value within an IT estate, can be difficult and with the growing complexity of technology, the challenge isn’t getting any easier.

The new research provides insights into IT decision-makers across the globe and their views on technology, cloud, and innovation. The study was conducted by Sapio Research, in partnership with Crayon, an IT services and innovation company based in Norway. The research is based on 2,050 IT decision-makers at large organizations (200+ employees) in 19 different countries.

“This study showcases that IT cost control is business-critical, especially in the current inflationary environment,” said Crayon CEO Melissa Mulholland. “Companies always need IT and software, but it’s important that it’s used in a way that innovates their business, creates more efficiency, and reduces costs.”

The study found that over a third of organizations face a lack of knowledge regarding how to optimize their cloud spending and another third reported a lack of time to search for the best deals. Similarly, organizations face an uphill battle trying to manage IT’s dynamic spending, given how hard it is to deal with the turnover of IT staff.

The issues highlighted in the study are especially prevalent in small or medium-sized organizations.

While most businesses are taking steps toward IT cost optimization, the research suggests that those who have asked for external help have made more progress. On average, those using external consultants to help negotiate prices were able to save 24% on the cost of their licenses.