The Big Pivot: Reduce Enterprise Costs
From Recovery to Reinvention
Uncertainty and volatility are all around us. How are organizations reacting to the impact of COVID-19 while attempting to remain profitable? Short-term tactics like hiring freezes, contract reviews and delayed investments are becoming the norm to trim costs. Yet these temporary solutions will not position an organization for long-term resiliency. Financial services firms are challenged to cut costs and maintain a positive balance sheet despite forecasted defaults.
Public sector entities must address the long-term financial impact caused by the pandemic, while continuing to care for citizens. Manufacturers must maintain visibility and manage supply chain disruption. COVID-19 has forced enterprises to focus on reducing costs, but leaders must implement strategies that prepare for what’s next. Organizations that pivot from cost reduction to resiliency will be better prepared for the digital reinvention of tomorrow.
Lead, Don’t Lag
Many companies have struggled with profitability during the pandemic,
but all cost reduction measures are not created equal. Our latest research shows
Leaders in technology adoption are twice as likely as Laggards to be using cost
reduction strategies to reinvest savings into their core products and services.
How We’ve Helped Clients Reduce Costs
Harvard Pilgrim Health Care Cut core support cost by $13.5 million through automation and process improvement.
Jackson National Life modernized 40 critical applications, enhancing operational efficiency and the user experience, while also reducing overall maintenance costs.
East Tennessee Children’s Hospital projects $1.3 million in first-year cost savings and cut outdated inventory by nearly 50%.
Yaskawa America Inc. leveraged a cloud-based supplier portal for real-time insight into a global supply chain and speed up development by 50%.
Masergy cut its monthly closing cycle by two days, reduced payment cycles by 75%, and improved user efficiency through a new cloud platform.
G6 Hospitality’s cloud-first transformation lowered costs of experimentation, reduced time to onboard new properties and improved the guest experience.
Pandemic Perspective: Five Ways to Cut Costs with Technology
While a handful of industries are flourishing during the COVID-19 pandemic, far more companies are fighting for survival. And as the slow months drag on, forward-thinking enterprises are finding answers in technology solutions. Our POV paper explores why you need a long-term strategy, rather than relying on aggressive cost-cutting measures in the short term.
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Automation
With the rising demand for efficient and contactless services, organizations are turning to automation. Automation can help businesses overcome call volume surge with RPA, expedite product development with DevOps automation and secure your IT environment.
Cloud
As organizations emerge from the crisis, cloud-enabled digital transformation is the model to adopt. Cloud provides the ability to scale up and down to react to evolving opportunities, while enabling agility to create new products and services.
Application Modernization
A proven method to reduce IT costs is modernization and portfolio optimization. A modern platform can help you create flexible, agile architectures that contain costs while preparing for a potentially sustained economic downturn.
Data Analytics
Data can be a key element to reducing costs. Most companies are unable to properly process and analyze their existing data, which leads to potential waste. Improved data analytics can help clients reduce inefficiencies across the organization and improve customer service and sales targeting.
Watch our on-demand webinar to learn how leaders can create efficiencies that reduce costs and stabilize revenue.
