Businesses are under increasing pressure to optimise expenses and do more with less. As marketers, our tech stacks have grown from a small portion of the budget a decade ago to a significant piece of the pie, and so need to be optimised. We need to find areas for improvement and get more out of our current tech stack, whether through consolidation or more strategic use of existing tools.
Research has shown that, on average, companies are wasting 35% of their budget on cloud and SaaS tools. There are three main reasons for this: a lack of knowledge about what capabilities the tech stack has, an unwillingness to upgrade due to cost, and disorganised buying processes.
To get more value out of your tech stack, there are five steps you can take. Firstly, endeavour to negotiate your software contracts. Secondly, invest in team training so employees are aware of the full capabilities of the tech stack. Thirdly, consolidate tools which are redundant. Fourthly, cut seats, not just tools, to reduce unnecessary costs. Lastly, bring in external resources to provide knowledge and upskill your existing team.
By taking these five steps, you should be able to reduce costs and get more value out of your tech stack.
Originally reported by Martech: https://martech.org/5-tips-to-get-more-value-from-your-tech-stack/
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