Unfortunately, you are already aware of the situation and we are all seeing the effects across manufacturing, logistics, retail and wholesale industries. Hiring freezes, elimination of traveling, not paying the building rent and delayed purchasing are just a few examples that companies are considering not absolutely essential to business. Therefor the big question is, what can we do now to keep the momentum going?
Going a few steps beyond those common cost-saving initiatives outlined above, there are additional ways that companies can manage to eliminate unnecessary costs in these unpredictable times. So, what should you do now?
Consolidate your IT landscape
It is a common fact that most companies run too many different software solutions in their IT landscape. This is something that has happened over the years and no one is to blame for that. Instincts might tell you to shut down a few solutions that are being used less than others. Other instincts likely are pushing you to shut down any conversations that involve signing a new vendor agreement or even making an add-on purchase.
This is however, the short-term game that will not help your business in the long run. Nobody knows how long the COVID-19 pandemic will impact the world economy and therefor having control over your long-term integration technology initiatives and strategies is what you need to be thinking about now. So, take a good look at your IT landscape and overcome your instincts to at least listen to your vendors, old and/or new. Investing in one solution that can replace multiple current solutions will definitely help your business in the long run!
Don’t focus on the price but actual costs
Especially in times like these companies tend to focus on the price of products and services instead of focusing on the actual costs for the years to come. Betting your money on a deal that has a low first one-time expense might cost you dearly in the end. Right now, we are all at our most vulnerable and there will be companies that will lure you in with a too good to be true offer of low investment compared to a higher costing competitor.
As we all probably have experienced in our lives in those situations there is not a silver lining. We get sucked in by the words we want to hear of low investment, fast results and in the end the fine lines state that all work needed to be done is charged separately. So, the first investment may be lower but the yearly costs are multiple times higher compared to the previously mentioned competitor.
It all comes down to your ability to listen to your mind and control your instincts so that you can keep focus on the long-term strategy of your business. Instead of taking the quick wins by shutting down solutions and cancelling investments, focus on the investments that will make a difference to come out fighting! In listening to our customers, we are hearing from many companies who believe that strengthening integration technology will in turn strengthen the very mission-critical business relationships their company’s success depends on.
Here is the silver lining in these difficult times, any strategy that directs your business into coming out on top is well worth exploring.
If you want to know more about navigating these difficult times please let us know.