In episode 65 of the Leadership Minute, Janet Schijns shares four strategies to help you lower costs in your technology ecosystem. “Optimizing your tech environment doesn’t have to break the bank,” says Janet. “By following these tips, you can save money and stay ahead of the curve.”
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00:17 — Janet says she hopes these tips for saving money while maintaining efficiency and productivity will help business owners, IT professionals, or anyone interested in optimizing their tech environment.
00:36 — The first strategy is to leverage open-source technologies. When you utilize open-source software and hardware, you not only save money but also encourage innovation and collaboration among developers, which opens the door for new, more innovative partners to participate.
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00:59 — Another great way to reduce costs is by forming partnerships with other organizations and stakeholders. Sharing costs, resources, and expertise can help you achieve your goals more efficiently, and it’s a win-win for all parties involved. This is why so many firms bring in a third-party ISP, managed service provider, or reseller to help them lower their costs to acquire, implement, integrate, and manage their technology.
01:27 — For example, often a partner who sells and buys millions of dollars of technology from a supplier can negotiate a much lower cost than you can. And since the supplier compensates them for sales, either through a discount or commission, those costs are not added to your acquisition costs.
01:47 — Tip three: Design your ecosystem with a modular architecture. This approach makes it easier to scale, update, or replace components without incurring excessive costs. Modularity lets you adapt to changing technologies and market needs, and respond more quickly to customer feedback in terms of repairs or feature requests. Since they don’t generally require wholesale redesigns or rebuilds, modular architectures truly lower your costs over time.
02:19 — Last but not least, don’t forget to streamline your processes. Utilizing automation and standardization can improve efficiency and reduce the need for manual intervention. This step is often ignored, and as the ecosystem grows, costs can get out of hand. So focus early and often on process maps and automation to contain your costs and increase your profitability.
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