All most all the CIO's are deeply thinking about reducing It operational cost ! may be 20 - 30% reduction ..
My tips on this..
1. Analyze your portfolio - identify redundancy (Systems,proceess and people)
2. Eliminate reducndancy and fat..
3. Thorough review of new projects - Review b4 you send money on some thing
4. Identify one strategic outsourcing partner - WIN WIN deals ..
5. Identify talent - empower them get more horcepower and innovations