The strategy focuses on achieving cost efficiency and savings through the effective use of technology. It comprises three core strategies. The first is conducting a comprehensive technology audit. This involves assessing current technology assets, eliminating redundant systems, and identifying opportunities for modernization. For example, a company might find outdated software that can be replaced with more efficient solutions, leading to cost savings.
The second strategy is optimizing technology utilization. This can be achieved by developing training programs to boost employees' tech skills and adopting cloud-first strategies to cut down on physical infrastructure costs. For instance, moving data storage to a cloud service can reduce on-premises server costs significantly. Lastly, the strategy emphasizes negotiating contracts and leveraging strategic partnerships. By reviewing existing contracts and establishing strong vendor relationships, companies can lower expenses through negotiated rates or bulk purchasing agreements. Collaborating with other organizations for joint technology initiatives can also lead to additional savings.
The strategies
⛳️ Strategy 1: Conduct a comprehensive technology audit
- Identify all current technology assets and resources
- Evaluate the utilisation rates of current technologies
- Assess the effectiveness and performance of existing systems
- Identify redundant or obsolete systems that could be eliminated
- Examine current technology costs and spending patterns
- Highlight integration issues and inefficiencies
- Gather feedback from staff about technology pain points
- Identify potential areas for automation and modernization
- Calculate potential cost savings from system consolidation
- Develop a report summarising audit findings and opportunities
⛳️ Strategy 2: Optimise technology utilisation
- Develop a training program to enhance employee technology skills
- Promote a cloud-first strategy to reduce on-site infrastructure
- Implement remote work tools to minimise costs
- Adopt software solutions with flexible licensing options
- Regularly review and update technology usage policies
- Utilise data analytics to drive business efficiencies
- Encourage the use of open-source software when applicable
- Monitor software adoption rates and user feedback
- Implement energy-efficient technologies and practices
- Schedule routine technology optimisation reviews
⛳️ Strategy 3: Negotiate contracts and leverage strategic partnerships
- Review all existing contracts with technology vendors
- Identify high-cost contracts and negotiate better rates
- Seek volume purchasing agreements for software/licenses
- Invest in strong vendor relationship management
- Consider forming alliances with other organisations for bulk purchasing
- Attend industry trade shows and conferences for networking
- Evaluate benefits of collaborative technology projects
- Regularly review market rates for technology services
- Incorporate performance-based clauses in technology contracts
- Establish a procurement process for continuous cost checking
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
