3 Easy Ways to Simplify Technology Investments
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3 Easy Ways to Simplify Technology Investments

Companies today are facing a lot of challenges with respect to investment. The proliferation of technology and the growth of the enterprise software market has made it challenging for them to determine which tools and solutions to invest in.  

Furthermore, there are over 30,000 SaaS offerings available. This makes it difficult for businesses to navigate the landscape and choose the right products for their needs. Nevertheless, the enterprise software market is expected to continue its growth—reaching $404 billion by 2028 with an 11.1% CAGR. 

With so many options available, it’s important to make informed decisions about which technology solutions to invest in to ensure they deliver a good return on investment. Go through the following evaluation framework to simplify technology investments and ensure your technology stack is supporting your most critical business initiatives.  

1. Carry Out an Audit of the Must-Have Use Cases 

It’s important for companies to have a clear understanding of what they are trying to achieve with technology investments. Identifying the areas of the business that need attention, and the specific use cases for the technology can help ensure that technology purchases align with the organization’s goals and provide the greatest value.  

Some common objectives for technology investments include generating leads, improving lead management, updating engineering tools, and implementing a sales enablement system. By prioritizing their technology needs, organizations can make informed decisions about which solutions to invest in and how to allocate their IT budget. 

2. Choose Vendors and Tools and Vendors That Solves Multiple Use Cases 

When considering technology investments, it’s important to strike a balance between finding the best-of-breed solution for each specific use case and consolidating tools to maximize ROI. Many software vendors are offering multi-functional tools that can be used for a variety of business needs.  

For instance, Salesforce is a leading CRM tool that can also be used for email marketing and social media management. In some cases, it may make sense to choose a tool that is not the best in its category but can still meet the needs of the organization and offer cost savings through consolidation.  

To make the right decision, it’s important to carefully evaluate the trade-offs between best-of-breed solutions and consolidation, and choose the option that provides the best value for the organization. 

3. Negotiate Good Price With Bundles 

Implementing dedicated tools for every use case may not always be the most efficient approach. Having a large number of tools in your technology stack can be time-consuming and expensive to manage. Also, it increases the risk of security breaches.  

To minimize these risks and reduce costs, it can be beneficial to consolidate your technology stack by choosing bundled solutions that meet multiple critical use case requirements. By consolidating your tools and technologies, you can lower capital expenses and reduce ongoing administrative overhead, while still ensuring that you have the necessary tools to meet all your critical use cases. This approach can help streamline your technology stack and reduce the risk of cybercrime. 

Final Note 

The outlook for 2024 is uncertain, and it’s wise to be frugal. Reviewing tech stacks and consolidating tools to reduce waste and increase ROI is a smart approach for organizations to maintain efficiency and ensure success. 

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