Global IT spending has seen a significant increase over the last few years. Covid Pandemic has permanently impacted ways of working & doing business. Organizations are spending significantly more money on initiatives such as Digital business transformation, Cybersecurity, Cloud Migration & Data Driven Systems to align with the changing business environments. IT Spend Optimization is the top priority agenda for all IT leaders however lack of good quality spending and IT consumption data, organizational inefficiencies & lack of effective IT procurement and contracts negotiations strategies limit the ability of companies to optimize IT spending.