In the past several decades, the semiconductor industry has exploded into a nearly $433 billion industry, but that growth comes with challenges. In 2019, the semiconductor industry underwent a downturn, and global market revenue dropped 13%. The device market faces further declines from tariffs, technological limitations, and now COVID-19 issues, which means the semiconductor industry needs to adopt agile strategies to survive and thrive.
As margins grow narrower, semiconductor companies must still continuously evolve to deliver value and power. Part of that burden falls on technology leaders such as CIOs, CTOs, and IT department heads. These leaders are playing more strategic roles within business priorities such as optimizing IT costs and executing digital transformations.
In fact, with the number of mergers and acquisitions and increasing quantum requirements in the past few years, the role of IT has become extremely critical. Maturing technologies such as AI, automation, data analytics, and cloud systems are increasingly vital for IT operational solutions - but that also means the costs are higher.
Still, it’s possible to drive down costs while delivering value.
Broadcom is a global semiconductor and infrastructure company, and it is known for achieving a robust IT spend at only about 1% of its revenue. Read more about Broadcom’s journey in Wipro’s ebook on IT Cost Optimization.