7 Tips for Understanding the Total Cost of Ownership When Acquiring Applications
Recently cited information from the technology firm CNET reveals that roughly 49 percent of IT projects suffer from budget overruns, and 47 percent suffer higher than expected maintenance costs. It’s imperative that companies identify and properly plan for all expenses associated with replacing a business application to avoid these costly mistakes. Here are seven ways to help you go about this process.
1. When considering replacing your software application, ask yourself the following questions during the due diligence process:
- What applications will be considered, and what functions are required?
- What are the major milestones and time frames necessary to complete the project?
- What’s the total cost of ownership necessary to complete the project?
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