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Money Is Tight Last year, FaceBook spent over 1.1 billion dollars on network and infrastructure (almost as much as the owner’s salary). It’s not hard to believe though. Technology is taking over the world, and as such, businesses are allocating more and more of their funds to electronic resources.
But would you believe me if I told you that there’s a plethora of ways you could be doing to minimize costs? Everyone loves saving money, and corporations are no exception.
Here’s a few key mistakes could be wasting yours:
A Strategy That Isn’t Defined Correctly
Many companies are not viewing technology management in terms of a “strategy”, in so much as a cost. Strategies must be tactical and flexible, while costs are simply a necessary hassle. By changing the way we look at investment in information technology partners, we can provide for more calculated and focused action, allowing for a more efficient way of moving forward, with little to no waste.
A Strategy That Is Too Closed In
In the spirit of a systematic, capitalistic economy, many companies are very singular and isolated about their workings. It is definitely more efficient to be multifaceted, and allow people of different skill sets to handle the multiple elements of your tech strategy. The expansive world of electronics is not restricted to one area, and I would argue that every branch has something to offer. This is why they were hired in the first place.
A Strategy That Is Too Risky
When thinking of strategy, we are often having to deal with events that haven’t happened yet. As such, it is important to remain as factual as possible. Look at those charts, graphs, and databases. Be honest about what kind of changes your company is incurring. Idealistic posturing can be very detrimental to the productivity of a business.
A Strategy That Is Unclear
If I honestly asked some executives what their strategy even is, it would be hard for them to articulate. This is unacceptable. A strategy should be concise and laid out, in order to avoid any loose ends. Assumptions are faulty, and could land you in serious trouble.
A Strategy That Conflates the Different Types
It is important to have a firm basis in the multiple forms of strategy, from product level to enterprise level. Each kind has their own rules and regulations, while specific groups of people are affected. By segmenting your ideas correctly, you avoid a situation where one element leaks into the others.
A Strategy That Neglects Certain Elements
You may think that some facets of tech strategy are more important than others, but how honest are you being with yourself? In many situations, every part is just as important as the others. Deeply analyzing your insufficiencies can lead to more clarity on the path to financial stability.
A Strategy That Doesn’t Effectively Utilize the Team
Your employees are a central part of the way technology is handled at many levels. By being a good supervisor, employer, and planner, you ensure that one person will not be disadvantageous to your strategy. An organized, highly skilled team can be much more cost effective.
A Single Strategy
It is very difficult to have hundreds, maybe even thousands, of tech strategies and still apply the above rules. That being said, this is the reason it is so important to your success as a business. A multitude of well thought out plans will ensure success by any means.
The Road to Riches
Now that you have read some ways to reduce the expensive mistakes in your technology strategy, it is up to you to implement them correctly. The scope of your business, the amount of work you put in, and your personality will all come into play. That being said, it never hurts to know what you should be doing, and avoiding things you shouldn’t.