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Evaluate & Consolidate your Tech Stack (Step 1)
Now's the chance to do things differently. Let's go!
The effects of a looming recession are increasingly being felt within the SaaS and Systems Integrator (consulting) ecosystem - an unsurprising outcome.
During the pandemic, the software market was saturated to keep up with customers who were rapidly pivoting towards digital and remote strategies. Now, the changing market conditions have ushered in a time for pausing, reassessing, and prioritizing previous commitments.
But wait, we’re still not getting the value, but now we have to figure out where Generative AI fits in?
This is the new transformational technology, poised to solve an array of your business challenges. New tech, same problems? Now’s the time to figure out what your business needs, again.
It's often said that downturns provide the perfect opportunity for introspective analysis, allowing for positive changes and strategic positioning for a stronger future.
Placing myself in the shoes of a business leader - our clients - and using AI readiness as a key lens to approach digital strategies, here’s where I am focusing my time.
1-2 weeks max with focused time should yield the artifacts you need. If you already have this data, skip to step 2 - Wrapping your arms around data! :)
1. Evaluate Current Spend / Tech Stack:
Audit Current Software Inventory: The first step would be to create an inventory of all the software applications and platforms currently being used within the business. This includes enterprise software, SaaS applications, and any other software tools. This inventory should include details such as the function of the software, the department using it, number of licenses, cost, and renewal dates.
Evaluate Software Utilization: Determine how often and how effectively each software tool is being used. Identify any underutilized software or redundant applications. Look for overlaps in functionality, as you might find opportunities to consolidate tools.
Assess Software Performance: Analyze how well the software meets business needs. Are there issues related to speed, uptime, or reliability? How quickly are bugs and issues resolved? You can gather this information through user feedback and performance metrics.
Measure Return on Investment (ROI): Compare the value that each software application provides against its cost. Value can be quantified in terms of productivity gains, time savings, increased sales, improved customer satisfaction, etc. ROI analysis can help identify software that isn't providing sufficient value for its cost.
Understand Contractual Obligations: Review the terms of your software licenses and contracts. Look for opportunities to negotiate better terms at renewal time, or consider whether it makes sense to switch to different pricing models (e.g., per-user or usage-based pricing).
Identify Security and Compliance Risks: Ensure the software you're using complies with all relevant regulations and doesn't pose a security risk to your business. Look at data handling, user access controls, and the vendor's security policies.
Look Toward Future Needs: Lastly, consider how your software needs might change in the future. Is your current software scalable? Can it integrate with other tools? Is it flexible enough to meet changing business requirements?
Software Inventory Template
Don’t overthink it.
Creating a basic inventory of your tools and contracts in Google Sheets (or Excel) would be an effective way to streamline your current state analysis.
Next up —> Wrapping your arms around your Data! Framework: Data in Depth (Step 2)
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