How many times in your life have you heard the saying, “Time is money”? Time is valuable, and it’s one of the scarcest resources we have.
Calculating the business value of IT productivity and making the broader organization aware of the opportunity costs associated with certain IT activities is an essential part of any modern CIO’s role. Businesses cannot launch new products and services if the majority of their ITOps or developers’ time is spent fighting fires and troubleshooting. Mean time to resolution (MTTR) matters because MTTR is a leading indicator of how much “innovation drag” a business is experiencing. Time saved on routine IT maintenance/troubleshooting can translate into more time for the CIO and their skilled technical team to innovate.
When the pandemic first occurred in the U.S. in March 2020, many CIOs received what amounted to blanket approval overnight to lift and shift to the cloud. Legacy systems that had been in place for 20 years suddenly weren’t accessible from home, and so they were replaced by more modern SaaS-based solutions.
However, transforming into a pandemic-ready organization overnight wasn’t free. And from recent discussions with analysts, journalists, and IT leaders, it has become clear that the metaphorical IT budget belt is tightening again. More pressure than ever is being placed on CIOs and CTOs to identify specific and measurable business benefits from the technology investments they chose to make during the height of the pandemic.
For those that are doing the math, strategic investments in technology mean time saved that ends up paying off, big time. Paying for software and services to help transform your organization into a more future-proof and resilient organization might result in an initial upfront cost, but will leave your organization with a reduced total cost of ownership in the long run.
To truly understand and maximize the time value of technology, achieving observability across the entire tech stack is a priority. The most successful modern CIOs are those who have achieved observability and know how to measure, prove results, and pass those findings on to the business. Here at LogicMonitor, we make software that provides CIOs with the observability they need to prove ROI and drive better collaboration with the business.
Merrily McGugan is Senior Director of Global Brand & Communications at LogicMonitor. Prior to joining LogicMonitor, Merrily led marketing teams at B2B technology companies Khoros and dataxu. Merrily has also previously held positions at Omnicom’s Communispace; Accenture – Sydney, Australia; and Havas’ Arnold Worldwide, where she won two Hatch awards for her work on the award-winning truth™ and Jack Daniel’s Tennessee Whiskey accounts. Merrily holds a B.A. with honors from Harvard University and is a published author.
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