3-Step Guide to Technology Expense Management
Most businesses struggle with security breaches, unanticipated costs, gaps in applications and middleware, and revenue losses. But when the same companies leverage IT strategically, great things happen: better cost savings, easier tech adoption, and greater control over the expense management process. For enterprises seeking to identify non-performing technology investments and upgrade their tech stacks to stay competitive and profitable, that makes better technology expense management one of the best enhancements a team can make.
Why Technology Expense Management?
Global expenditure on public cloud infrastructure capabilities and services increased 100% from 2019-2023. According to a report from IDC, spending on the public cloud is expected to grow to approximately $500 billion by 2023.
As per CNBC, new-age mobile applications are helping SMEs save up to 725 million work hours per year. In addition, Spiceworks says organizations with more resources than SMBs are prioritizing IT and are satisfactorily adopting emerging technologies 500% faster than startups and small businesses.
The intense growth shows that businesses everywhere are rapidly leveraging technology to stay competitive. It is critical for organizations to ensure their technology systems are updated and fit for use if they want to keep pace with the evolving technology landscape. Companies should invest in technology expense management services and practices that assess whether every part of their technology mix offers value or not. This investment can transform their IT preparedness with strategies to shape processes and tools for the future.
If your business is lagging in technology adoption, these three guiding steps will enable better monitoring, maintenance, and management of your software applications, patches, modules, and IT equipment.
Step 1: Determine if your business technology is outdated.
First, look to your current environment, including any legacy systems. Are they addressing your business needs, future growth plans, and various technology life cycle phases? It is essential to take stock of your expansion plans and understand how the expense management process can support your short and long-term goals.
PAG can conduct an IT audit of your existing systems to determine gaps and inefficiencies. Our team can also help you identify new opportunities and determine how new IT systems can be integrated within your budget.
Step 2: Take concrete steps to ensure fulfillment of your technology needs.
As you explore IT asset management services, remember that not all providers offer the same level of quality. PAG can help you achieve the following as part of the expense management process:
- Procure technology assets after considering their logistics and financing options
- Deploy and integrate the latest technology tools, solutions, and devices to increase business efficiency
- Set aside funds for future technology requirements and optimization of system components or devices
Step 3: Implement and manage solutions and devices in your existing IT environment.
PAG’s technology lifecycle management can support and optimize your IT environment for greater results. Our team can monitor incidents, configure management, provide phone support, evaluate product warranties extension, and carry out periodic reviews of IT system performance metrics to ensure better telecom outcomes — all of which lead to stronger technology expense management for your team.
Connect With PAG
It’s time to fuel your key technology initiatives with PAG. Our technology expense management services provide real-time, accurate reporting via automation to reduce your costs and increase the ROI. If you are set to start the journey, explore our IT and telecom audit services and change your existing cost-centers to profit-making units today.