Due to the current economic situation fuelled by the pandemic and the changing market landscape, it’s become more important than ever for businesses to look for ways to reduce costs. As IT expenses can take up a significant portion of a company’s overall budget, there are some creative methods that businesses can explore to create significant savings in this area.
1. Technology Audit Service
A technology and telecom auditing service can review every aspect of your organisation’s IT costs including internal expenses, supplier costs and staffing costs. These audits compare expenses against similar organisations, in order to highlight inefficiencies and options to reduce cost.
A technology cost saving audit will consider every single cost item, identify it’s use, analyse it’s cost and provide lower cost alternatives, if possible. This process ensures that all expenses are analysed and that savings can be accurately identified.
2. Mobile Audit Solution
For larger organisations, it can be difficult to keep track of company owned mobile devices and services. The Veroxos Mobile Audit, a StableLogic service, is a cloud based solution that identifies the named users of all company owned mobile devices.
This quick and easy solution provides organizations with an updated inventory and a list of services for investigation and suspension, creating opportunities for significant savings and improved data security.
3. Benchmarking
A technology benchmarking service, such as the one provided by StableLogic, directly compares your costs to current market rates and provides the information you need to embark on a procurement or to start a negotiation. Our benchmarking services cover a broad range of IT costs, from staffing levels to supplier contracts.
4. Technology Expense Management (TEM)
For larger enterprises, an investment in a TEM solution can reap massive rewards in terms of savings, improved productivity and transparency. With invoicing and billing becoming more complex and time consuming, many large enterprises are devoting more and more valuable time in dealing with this process. Additionally, due to this complexity and the risk of cancelling an operational service, many organizations are simply paying many invoices without validation. As over 30% of vendor bills are inaccurate, this is leading to many businesses heavily overpaying.
A TEM solution like Veroxos, a StableLogic service, allows enterprises to manage all their mobile, cloud and telecommunications services in one place. It will locate, manage and correct inefficiencies on an ongoing basis to enable continuous optimization. Additionally, it provides full invoice validation and automatic allocation of expenses which reduces the amount of administration time devoted to managing these services and costs.
Are you looking to reduce IT costs in 2021?
If you have any questions about this piece or any of our services, then please do not hesitate to contact us.