Technology Cost Optimization for Long-Term Value Creation

It seems that many entrepreneurial conversations start with IT, expand to numerous other topics and details, and then end with the question of cost.

Here, at Uptrend labs, we’ve seen this playing through in all business sectors, we are constantly reflecting on current trends and actively trying to reshape IT techniques, boost business growth and tackle all evolution-related issues. As we work on many projects there are two parameters that persistently surface, Optimization and Long-Term Value Creation.

If these two parameters are not taken into account then any transformation, change or investment will be short-lived or simply and bluntly put; useless. Let’s begin with a view on Cost Optimization.

What exactly is technology cost optimization?

Nowadays, every business is based on technology in one way or another. The great majority of the tools that are currently used are digital or digitalized and this undeniable fact has put IT teams and Technology at the core of every organization, no matter the sector, the size or the geographical region.

Any business that doesn’t accept this reality and doesn’t act according to this (we would go as far as calling it axiomatic) truth, will only face losses that will lead to its minimization and ultimately even extinction from the market. The wise use of technology and adherence to the latest digital achievements means competitiveness, which is not a negotiable condition.

The correct and uninterrupted use of hardware, software, applications, cloud services and any other digital tool is basic so that any company can save resources of any kind. From natural and financial to the most important and elementary; the human!

It is safe to say that Technology Optimization – if properly done – actually means cost reduction. Technology can reduce costs and create Long-Term value through a number of benefits, which include:

These are just some of the advantages that IT optimization can bring to your organization, rendering your budget lighter and more flexible, but what steps to take to achieve this optimization?!

7 steps to Optimize IT cost and operations

1. Connect Technology with your exact Business needs

To believe that a simple comparison with the competition or using similar techniques with other companies in the sector will give you an idea of what you should do is a fallacy. Your organization is unique. Its needs are singular and specific. A sober and sincere assessment is the first step to a prosperous change and technological transformation. Analyze, evaluate, and spot any systems, applications and software that keeps you stagnated and are not helpful anymore. Dig deep to surface all possible glitches that could be compromising your IT structure. Listen carefully to your company’s needs and your IT demands will be clearly expressed. Only then will the design and implementation of any new IT operations and tools be meaningful.

2. Use the Technological Tools you have acquired

It seems intuitive and basic, but it is not. There are many examples of businesses that acquired new and modern tools but didn’t take advantage of them. The adherence to a new modus operandi must come with great belief. This is why it is always helpful to count on the support of an ally that can precisely and skillfully guide you through the new reality you are about to embrace. Careful and thorough planning must be carried out and all the variables must be taken into consideration.

3. Identify and Attack Security Breaches

In our heavily digital world, security and safety are recurrent issues. Security related problems can result to great financial predicaments, long-term legal battles, or even total business disruption that can be detrimental even for the biggest enterprises. In an environment where sensitive personal information is used constantly and by numerous sources, everything must be double and triple- checked. All databases, systems and applications must function to perfection and the hardware must be able to accompany the rhythm of the technology used.

4. Cost Optimization is not Cost Cutting

Cost optimization might not be automatically understood. This is because it is not about generally and arbitrarily cutting costs. It is about wisely investing and re-investing funds, aiming for long-term results. Your place in the market and the life span of your business must be set and considered for the long run and not momentarily. Patience is a rare quality, but a winner’s quality.

5. Cloud Services

Cloud is a great benefit. We wouldn’t be exaggerating though if we said that it is just a necessity in modern organization. The data and speed requirements only continue to grow, and the results of complex calculations are needed instantly, plus the volume of Data only grows and grows. Cloud services will not only ensure quick responses to various matters raised daily, but is mainly a guarantee of safety. You will experience reduced or no downtime at all, greater ROI and thus the possibility to concentrate on new paths, ideas and areas you might want to move into. What is more, compliance with security and other types of guidelines and regulations will no longer be an issue.

6. The Big Picture

A small action today might echo huge future benefits. The decisions you are about to make will define your future. The Internet of Things (IoT), Virtual Realities (VR), Artificial Intelligence (AI), Metaverse spaces, new applications and revolutionary IT approaches are becoming the foundations of today’s business ecosystem. Your organization can gain enormously by using all these new environments and achievements, but it has to be done consciously, strategically and carefully.

The right use of a Metaverse Space today might translate to no rent in the future or, on the contrary, save you money to better your existing infrastructure. The design of an ambitious and customized roadmap will not only help you to reach a goal, but will also offer you the luxury to redefine, alter or correct a bad decision. Mistakes will happen and it is better to be prepared! Technology is not the End but the Means.

7. The Human Factor

Technology, as intelligent and helpful as it might be, doesn’t exist alone. Humans create and develop it. Any digital route will always end with a human hand. That means that all your employees (not only the IT department) must be trained and aware of all the technological aspects and decisions that are taken. Clear in-house communication is the basis of harmonious collaborations (between colleagues and different departments) and seamless everyday workflow. This is how technology becomes useful and creates long-term cost reduction.

Examples of Technology Cost Optimization

For any organization, from start-ups to the biggest multinational enterprises, the question posed is the same. How can Technology Cost Optimization Techniques bring long-term positive effects?

Meta, Apple, Uber, numerous Fashion brands, Netflix, small-scale creative agencies and most of the startups that are about to pop up right this moment, try to make a turn to a new future. Digitalized, Cost-Reduced, Effective, Sustainable (in every way), Easier, Safer and more Practical!

At Uptrend labs, we have the depth of understanding and the technological know-how not only to consult you, but to guide you through complex and challenging paths, advising you on all the demanding technological issues that you might face. Our people have invaluable field experience and are able to suggest and design game changing strategies for your firm.

We are here, first and foremost, to ensure that great ideas are realized and that ground-breaking thinking will become tomorrow’s standard.

Contact us to discover a new kind of collaboration, a new approach to technology and business, and of course the Best Practices for IT cost optimization.