Benchmark data can provide support for spending and budgeting decisions, explains Josefowicz, and can highlight potential areas of concern that may not be noticeable without external reference points.
The Novarica report presents an analysis of responses to the Novarica insurance technology research council's quick benchmarking poll, which takes a supply and demand approach to IT rather than focusing exclusively on spending levels.
According to Josefowicz, the approach contextualizes spending levels (supply) against company size, new project volume, and current state of the organization, technology infrastructure, and product volume and complexity (demand).
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