Reduce Technology Spend While Improving Business Outcomes
Controlling technology spend is the highest priority for most CTO’s and CIO’s in 2024. Cost have spiralled over the last four years. Inflation, Covid and the recent energy crisis are some of the drivers of increased costs.
Inflation hit a forty-one year high in October 2022. Interest rates have increased in an effort to combat inflation. The net impact has been higher costs, less money available for investment and business growth, resulting in aggressive cost-cutting.
Businesses are walking a tightrope, trying to balance serving their customers with retaining employees, rewarding shareholders and investing in and growing their businesses. The result has been to delay or cancel projects and to cut costs.
This has had a knock on effect on the supply-chain who have seen work dry up. Many business are not growing and in many cases are shrinking both in terms of revenue and profitability.
My role at QuadCorps means I serve a numbers of different businesses, in different industries. Economic pain is being felt across the board. The general consensus is that this pain will continue through 2025.
There is obviously a downside to cutting costs. Investment and growth is delayed, it’s harder to provide your employees with raises and bonuses. Businesses lose know-how and expertise through redundancies and lose consultants and trusted advisors who provide thought leadership and direction as business tighten the purse strings. This all has a negative impact on business outcomes.
There are ways to cut costs and improve outcomes.
The good news is that there are ways to reduce technology costs while simultaneously improving business outcomes, if you are willing to change the way you think about and do things.
Over the next few weeks I will publish a series of articles that identify three areas where costs can be cut in the short and medium term and discuss how to achieve reduced costs and improved outcomes simultaneously.
To whet your appetite for the coming articles I will reveal the three areas I will be discussing:
Automation: Automation is possibly the fastest way to cut costs and improve outcomes. We will discuss various levels and types of automation and the benefits of each.
AI: Using AI to get more value from your existing data faster and at a lower cost than training your own LLM. We will discuss the benefits of building private, secure, robust data pipelines to feed your AI models. The discussion will go beyond using AI just to generate code.
Cost Vs. Value: Focusing on value rather than cost can result in lower costs and improved outcomes including: lower CapEx (project costs), lower OPEX (operational costs), shorter time to market and solutions with greater flexibility and a longer shelf life. We will discuss Total Cost of Ownership (TCO), obliterating the agency problem in your organisation and thinking in terms of products not projects.
Contact Us
- If any of the above topics resonate with you please leave a like and a comment with your thoughts.
- If you would like to discuss any of the above topics (no obligation, no pressure) please contact me via linked-In (www.linkedin.com/in/vaughnhaybittle) or directly via e-mail at vaughn@quadcorps.co.uk
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