Adoption of ICT innovations for reduced TCO and overall capital expenditure
Compared to other industries, the pace of evolution in the field of Information Technology (IT) has been on an ever increasing upward trend for the last decade or more. This evolution can and has been witnessed both in the realms of hardware and software development, the advancements,bringing with them both positive benefits and negative effects. The benefits, in many instances do outweigh the negative effects particularly with regard to acquisition and operating cost, efficiency, effectiveness, resulting impact on end user processes and products, the list is endless. Surprisingly enough, the rate of adoption of these positive ICT innovations in the workplace and business workplace environment has not matched the rate at which the ICT industry has been churning the advancements. Much as the revolution has made it possible to deploy IT solutions at a lower cost, reducing by more than half each year for the same functionalities, statistics collected indicate that industry adoption has not matched the rate of innovation. This research sought to establish the factors that influence the adoption of ICT innovations; and hence propose a framework that can assist organizations match the rate of this evolution with an overall aim or reducing operational costs.A survey that was conducted across five local financial institutions indicated that most respondents felt and did concur with the fact that adoption of ICT innovations did indeed result into reduced total cost of ownership of IT. Results of the study also pointed to the factors that promote the adoption of ICT innovations in the financial institutions and from that, a framework for the adoption of ICT innovations was developed and validated.The framework, if applied in the manner proposed, would go a long way in assisting organizations continuously identify opportunities for reducing overall IT expenditure by embracing industry advancements in ICT that bring along these advantages.