IT maintenance, upgrades and new implementations are necessary expenditures for any business that wants to stay relevant, compliant and competitive. Unfortunately, they can also be very costly and and rife with opportunities for overspending. In today's uncertain market, IT leaders and purchasers often struggle to find a balance between reducing IT costs and keeping the organization's IT systems current and effective. Suspending projects or cutting new investments may save money in the short-term, but it will inevitably hurt the business in the long run.
Fortunately, there is a way to get the technology you need without going over budget. The key is to cut costs before the purchase is even made. You can achieve this by being prepared for negotiations to get the most value for your investment. Here are six considerations to make before your next IT purchase:
1. Your existing vendor may not be the best
Vendor loyalty is important and may even come with some added discounts. But it never hurts to shop around to make sure you are getting the best deal on your new investment. Comparing vendors can also give you some valuable leverage when it comes time for negotiations.
2. Don't overbuy
Vendors will often make bundled services seem like a easy and cost saving option. But beware-- bundles are a great way to buy more than you need and lose money that could be better spent elsewhere. Any perceived bundle discounts may be eaten up by the cost of services you won't use.
3. Benchmark pricing
Determining fair market value on many technologies can be a difficult process, but it is one that is necessary if you want to avoid overspending on your purchases. Consulting with an expert can help you benchmark pricing and find out what you should pay.
4. Reduce unnecessary support
Not every IT solution will need premium support, but vendors will try to sell you on the highest level if you aren't certain exactly what level of support you need. Knowing where you can scale back on support can mean big savings.
5. Don't stand for annual maintenance increases
Vendors will often try to increase maintenance fees every year and tell you it is standard practice. If you agree to these annual increases, you are overpaying for service.
6. Keep the future in mind
Always remember to make purchases that will put you on track for your 12-18 month goals, not ones solely based on what you need now. Keeping these future goals in mind will set you up for success as your business grows and changes.
Fortunately, there is a way to get the technology you need without going over budget. The key is to cut costs before the purchase is even made. You can achieve this by being prepared for negotiations to get the most value for your investment. Here are six considerations to make before your next IT purchase:
1. Your existing vendor may not be the best
Vendor loyalty is important and may even come with some added discounts. But it never hurts to shop around to make sure you are getting the best deal on your new investment. Comparing vendors can also give you some valuable leverage when it comes time for negotiations.
2. Don't overbuy
Vendors will often make bundled services seem like a easy and cost saving option. But beware-- bundles are a great way to buy more than you need and lose money that could be better spent elsewhere. Any perceived bundle discounts may be eaten up by the cost of services you won't use.
3. Benchmark pricing
Determining fair market value on many technologies can be a difficult process, but it is one that is necessary if you want to avoid overspending on your purchases. Consulting with an expert can help you benchmark pricing and find out what you should pay.
4. Reduce unnecessary support
Not every IT solution will need premium support, but vendors will try to sell you on the highest level if you aren't certain exactly what level of support you need. Knowing where you can scale back on support can mean big savings.
5. Don't stand for annual maintenance increases
Vendors will often try to increase maintenance fees every year and tell you it is standard practice. If you agree to these annual increases, you are overpaying for service.
6. Keep the future in mind
Always remember to make purchases that will put you on track for your 12-18 month goals, not ones solely based on what you need now. Keeping these future goals in mind will set you up for success as your business grows and changes.
About the Author:
Joseph B. Kappernick specializes in helping Fortune 500 companies save money. He recommends that you visit NPI Financial to learn more about telecom cost reduction service
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