Tightening the Business Belt with Effective and Economical Technology Adoption
The last few years have been challenging for most businesses. Since the onset of COVID-19, difficult employment markets, supply chain issues, and rising inflation have caused severe revenue declines. In fact, based on past trends 25% of all global public companies could run out of cash in the next six months — unless they make smart business decisions, with cash preservation and planning for the post-pandemic business world being top priorities.
Pivot on Your Cost-Cutting Strategy
Often companies cut costs in a linear, uncreative way that preserves cash but robs them of the capacity to flourish in the future. The impulse is to lay off people and let the organization figure out how to do more with less. But organizations that cut the deepest do not usually rebound well from recessions.
As experienced Microsoft consultants, CollabPoint works closely with clients to help them figure out how to save money in the short run while striding towards the future with strategic technology adoption.
Now, the global economy has developed powerful tools that help figure out where money is being wasted, where overlaps occur, and where tasks can be streamlined for efficiency. We are empowered with modern digital capabilities and advanced AI that analyzes companies’ structures and workflows, and CollabPoint stands by these intelligent workflows powered by data and exponential technologies. The application of intelligent workflows not only leads to greater cost savings of up to 50 to 70 % than conventional belt-tightening approaches that only deliver between 10 to 20% but also quality and effectiveness of business operations.
Smarter Technology Adoption is the Way Forward
To thrive, companies need to make better technology investments that enhance business efficiencies and allow them to make balanced cost reductions while placing offensive bets.
The CollabPoint team has delivered technology adoption success for its clients repeatedly. One such example is our work with the financial services organization, Maine State Credit Union. We empowered them with Modern SharePoint and helped them maximize ROI from wise technology investments.
The consistent boost in user adoption and engagement across platforms enabled Maine State Credit Union to yield significant returns. By switching to Modern SharePoint and implementing Microsoft Viva with CollabPoint, the institution saves over $3000/weekly and continues to benefit from an 80% reduction in ‘all-staff’ emails, recording significant man-hour savings.
The Maine State Credit Union modernization journey does not culminate here. With CollabPoint by their side, they look forward to rolling out phase two of the intranet launch, which will involve the development of employee onboarding and training sites. For a deep dive into Maine State Credit Union’s journey to Modern SharePoint and experience working with CollabPoint, make sure to check out the comprehensive case study.
The CollabPoint Approach to Cost-Effective Business Decision Making
In working with our clients, we look at total value and sometimes take headcount off the table. CollabPoint has helped companies discover overlaps and reduce costs by studying the operating model to decide what is core to the business and what is not. From our experience, we often find that functions like personnel administration, payment processing, and accounts payable and receivable require centralization and automation and thus, saving money. When it comes to the customer-facing part of the business, CollabPoint knows how not to cut costs and instead enhance the experience for better retention.
We have identified several factors that drive cost-effective decisions such as automated procurement and smart buying of office supplies, cost-efficient subscriptions, vendor duplication, and of course advancing to contemporary technology instead of legacy systems. Our experts thoroughly assess all business expenditures that have grown over time and recommend adopting less expensive strategies, for example, cloud adoption saves costs while enhancing the experience of all stakeholders.
Positioning for Post-Crisis Growth beyond Technology Adoption
Sometimes modern technology adoption and investments are not the most viable cost-cutting options. Alternatively, if a company can maintain a stagnant headcount as it grows, it is likely to see greater profits. The increased capacity can produce a better customer experience, reduce churn, and even make it easier to raise prices and thus increase revenues.
Finding Digital Success with CollabPoint
However, during the very recent pandemic crisis, it became clear that enterprises that were forward-thinking and invested in digital technology benefited the most, with a majority seeing a sales boom despite the troubled economy.
Cognitive reinvention is the exciting part of our jobs and the essence of our client relationships. At CollabPoint, we understand that it doesn’t make sense to sacrifice your customer service, product, and brand through belt-tightening, when one can make smarter technology adoptions to thrive overall.
Reach out to our experts for help with cost control without compromising the growth of your organization today!