As the world changes, so does the market. To stay ahead of the game, businesses must be creative in their approach.
Businesses need to be willing to change with the times and adopt new technologies as they come out. Additionally, your need to be aware of the total cost of ownership (TCO) when making decisions about what products or services to offer. By being creative and staying ahead of the curve, you can always ensure that they are always providing value to their customers.
If you're looking to reduce your current tech spend, TCO Insights can help. TCO (total cost of ownership) is a metric that considers all the costs associated with owning and using a product or service.
By understanding TCO, you can make informed decisions about where to allocate your budget. In general, a good TCO report should include:
Find below some points on how you can get help reduce TCO.
Upfront vs Monthly Costs?
If you're trying to decide whether to purchase a software license upfront or subscribe to a SaaS (software as a service) solution, it's important to calculate your return on investment (ROI). The front-loaded cost of purchasing a license may seem like a bargain, but if you don't use the software regularly, your ROI will be lower than if you had subscribed to a monthly SaaS solution.
On the other hand, if you subscribe to a SaaS solution and then find that you need to use the software more frequently than anticipated, your ROI will be higher.
The monthly cost of a SaaS subscription can add up over time, so it's important to factor that into your calculations. Ultimately, the best way to compare your ROI is to carefully consider your needs and usage patterns before making a decision.
Shop the Market
As anyone who's ever shopped for a new phone or laptop knows, it's important to do your research before making a purchase. The same is true for your essential tech requirements. Whether you're looking for an internet line or a security system, it pays to compare the market and find the best deal for your needs.
Sites like WhistleOut allow you to compare different plans side-by-side, while blogs like CNET provide in-depth reviews of the latest products. With a little time and effort, you can be sure to find the best deals on the tech essentials you need.
Cloud Cost Management
You can save your business money and ensure that you're getting the most value for your Buck via regular Cloud Cost Reviews.
The variety of features that services such as AWS and Azure can offer will massively benefit your business. However, these services can also be costly, so it's important to review your usage regularly.
Conducting a cost review can help you identify areas where you're overspending, and it can also help you find ways to optimize your usage. We find over 80% of businesses do not monitor these closely and over time this adds up!
Avoid O365 License Wastage!
Organizations that use Microsoft 365 (M365) products and services need to review their licenses on a regular basis to ensure that users are assigned the correct type of license for their needs.
There are many different types of M365 licenses, and each one provides a different set of features and benefits. Assigning the wrong license to a user can result in:
All of these things add up in either lost time, or wasted overage which can easily be avoided by reviewing this as part of your TCO review.
Regular user reviews and surveys
Conducting regular software reviews is an essential part of effective project management. By taking the time to review all the software that your team is using, you can ensure that everyone is on the same page and that no valuable resources are being wasted.
In addition, reviews can help to identify any potential problems or gaps in your team's knowledge. By taking a proactive approach to reviewing your software, you can help to ensure that your team is always using the best tools for the job.
Are you really leveraging what you are paying for?
If you are like most businesses, you have a number of annual costs associated with keeping your operation running smoothly. These can include things like renewals for contracts and licenses, as well as subscription fees for cloud-based services like Azure or AWS. Keeping track of all of these expenses can be a challenge, but it is essential in order to maintain a healthy bottom line.
Fortunately, there are a number of tools that can help you manage your annual costs. By taking the time to review your expenses on a regular basis, you can ensure that your business is always operating at peak efficiency. Plan ahead, research and monitor!
By ensuring you complete a TCO review at least every quarter you can easily reduce your tech spend by 30%.
To get started, 3Gi Technology can offer a free TCO Insights assessment. This assessment will help you understand the TCO of your current tech spend and identify areas where you can reduce costs. The assessment considers the type of technology you're using, your business goals, and your budget.