Inflation is the new future of work. Times are hard for IT companies and to stay afloat – we should take all factors under consideration. Quality is essential for IT companies and today, it is more important than ever to deliver a quality product. How do you deliver the same great service while managing the rising costs of doing business?
If you are under pressure to cut costs, you should consider these three golden rules.
1. Most importantly – plan ahead.
This new situation will demand your wise management of expenses, but also of time AND resources.
To make this easier, you should first know what you have on deck. Review the strengths of your team and company – maybe you have an ace up your sleeve? Use it when you need it most! Moreover, knowing the capabilities of your company can allow you to plan a strategy more effectively.
What’s worth including in the plan: Cut costs where you need to, but don’t forget that growth is crucial for staying competitive in today’s market. This will allow you to not only work through the hard times but will enable you to ramp up when more favourable trading conditions arrive. For your specialists, it may not only be trainings but also putting them to work with various clients and in different environments to gain experience and knowledge.
There may be a pressing need to cut costs and it is important to respond decisively. However, it is also important to give yourself time to consider and identify the components that will bring your company satisfactory results. So setting long-term goals should be part of the process.
2. You don’t have to do it on your own
Some processes may be an obstacle in focusing on what’s really important in your business. It’s worth finding assignments that need attention and those that can be automated. For example, maybe you can automate some of the communication, data processing, or recruitment processes. You can implement automated solutions for any other routine tasks.
If some of you need a helping hand – it’s okay. Why not try outsourcing? You can offload some processes to professionals. It’s more efficient than having an in-house team for everything. This way you will save time, cut costs or divert to other areas, which will hopefully deliver favourable results.
One of the most time-consuming processes is recruiting. Although some steps in this process can be automated, you can utilize outsourcing for improved results. Using specialized gig workers will contribute to your project on an improved level and won’t put pressure on your budget like taking on new employees would. These gig workers will simply show up when you need them. The gig economy is upon us and hiring freelance workers has become a common way of dealing with the Talent gap in IT companies.
However, it’s no time to rest on your laurels. So use the resources you have and don’t let your current employees’ time go to waste. If you don’t have a job for your IT workers at the moment but of course, you don’t want them to leave, it’s worth trying to put them on the bench. Let them participate in your client’s projects. It’s a great way to gain new experience for both your specialist and you financially.
These are the most effective ways to increase flexibility and, more significantly, productivity within the company.
3. Technology is your best friend
It really is. Using technology in your business processes is a real time saver and will allow you to cut costs in the end. Of course, using these tools and previously discussed automation is an investment. Yet it accelerates the efficiency and quality of performed actions.
How can you implement this? There is no one size fits all but moving entirely to operating remotely is a great idea. You do not have to worry about office costs, you can hire specialists from any part of the world, and, in addition, remote work makes your specialists more efficient. 86%1 of employees say they are most productive when they work alone. They no longer have to worry about commuting, you can contact them with one click and organizing corporate work is always done in one place.
In fact, by moving your documentation into the Cloud, and using it efficiently, you can save significant amounts of both time and money. You gain unlimited access to all your files which will streamline your processes, enable collaboration with your teams, and cut costs related to storage, office, and infrastructure. Furthermore, you can go paperless, ensuring a more sustainable business.
To accelerate process efficiency, use the available tools you have at hand. With the help of technology, you can make these processes more transparent and track them effectively.