Many companies are under tremendous financial pressure due to the COVID-19 virus. We sat down to figure out what we can do to help and came up with 4 ways of how we can reduce cost and increase liquidity in the short term for a company. We are posting these 4 ideas in a blog series.
4 ways to reduce cost and increase liquidity
We provide 4 hands-on ideas of how you can reduce cost and increase liquidity in the short term. All ideas include financial examples to provide a clear view of the potential of each idea in your context. We have created 4 business case templates to help you customize and translate each idea into tangible value for your organization, just give us a call and we will help you. Bring some good news to your CFO in these challenging times with some hands-on, concrete and proactive ideas of how to reduce IT costs.
Idea #1 – Hardware refresh
With a depreciation cycle of 36 months, you’re looking at a 33% replacement of servers and storage in your datacenter this year. Now is a good time to challenge the default decision to replace those servers with new ones and consider cloud instead.
Idea #2 – Integration platform replace
Every organization needs to connect data between applications and databases to support their business processes. There are a lot of ways of solving the integration need but many companies have bought an integration platform from one or more of the major product vendors in the market such as Microsoft Biztalk, Tibco, Mulesoft, IBM Websphere etc. If you’re one of them, we have good news for you and your CFO.
Idea #3 – incident automation
Incident handling is often a highly manual process in most companies. It requires 1st, 2nd and 3rd line resources in a service desk to manage error handling of the applications, databases and infrastructure. Further more, some expert forum, or Change Advisory Board, are usually in place to work with improvements to reduce tickets and incidents. A lot of people is required just to keep the lights on. Imagine if you could automate most of your incidents.
Idea #4 – infrastructure optimization
Managing cloud infrastructure is different to managing infrastructure on-prem. It’s easy to provision new resources but it’s equally easy to forget to decommission resources when they’re not needed. Further more, performance tuning is often not part of daily routines and only performed when there are performance problems. Optimization is not supposed to be performed occasionally but rather on a regular basis to ensure a cost effective use of cloud computing. If you need to find quick ways of reducing your costs, optimizing will be one tool to use to bring good news to your CFO.