If you’re hoping to cut costs and boost profitability in 2024 without compromising productivity or efficiency, assessing the technology you use in day-to-day operations is one of the first areas in your business to examine. Unlock the potential for cost savings and heightened productivity with our comprehensive IT Profitability Road Map for 2024.
We’ve created a road map that lets you explore 15 strategic steps to optimize technology, cut expenses, and fortify security.
1. Technology Inventory:
- Conduct a comprehensive inventory of your current technology assets. Include hardware, software licenses and peripherals like monitors, printers, keyboards, etc.
- Identify outdated or underutilized equipment that can be upgraded or decommissioned.
2. Software Licensing & Subscriptions:
- Review all software licenses and subscriptions to ensure compliance.
- Identify any unused or redundant software and eliminate unnecessary expenses.
3. Cloud Services Optimization:
- Evaluate your usage of cloud services and consider optimizing resources based on actual needs.
- Monitor and adjust cloud service subscriptions to match fluctuating business demands.
Evaluate security protocols for cloud-based services to ensure you’re not at risk of a data breach. This can be an expensive problem, so do not skip it.
4. Energy Efficiency:
- Implement energy-efficient practices, such as consolidating servers, using energy-efficient hardware and optimizing data center cooling.
- Consider virtualization to reduce the number of physical servers, saving both energy and hardware costs.
5. Remote Work Infrastructure:
- Optimize remote work capabilities to support flexible working arrangements. Inefficiency in this area will decrease productivity, inflate costs and increase cyber security risks.
- Invest in secure collaboration tools and virtual private network (VPN) solutions for remote access.
6. Data Storage Optimization:
- Assess data storage needs and implement data archiving strategies to free up primary storage. Are you saving documents you don’t need? Are there redundant files that should be removed?
- Consider cloud storage options for scalability and cost-effectiveness.
7. Network Performance:
- Regularly monitor and optimize network performance to ensure faster and more reliable data transfer, reduce downtime, enhance the user experience and support cost savings, ultimately contributing to the overall efficiency and success of your business operations.
- Implement quality of service (QoS) settings to prioritize critical applications and services.
8. IT Security Measures:
- Regularly update and patch software to address security vulnerabilities.
- Ensure that antivirus, anti-malware and other security solutions are up-to-date and active.
- Conduct regular security audits and employee training to prevent security breaches.
NOTE: This cyber security measures list barely scratches the surface. If you haven’t had a professional dig into your security solutions, this needs to be a priority. Data breaches are expensive and can shut a business down. Click here to book a call with our team.
9. IT Help Desk Efficiency:
- Implement or optimize an IT help desk system to streamline support requests.
- Use a faster, more efficient ticketing system to track and prioritize IT issues, improving response times and resolution rates.
10. Mobile Device Management (MDM):
- Implement MDM solutions to manage and secure mobile devices used by employees.
- Enforce policies that ensure data security on company-issued or BYOD (bring your own device) devices.
11. Vendor Management:
- Review vendor contracts and explore competitive options.
- Consolidate vendors where possible to simplify management and potentially reduce costs.
- Evaluate vendor cyber security practices to ensure your data is as secure as possible. If they are breached and your data is released, you’re still at fault.
12. Employee Training Programs:
- Provide ongoing training programs to enhance employees’ IT skills and awareness.
- Reduce support costs by empowering employees to troubleshoot common issues independently.
13. Energy-Efficient Hardware:
- Invest in energy-efficient hardware to reduce electricity costs and contribute to environmental sustainability.
- Consider upgrading to newer, more power-efficient devices when replacing outdated equipment.
14. Paperless Initiatives:
- Explore paperless solutions to reduce printing and document storage costs.
- Implement digital document management systems for greater efficiency and cost savings.
15. Telecommunications Optimization:
- Review telecom expenses and consider renegotiating contracts or exploring alternative providers.
- Utilize Voice over Internet Protocol (VoIP) for cost-effective and scalable communication solutions. If you’re already using Microsoft365, consider Teams Phone.
By systematically addressing the areas in this IT profitability road map, business owners can enhance their IT infrastructure, drive productivity and achieve cost savings that contribute to overall profitability. Regularly revisiting and updating this checklist will help you stay agile in the ever-changing landscape of technology and business operations.
If you need help implementing the action steps on the IT Profitability Road Map, our team is ready to help. Click here to book a FREE 15-Minute Discovery Call with our team, where we’ll discuss what your company needs and answer questions you might have.