Businesses, in a tough economy, balance cost-cutting with adopting efficient tech, as noted by Forbes Technology Council members.


In a tough economic climate, businesses are actively seeking cost-cutting measures, particularly in technology spending. While embracing new tools for efficiency, the quest for a comprehensive tech stack can lead to unforeseen overspending. Forbes Technology Council members share insights on areas where companies may be overspending and suggest strategies for trimming costs:


Evaluate Software Subscriptions: Regularly assess and right-size software licenses to cut costs and ensure optimal tool efficiency.


Embrace Cloud Solutions: Shift from local data hosting to encrypted cloud storage for security without sacrificing data sovereignty.


Update Development Practices: Transition to Agile, Scrum, and DevOps methodologies for streamlined operations and significant cost savings.


Optimize Cloud Resources: Regularly check and adjust cloud resources to match actual needs, avoiding unnecessary expenses.


Extend Hardware Lifespan: Extend the lifespan of data center hardware, reduce capital expenditures, and switch to third-party maintenance for cost savings.


Utilize Open-Source Solutions: Move to open-source solutions to eliminate ongoing subscription fees and reduce costs in the long run.


Automate with AI: Use artificial intelligence to automate routine tasks, enhance efficiency, and cut labor costs in IT and operations.


Balance Remote Work Expenses: Analyze office space and remote work expenses using data to make informed decisions and reduce costs.


Renegotiate Vendor Contracts: Proactively renegotiate software vendor contracts for reduced recurring costs and increased vendor certainty.


Prefer Off-The-Shelf Solutions: Opt for off-the-shelf software to cut down on expensive custom development and maintenance costs.


Implement BYOD Policies: Reduce hardware costs by adopting "bring your own device" policies, shifting responsibility to employees.


Audit Data Holdings: Evaluate data storage costs by auditing data holdings, considering regulated data and reducing risk and liability.


Limit Upgrades and Replatforming: Systematically eliminate unnecessary back-office software upgrades and replatforming initiatives for cost reduction.


Consolidate Vendor Services: Negotiate and combine vendor services to achieve better pricing models and maintain strategic long-term relationships.


These strategies collectively aim to help businesses optimize their technology spending in various areas.

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