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Adjust your tech stack to withstand the downturn – londonbusinessblog.com

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Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

With a recession looming economic headwinds that show no sign of abating are many companies struggling to cut costs. Software is an excellent category for optimization, and many organizations pay 50% more on cloud technologies than two years ago.

It’s tempting to over-invest in the best technologies to increase efficiency and stand out, but that technological desire to keep up with the Joneses can come at a significant cost. Companies currently have hundreds of software contracts, mixing and matching apps, platforms, and an endless array of SaaS vendors.

As a result, some of that expenditure is unnecessary. According to our internal data, which covers more than 10,000 contracts we’ve negotiated, companies spend nearly 30% too much on their software.

The challenge is that most companies don’t have the right procurement infrastructure—data, tools, experts, and processes—to effectively navigate the nuance and complexity inherent in software procurement. They are essentially in “do-it-yourself” purchase mode.

The question is not whether there is waste or inefficiency, but how much.

As a result, they don’t know how much to pay for each tool or what tools they really need, let alone whether they actually use what they bought, where they keep the original contracts or document when contracts are due for renewal. This disparate approach leads to massive inefficiencies, not to mention overspending.

How can you regain control of the process to ensure you make the best possible decisions regarding your software spend? Start by asking yourself these three important questions.

Do I know what I bought and am I using it wisely?

Every company should check its current tech stack. No exceptions! Most companies suffer from the bloated feeling of years and years of over-investing in software, and it’s essential to have a clear picture.

Start with an accurate count of how many tools and software platforms your business actually has and how much you paid for them. Then make sure you know where the original contracts are and when renewals are scheduled. In addition, verify that you have a single source of truth by examining whether all your contracts and associated data are stored and accessible in one place.

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