Are we headed for a recession? According to a recent C-suite study cited in CIO Magazine, eight in ten CEOs are expecting a recession to impact their organizations within the next twelve to eighteen months.
Recessions, as we know, can do significant damage, causing declining revenues for companies and forcing many to increase prices while laying off employees. For larger companies, it can be debilitating. For smaller companies it can mean bankruptcy and closing their doors. Any way you look at it, it's not good news.
There are, however, things IT/telecom management can do to prepare to help weather the recession storm. Because, fortunately, if you know where to look, there really is money to be saved.
We have assembled some tips from multiple sources, including our own team. Here are four key areas where significant dollars can be saved before you resort to laying off valuable employees:
Prioritize your projectsThis is the time to re-assess projects identify which are most likely to contribute to your bottom line and which are not. Be sure to include other key team members as they may have valuable insights that you haven’t considered.
Consider moving to the cloud if you haven’t already done soAccording to a report from The Hackett Group, those organizations that moved “eligible workloads” to the cloud have been saving three times the amount of money as those who have not.
Scrutinize invoicesDid you know that, according to the Gartner Group, 20% of all IT/telecom charges are inaccurate? And of those, 85% favor the bottom line of the carriers? Time taken to review all invoices carefully is time well spent. Technologies, such as a technology expense management (TEM) system can automate this.
Conduct an auditWant to tackle all these areas quickly and efficiently? There is no better reason than a looming recession to tap the services of a professional to do a deep dive into all expense areas and help you tighten up your ship.
No company wants to become blindsided by a recession that could last for well over a year. Planning is critical. Contact us. We're here to help.