5 Budget Saving Tips

As we move from Shelter in Place, we find that components of IT spending need to be reviewed.  Being focused on revenue and customer retention must be a primary focus.  However, here are some tips to reduce expenses and help you prepare for a post-pandemic return to the workplace, with an emphasis on asset management.

1)     Unused Office 365 Licenses

How much money is your business wasting on unused Office 365 licenses?

Office 365 licensing is complex. It’s no longer a case of buying licenses in bulk anticipating that they’ll be used. To get the most return on their investment, organizations need to understand their user’s requirements and buy only what they genuinely need.

We find that cost savings of 50% are consistency applied when this happens.

2)     Cloud storage accounts

Many times corporations utilize shared cloud storage accounts at the corporate and employee level. These tools provide great flexibility to the workplace and facilitate collaboration with customers.

We find that many times employees are expensing cloud storage accounts in addition to corporate accounts.  These include Google, Box, DropBox and a variety of others.

Cost savings of up to 80% can be realized by migrating to a single vendor and corporate account.  This also allows you to backup the data and protect corporate property and intellectual assets.

3)     Cloud Based Servers

Cloud virtual servers are a way of life and offer unparalleled flexibility for growth.  Many vendors offer a variety of services that include Amazon Web Services, Microsoft Azure and Google.

Many times we find unused servers and storage that continues to rack up charges and have not yet been remediated.  From a billing cycle, servers get implemented and are set .up as pay as you go.

A key step to reduce the cost is to review what cloud based servers need to exist and what can be decommissioned.  Second, commit to a year of services which can reduce cost by 30%.

4)     Evaluate Phone Plans

Many times we have used the same phone system for years and continue to pay for each phone or line.  With the technology and solutions available today, the migration process can happen now in hours, rather than weeks.

As solutions and technology have evolved, it is a good time to reduce costs.  Many times each phone can run $45/phone compared to $25/phone for new solutions.  Those savings then can pass directly to the bottom line.

5)     Recurring Subscriptions

These types of services are charged to credit cards each month.  They can go unnoticed or, more likely, we find that firms are paying for more licenses than they use.

If the workforce has changed in count there can be cost savings by simply reducing the number of licenses.  Many vendors also offer annual bundles that provide 20% savings.  Another option is, when available, to consider 3 year plans that typically have 33% savings or more.

Some of the services that are on the more costly side are Adobe, CAD, BlueBeam, Microsoft Dynamics, Lacerte, etc.