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How to reduce IT costs without loosing any vital IT functions and services

During these hard economic times, companies all over the world are looking at ways of cutting costs to survive the lean months ahead. One of the glaringly obvious areas for cost cutting is licensing costs, but the dilemma faced by many is that the services and applications covered by these licenses  are necessary for the running of their business. In searching for a solution many CIOs are now seriously starting to look at open source solutions.