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4 Ways To Limit IT Spending During COVID-19

The current COVID-19 crisis has had a significant impact on many businesses. The economy has taken a massive hit, and with it, many companies—especially smaller ones—have had to make some difficult decisions. Some have had no choice but to close their doors for good, while others are searching for solutions that allow them to cut costs and remain open.

One expense facing scrutiny is IT spending. But when cyber crime is higher than ever and businesses are relying on remote solutions and digital marketing to get by in a contactless world, cutting IT services completely just isn’t an option.

Luckily, there are other ways to decrease IT spending without losing out on the benefits of tech support. Here are four ways you can limit IT spending during COVID-19:

1. Evaluate Your Software Subscriptions

Consolidating your software is an easy way to start cutting back on your business IT costs. Many businesses are shelling out payments for multiple software subscriptions each month. Perhaps you use Dropbox for file-sharing and Zoom for business meetings, or you have several specialized programs that in reality have overlapping functions. Even though individually, these things may not seem a lot of money, when added together, they can become a significant and unnecessary expense.

Consider your needs and what you actually use the software for, then see if there are ways to combine your subscriptions—or if there are subscriptions you don’t use at all that you can end. For example, Microsoft Office Suite can help you get a lower price for services like file sharing and video conferencing by bundling them together under one platform.

2. Outsource Your IT

If you’re considering hiring an in-house CIO or IT team, outsourcing your IT can be a much more cost-effective solution.

When you outsource your IT services and support to a Managed Service Provider (MSP), you can save up to tens of thousands of dollars a year, considering that the monthly cost of managed services is often less than the expenses of paying one salaried employee.

However, despite the cost difference, working with an MSP can give you an equal or even greater level of support as an in-house team, considering that an MSP will have more resources, the knowledge and skill of an entire team of professionals, and, often, round-the-clock support.

3. Evaluate Business Phone Lines

If you’ve had the same business phone line for years, it’s likely outdated and overpriced compared to today’s more modern, flexible options.

Voice over Internet Protocol phone lines are less expensive and have more capabilities than traditional lines, leading to significant savings and better communication for businesses. Likewise, if you pay for employees’ cell phone plans, there are inexpensive apps that can forward company calls to cell phones in lieu of using a more expensive phone plan.

4. Review Your IT Contracts

Finally, spend some time reviewing your existing IT contracts, especially if your organization has gone through any major changes lately. Many contracts with IT providers or software subscriptions fluctuate in price due to the number of users, so if you haven’t taken a look at your plan lately, you may be paying for employees who don’t even work for you anymore. A few minutes of searching could lead to some great cost savings.

Try out these tips to limit IT spending while still getting the best ROI for your technology investments.