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Thanks to digital transformation and widespread cloud adoption, organizations manage more technology than ever. IT teams are fatigued and tech leaders are under pressure to manage technology budgets better. Organizations of all sizes are turning to Lifecycle Management Services to ease this burden.
With inflation rising and a potential recession imminent, containing costs will be critical in 2023. Bain & Company’s research on the Macroeconomic Environment for Software gives us insight into how tech leaders approach tech investments amid uncertainty.
The research reports that IT budgets remain more or less intact for 2023, with up to 65% of decision-makers indicating that they’re planning to increase their IT budget.
However, respondents did share that they’re taking a closer look at their IT spending. If budget cuts become necessary, most decision-makers will look to cut on-premise infrastructure and renegotiate software pricing. They’ll also continue spending their budget on automation tools to assist with cutting costs.
This research illustrates how every single dollar of the budget will require more justification. Being smarter with resources and containing costs will be a top priority and critical to weathering the current state of the economy.
However, many organizations simply don’t have resources in-house with the availability or the skills needed to manage their IT costs, which is where Lifecycle Management services come in.
What Are Lifecycle Management Services?
Most IT professionals will tell you how deciding what technology to purchase is really only the first step in the process. Once the solution is in place, there’s ongoing management and maintenance to be done, which can be incredibly taxing for the IT team.
Lifecycle Management Services offer a way for organizations to get expert-level support that acts as an extension of their existing IT team, focusing on the planning, implementation and management of their technology and spending.
Working with lifecycle management professionals, organizations are typically able to contain costs by:
- Negotiating contracts so you get the best price for your technology investments.
- Optimizing tech spending to ensure you’re tightly managing your budgets.
- Reducing overlap so you’re not paying for platforms that offer the same solutions.
- Streamlining technology transitions to minimize costly work disruptions.
- Supporting mobility to improve end-user experience.
Typically, Lifecycle Management Services can drive cost savings of at least 20 to 30% by optimizing spend and deploying technology faster.
Four Lifecycle Management Services Every Organization Needs
There’s no denying how appealing the cost savings of Lifecycle Management Services can be, but it can be challenging to figure out where to start or even to know what your options are.
Here are four specific types of Lifecycle Management Services that most organizations can benefit from:
1 – Technology Expense Management (TEM)
Managing dozens of technology vendors requires resources. Without time and attention, it can be easy to make costly mistakes like paying for duplicate services or features you don’t need.
Professional TEM providers manage your technology expenses for you to make sure every dollar of your IT budget is optimally utilized. This helps free up your IT team’s time and optimize spending by consolidating vendors and eliminating unnecessary services.
2 – Mobility Management
With an increasingly remote workforce, mobility solutions are more critical than ever. However, managing multiple mobility technology providers involves complicated logistics deployments and dedicated support.
In our experience, most companies are overspending on their mobile plans, as they don’t have anyone focused on finding ways to ensure they have the most cost-effective plans. Mobile providers are constantly making plan updates, and existing subscribers are leaving money on the table if they’re not proactively looking for these cost savings or upgrade opportunities.
Most IT teams don’t have enough resources to support the end user. The right provider can manage your mobility needs so your IT team can focus on their core competencies.
3 – Strategic Sourcing
In an ever-evolving and highly competitive market, it can be challenging to manage your procurement process to ensure you’re getting the right solution at the best price and terms.
Strategic sourcing services help you develop requirements, analyze and benchmark offers while negotiating leading rates, terms and offers. By hiring a strategic sourcing expert, you’ll save time in the overall process, as the heavy lifting for the entire procurement process, including the RFP, will be handled for you.
4 – Transition Management
Countless organizations stick with ineffective legacy technology because they fear the disruption transitioning to new technology will bring. Complex and comprehensive technology solutions like UCaaS and CCaaS can be particularly disruptive as they impact many aspects of your business.
A common challenge companies are faced with is that there’s a gap between what providers are contracted to do and what the client has to do. Transition management services help fill this gap for clients and get technology deployed faster.
This helps you accelerate your implementation timeline and transition to new technology with as little disruption to your team, data, and processes as possible. The end result is that you can reap the benefits of your investment faster.
Maximizing the Value of Your Technology Investments
The ultimate goal of any Lifecycle Management Services should be to maximize the value of your technology investments. Look for highly experienced professionals that specialize in areas that matter most to your business, and have a proven track record of success.
Bridgepointe’s Lifecycle Management team supports hundreds of enterprise-level clients every year with the following:
- Technology expense management: For streamlined operations and containing costs.
- Mobility management: Including 24/7 end-user mobility support.
- Strategic sourcing: Offload the entire process, including RFPs, contract negotiations and renewals.
- Transition management: Speed up your transition timeline by an average of two to four months.
Talk to an expert today about Lifecycle Management Services.