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15/03/2002
Report reveals companies waste billions on IT spending
New figures suggest that one fifth of the $2.7 trillion spent on IT each year is wasted, as companies choose to overspend on ultimately unsuccessful projects.
According to research and advisory experts Gartner, much of the wastage comes as a result of unwise investment into volatile start-ups during the late 90's, many of which failed soon after their inception.
The report found numerous examples of overspending in the telecoms and financial services sectors, where the presupposed expansion in the popularity of online banking and investment has so far failed to appear.
The result is that many firms have now become much more savvy about the value of technology – which in turn could spell the end to any revival in the hi-tech sector.
Speaking on behalf of Gartner, analyst Andy Kyte explained: "Economic recovery cannot be guaranteed to re-ignite IT spending because companies will get smarter with their investments in the future.
"IT recovery – if it comes – would be a trailing indicator of the economy's recovery, not a leading one, like it was in the past." (CL)
According to research and advisory experts Gartner, much of the wastage comes as a result of unwise investment into volatile start-ups during the late 90's, many of which failed soon after their inception.
The report found numerous examples of overspending in the telecoms and financial services sectors, where the presupposed expansion in the popularity of online banking and investment has so far failed to appear.
The result is that many firms have now become much more savvy about the value of technology – which in turn could spell the end to any revival in the hi-tech sector.
Speaking on behalf of Gartner, analyst Andy Kyte explained: "Economic recovery cannot be guaranteed to re-ignite IT spending because companies will get smarter with their investments in the future.
"IT recovery – if it comes – would be a trailing indicator of the economy's recovery, not a leading one, like it was in the past." (CL)
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