Uncertainty around what your business needs is a common cost driver. But solving technical problems doesn’t have to be expensive. It is just as important to perform cost-benefit analysis on your technical purchases as it is any other investment your company makes. And, while it seems counter-intuitive at first, this applies to cybersecurity purchases too.
This does present an opportunity to your business, however. What is it that your company does best? Are there competing products that are worth evaluating? If your staff has the time and expertise, can they handle running something on their own, or is everyone busy enough that a full outsourcing makes more sense? HMC Technology can help you sort through what you have and give you advice on what you need.
Time vs. Money
It is important to remember that it is not just money that gets spent on a new IT investment. Your staff will need to spend time and mental capital in understanding the new product, as well as how it will best work in your environment. It is not enough to just ‘plug it in and turn it on.’
Adding to your IT portfolio should always maintain a level of understanding around return on investment.
Monitoring the Technology Life Cycle
When it comes to technology cost management, it is important to remember products can be forgotten or, or left powered on when they are no longer in use. In addition to an energy and operating expense, this also leaves you vulnerable to cybersecurity threats because forgotten technology often doesn’t get patched.
By monitoring every component of your network, you can ensure you are using what you have, and there is nothing unnecessarily taking up space and costing you money. By identifying and eliminating forgotten products, you can improve your organization’s efficiency.
Subscriptions to software services is fast becoming the standard way of business. This is convenient in one way: the start-up of a new service is nearly immediate. But subscriptions are also easy to forget about. Much like forgotten technology, this can easily become a point of waste if subscriptions are being paid for and never used.