Getting your technology budget balanced – how to limit spend but increase value

Getting your technology budget balanced – how to limit spend but increase value

Limiting spending but increasing the value software generates is the holy grail for every IT director. However, it’s becoming increasingly difficult as the demands placed on technology and the number of potential IT solutions grows. These days software solutions have to improve efficiency, offer flexibility and deliver innovation enabling a business to be more effective immediately and in the future. The IT director has to strike the right balance between what they spend on technology running the day to day (run spend), and what they spend on software that will change the business for the better (change spend). With budgets often capped or marginally increasing. IT directors have to find ways of spending less but still delivering change to stay ahead of the market. Getting the run/change ratio right is a real challenge.

Keeping on top of change

With numerous emerging technologies, it’s the responsibility of IT Directors to stay on top of the changing demands and expectations of customers and how they want to interact with an operation. Web based cloud services have become increasingly popular in the last couple of years as they have little maintenance or service cost that the business has to pay. New technology like the cloud is dramatically changing the dynamics of IT in businesses across the globe and has made a big impact on how IT directors now decide to spend their budget.

The Secret of Change Is to Focus All of Your Energy, Not on Fighting the Old, But on Building the New

Change Ahead Sign

Delivering value

IT Directors now have to invest in solutions that don’t just focus on run but that deliver change and make the business more profitable. A recent survey showed 40% of firms allocate more than 70% of their technology budget on non discretionary day to day run spend. A further 20% allocated up to 75% on run spend. This leaves only a small percentage of budget for investment in software than can deliver real change. Business leaders realise this does not represent a sustainable ratio and are looking for solutions to redress the balance and are passing that challenge on to IT.

There are many IT environments, particularly in financial service that have become tired and duplicated. The result is a business operation that cannot access the data it needs to create a single view and enjoy the administrative sales and service benefits. Poor software architecture and siloed data leads to increasing servicing and renewal costs.

All over the word client servicing, new business, policy administration, regality compliance, risk management and the omni channel customer are all problem areas for businesses. Operations are struggling to keep up with the pace of change. Existing, complex and fragmented systems need to be simplified and consolidated to deliver consistent, high-quality service and an exceptional customer experience in highly competitive markets. There are software solutions available on the market today that can deliver immediate change to this situation. However many IT directors face the frustration of being locked into long term contracts with high maintenance and support costs from previous IT investments.

Price is what you pay. Value is what you get.

Warren Buffett

A software solution that delivers value and quickly generates return on investment

Work Measurement Software and back office optimisation software is one of the few technologies that ticks all the boxes improving both day to day running of a business and making real change to deliver tangible savings and improve profitability. It simplifies the complex landscape of the back office and integrates the front office call centre consolidating operations to create a single view. Workforce management and back office optimisation software enables any business to transform their back office operation by optimising their workforce, time, skills, availability and allocation of work in real-time, irrespective of channel or geographic location.

Click here to download our Ebook on how software drives back office workforce optimisation & improves customer experience

With a single view, it’s easy to gain clarity of how the entire operation is performing drawing out the valuable data that drives innovation and action for positive change. There are providers offering workforce management and back office optimisation software as a cloud based web service meaning there are no internal maintenance and significantly lower support costs compared to traditional software solutions. To learn more out more about the features of work force management software back office optimisation software click here.

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