Although much less fatal than Ebola and SARS virus epidemics, Coronavirus outbreak (COVID-19) has spread to people more than 1,25,000 in fewer than 50 days in more than 120 countries.
The outbreak of Coronavirus (the virus that caused COVID-19), that emerged in Wuhan, China on March 11, 2020 – stands as a reminder that companies should be prepared beforehand for a large-scale outbreak of such dangerous diseases. Such a dynamic situation, that could span across months and beyond the Asia-Pacific region has the potential to disrupt an organizations’ operational continuity.
By 2022, midsize enterprise users of Modern Analytics and Business Intelligence platforms that are differentiated by Augmented Data Discovery capabilities will grow at twice the rate and deliver twice the business value, of those that do not. – Gartner
IT costs are an expensive element of any organization’s budget. Rising IT costs are something that all businesses must contend with. Why? Simply because IT is the driving force behind digital transformations and the creation of new products, services, and opportunities to connect with more customers.
Reducing IT costs seems very difficult. Many business and technology leaders struggle to meet demand while managing a tight budget. Whether you’re a small or a large business and whatever industry you may be from – assessing IT services and solutions is the key to improving business efficiencies and driving out unwanted costs.
The IT department is certainly not the one that can be starved of resources at this very crucial time of digital business evolution. Investments must be done to ensure the timely effectiveness and value of an organization and its products and services.
Let’s consider five ways to lessen IT costs without undermining competitiveness and value –
Reduce the Number of Projects
Some organizations are re-evaluating the number of IT projects allocated to control costs. To complete these projects, companies often hire new staff or sometimes even pay overtime to their existing staff. It is crucial to make the right choice whilst determining which projects to take on.
Although, you need to be careful about what projects to not go ahead with, projects that yield results and transforms the businesses such as the development of innovative technologies, could be worth the investment. On the other hand, projects that merely support business operations like upgrading internal technologies could be candidates for going on hold.
Embrace the Cloud
Switching to a cloud-based solution considerably reduces capital, setup, labor, and expansion costs in exchange for monthly costs. Many organizations that rely on on-premises infrastructure can save a considerable amount of IT costs by moving some or all their applications and data to the cloud. Migrating programs and data to the cloud means getting more uptime for less.
Reduced costs for IT maintenance, IT support services, staffing, and security, as all these things can be handled by the cloud services provider for a predictable monthly fee. There’s little wonder about the reasons cloud adoption is so widespread. Earlier market research by Vanson Bourne revealed that the cloud helps companies save:
16.18% of operational costs
15.07% of total IT spending
16.76% on IT maintenance
Virtualization decouples software from hardware by disconnecting the link between applications and the resources needed to run them. It allows organizations to use virtual infrastructure, rather than physical hardware, to run applications and software. By pooling together resources such as storage, computer processing, networking, etc. and allocating the complete power through virtualization, applications receive power as required, meaning all resources run at their peak capacity that in turn decreases the amount of hardware required to facilitate applications.
One of the most remarkable reasons for virtualizing IT infrastructure is preventing downtime. In a virtual environment, if one application or resource fails, there’s a backup of IT assets ready to act as failover support. Downtime causes organizations and businesses to lose hours of operation, which leads to impact on reputation and potential loss of opportunities.
Benefits of Virtualization –
- Saves your investments on IT Hardware
- Requires low power consumption
- Offers you centralized management of your IT operation, and
- Offers more reliable and secure solutions as opposed to non-virtualized environment
Consider a Manager Service Provider (MSP)
Small to medium-sized businesses often find outsourcing to be a great way to reduce IT costs.
Managed Service Providers (MSPs) can manage, host and maintain an organization’s IT infrastructure more flexibly and efficiently than what SMBs can accomplish in house.
The MSP model is an IT service company that offers managed services to customers and organizations on a proactive basis. Most of the MSPs not only own the entire physical back-end infrastructure but also provide resources to their clients.
And all of this is remotely performed over the internet thus helping clients cut costs besides enhancing their operations. Meaning, the operational expenses are only incurred based on the actual capacity and usage, as opposed to the large upfront capital investments related to purchasing on-premises infrastructure.
Reduce your costs with DevOps
DevOps has a reputation for increasing the quality and speed of the software releases that in turn reduces IT costs, too. Consider Infrastructure-as-a-Service (IaaS), a pillar of DevOps. It not only automates the process of creating new development and test environments, but it also dynamically adjusts the computing resources used, thereby reducing labor cost. Meaning you can efficiently run more severs during usage spikes but not pay extra during slow hours.
Tip: If you swap containers for traditional virtual machines (VMs), you’ll squeeze even more computing resources out of fewer servers.
Implementing test automation in continuous integration and continuous delivery (CI/CD) pipeline is another saver. Functional testing roughly takes 2 to 3 hours when manually performed, and the automation script for the specific task doesn’t require frequent updates. This investment in automation would cut labor hours.
However, one thing to keep in mind is that DevOps savings do not come instantly. A full DevOps “transformation??? takes approximately about one to three years for small business and three to seven years for large MNCs.
Reduce Turnover and Streamline your Workforce
Companies need to support their IT teams, ensuring that they have the necessities and that their workloads are manageable. An increase in employee contentment will help reduce turnover and save big bucks on recruitment and training new members of staff.
Even when departures occur, it’s important to have a cost-effective strategy to substitute them. Instituting a solid internship program is one way to do this, as is promoting from within, and looking first to hire new graduates from a local college you’ve established a relationship with, as this can be a great way to discover new talent and ensure staff grows alongside the company.
Implementation of the above practices does require research and planning. However, the effort is nothing compared to the long-term cost savings you can accomplish. The fruits of cost optimization will be very sweet when they will be used for growth and business innovation opportunities.
If you’ve already thought about any of the ways above, you’re probably ahead of the curve. It’s quite evident that there is no single solution to IT cost reduction. Considering at least one of the above is better than none.
To explore how V2Solutions can help you with cutting-edge and cost-efficient solutions for your business needs, Visit us here.
Imagine a paperclip company that is known for creating an artificial superintelligence and that tasks it with an ulterior goal of making as many paperclips as possible.
For what was once a seldom-used novelty feature, voice-activated search has come a long way in its nearly seventy-year history.
According to Gartner, 20.4 billion connected things will be in use worldwide by 2020. The words such as the cyber-attack, hacking we can hear these too jointly with IoT. Despite, of the fear of piracy and cyberattack the internet of things and IoT applications will grow much faster in the coming years. Ultimately, we can say the IoT future scope or the future of IoT is very bright. There will a lot of IoT devices which will be coming shortly.
So, what is IoT?
The Internet of Things, or IoT for short, is a network of physical internet-connected devices that can collect and share data across a network. Simply put, IoT is a term used to describe objects connected to the internet.
Kevin Ashton is known to be the Father of IoT. A founder director of MIT’s Auto-ID Center, alumni to Procter and Gamble.
According to Gartner:
In the year 2017 there were 8.4 billion IoT connected devices in the whole worldwide. While in the year 2018 it increased to 9.2 Billion. It is expected that in the year 2020 the IoT connected devices in the worldwide would be 20.8 Billion.
There are n number of devices that we see daily but aren’t aware it utilizes IOT as its functioning machinery.
There are IoT coffee machines that send out alerts when you’re running low on coffee. IoT connected beds monitor your sleep and adjust the temperature to optimize your sleep patterns. More practical applications of IoT include connected cars that can drive and update themselves.
According to Forbes, only 18% of small businesses and 13% of mid-sized companies considered IoT a priority in 2015. However, many SMBs are already reaping the benefits of the technology.
Industries with IoT
There are many benefits that gives industries the ability to transform into digital standardization. Let’s walk through the major benefits of digitizing with IoT.
1) Home and Security
This category hits close to home … because it’s about your home. Connected devices currently inside homes include the usual suspects like lights you can control with your smartphone, as well as more advanced options like smart refrigerators that allow you to reorder food from built-in interfaces. We can’t miss out Amazon’s Alexa is currently one of the most popular and well-known smart home devices.
Smart lights, like the Philips Hue bulb, and smart thermostats allow users to remotely control their heating, cooling, and lighting. IoT connected lights can help homeowners save on energy costs by automatically shutting lights off when no one is home. Smart thermostats work similarly by automatically adjusting the temperature to reduce heating and cooling costs. And the benefits don’t stop there. IoT devices can collect energy data at a granular level, making it easy for home and business owners to identify issues and plan accordingly.
Hospitals are already able to remotely monitor their patients’ health and collect data using connected medical devices like insulin pumps and heart monitors. This allows doctors to catch early signs of problems and take preventive action. Connected fitness trackers are so helpful even insurance companies are encouraging their customers to wear one.
4) Urban Planning
By building up information and communication technology, or ICT infrastructure, and sharing data through IoT connected devices, cities can alleviate some of the issues that come with all that growth. In smart cities, sensors embedded in roadways that detect traffic volumes and adjust street lights accordingly reduce commute times.
How many IoT devices will there be in 2020?
We can say one thing for sure the number of IoT or the Internet of Things devices will outnumber the total population of the earth. While we can even say that the Internet of Things or future of IoT is something which is increasing tremendously in an unexpected way.
In the below graphical representation of the Statista, we can see the increased use of the Internet of Things or IoT connected devices from 2015 to 2025.
According to the graph, we can say the usage of IoT devices will be 30 billion and above. This is four times more than the total population, which is just 7.7 Billion
With the promise of 30+ billion connected devices by 2020, it’s safe to say that the Internet of Things has arrived, and it’s here to stay. And with the rise of IoT, comes an onslaught of data.
With the increased use of the Internet of Things the treat for security and safety has also increase. So, we should be careful while providing the details on the Internet platform. However, we can see a lot of necessary steps are being taken but keeping your data safe with you is essential.
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– Anne Morrow Lindbergh
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