How to REDUCE SPEND & ADD GROWTH at the same time?
Most people look at either cost optimization or growth as an either or situation, that if you focus on cost reductions then you are not able to prioritize and focus on growth because your team ends up spending the time to figure out how and where to optimize spend instead of focusing on product development to increase growth
And that makes sense usually because no matter the size of the company you only have so many resources and so much time, no one can do everything at once…………….if you try to do it by yourself that is………. 👎👎👎👎👎
Just like in a previous article we wrote about “why it’s basically impossible for any company to manage and control technology spend”, if you or your team try to figure out the who, what, when, why, how of every service spend you have then it’s going to take you so much time that basically you won’t be able to do anything else because there’s hundreds of suppliers and contracts and variables you have to deal with
Here’s the problem:
Who — takes a lot of time for your team to figure out who’s the right vendor that can give you cheaper, better, faster solutions or who can give you benchmark information so you can negotiate down your current vendors
What — takes a lot of time for your team to figure out what is the best solution in the market that can help solve your challenges the fastest, easiest, most effective way and most importantly what is the ROI for doing this
When — takes a lot of time for your team to figure out when is the right time to evaluate renewals or look for new solutions, usually they are looking at it 30 days or 60 days before and left with no choice but to renew or just do nothing
Why — takes a lot of time for your team to figure out why they should use this vendor, why they should work on this, why there are so many options in the market, why is this better than that, why now
How — takes a lot of time for your team to figure out how to implement the services if you buy it, how is it going to change what and how you do things today, how will this effect the business in positive or negative ways
These questions are critical to every business decision, but it takes too much time, data, resource, expertise, tools in order for your team to figure it out, so again they either do it quickly and not effectively, or they just don’t do anything at all and now you know why you are always over paying for services and also not able to leverage the latest technology features and benefits and cost savings
You: why do you have 50 licenses of Docusign?
Customer: because we need a digital signature service
You: totally make sense……but there’s literally digital signature services that’s either free or 50% of the cost for the exact same features, this is a commodity now
Lightbulb Moment — your team needs to focus on running the business there is no way they can know all the best options, cost, market, for every service, again back to the title of this blog which is you feel like you have choose between focus time/energy/mind on growth or on cost savings and you can’t do both
That’s actually why we created Varisource to try to solve the impossible that is called managing your technology spend
Varisource is the “only” platform that can solve every aspect of the save vs growth problem as we help customers Save More. Buy Better. Manage Easier across 100+ technology spend categories with average savings of 20–30% and most importantly the biggest differentiator is it’s all done for you
Yes you heard that correctly, we digitize and centralize all your vendor info like contracts, spend, inventory, performance all into a single portal for you, and then we correlate with millions of market data points to identify and generate savings for you immediately, and whenever you need to buy anything we give you 3–4 different best of breed options from the market to help you benchmark and get the best deals for every purchase 😱😱😱
And our subscription is only 1/10 of what the market usually charges……..you can’t believe it either I know, but oh my friend it’s real (schedule a demo already will ya)
Now to answer the question and concern that #vc #venturecapital #investors #startups #founders #ceo #cto #cfo #finance #leaders #procurement have about whether you should focus on cost reduction or growth, the answer is………..
With Varisource you can actually have both and do it 10X cheaper, better, faster, easier for your team
Say hi at Https://www.varisource.com
Schedule demo at — www.calendly.com/varisource
Originally published at https://www.linkedin.com.