Bangalore: One of the biggest and decisive problems that an IT firm faces in today’s technology world is overspending. With the widespread and day to day developments in the IT field, it’s the CIOs who should plan and reduce the lavishness in finance. But it’s unimaginable for CIOs working alone as they need more help from the other head lead- that is the CFO. So in order to avoid a disaster, both the CIOs and CFOs must spare sometime in discussing strategies and plans that needs to keep them on track.

So by that here’s a list that features 5 tactical tips for CIOs to keep their firm away from overspending.

1. Gain internal alignment:

According to Jeff Muscarella, EVP of IT at Spend Management Consultancy Company NPI, the first thing that CIOs and CFOs need to discuss is the importance of gaining internal alignment. This means that the CIOs should maintain fine budgeting processes and good relationships with their internal clients or users. Now failing to do such a kind of planning can simply throw of your annual budget plans. “The vendors approach departments and get them wanting solutions that may be overlapping with something the IT department already has on its strategic plan, it lands on their doorstep six months into their budget year, and it may only be half a million, but it begins to throw things out of whack."