3 Keys to Reducing Spend on Your Project Control Solution in a Recession
May 2020 | Version 01
Regardless of global economic health, contractors should always be evaluating their software
vendor relationships. Many software providers stipulate annual agreements, and sometimes
longer terms. Long before each renewal, organizations should take the time to review all available
market solutions, assess the feature stack of competition, and look for ways to find better value
for their budget.
According to a recent report, on average "companies are wasting 37% of their software spend —
a proportion that would be deemed unacceptable in any other part of the business. The cost of
this waste is enormous: in the US alone, it amounts to $30 billion in wasted IT dollars."
For contractors working on tight margins, finding the best bang for your software buck should be
a top priority. When evaluating a project management solution, here are some questions your
team should ask:
If I'm paying a premium, does my software still provide a significant competitive
advantage over other available vendors?
What features, functionality and integrations are most important to me?
Do any competitors offer the same feature set at a lower cost?
What has been my experience with their customer success team?
Is there a net positive return on my investment?
When evaluating your project control system, make sure you're getting the best value for your
dollar. Value-based decisions compiled together can dramatically affect the financial health of
your organization, improving your business' cash flow while simultaneously lowering operating
costs.
1. Assess All Top Annual Expenditures
"ON AVERAGE, COMPANIES
ARE WASTING 37% OF THEIR
SOFTWARE SPEND."
