As the industry begins to stabilize in a low oil price environment, companies are trying to become lean and cutbacks include IT spending. The key is to make an informed decision to cutbacks vs executing impulsive cutbacks and informed decisions require keen insights from robust analytical foundations. Robust analytical foundations in turn require superior data management and business process automation using the right software and tools.

Corporations should execute diligent self analysis to match core competencies with areas that support the core competencies and require the most attention in order to ensure superior data management, thereby resulting in robust analytical foundations which provide the keen insights required to make informed decisions about cutbacks.

Many companies have already responded to the decline in global oil prices by cutting back on spending, including IT spending, but these cuts are lower than expected, according to a recent report by IDC Energy Insights. Click on the linked article to read more.
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