I ran across a good post by Ed Carroll called "Reducing the Cost of Engineering/IT" on the CIO forums. He outlines 4 Areas to Reduce Cost. Below are the 4 ways to reduce cost in IT:
Simplify the operating structure of the department by focusing on role specialization
Reduce cost by simplifying the architecture
Reduce cost by simplify the tools
Reduce cost by simplifying the development methodology
While I think there are more here this is a great resource to get an idea of what to do in challenging economic times.
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