The challenges in the tech industry’s labor market will still be present in the following year. Experts believe there will be more tech jobs than people who can fill them. Hiring and retaining experienced tech staff can be an expensive problem, regardless of the nature of your business.
Tech leads need to do everything they can to cut costs in 2023. Here are simple tips to help chief technology officers (CTOs) save more without sacrificing business security.
Save Data Wisely
Today, one of the ongoing jokes in the world of data analysis is that most organizations hoard data, even useless ones. If your company invests in tech for data storage, make sure your team stores only insightful data.
One mistake modern companies make these days is storing all the data they can pull. They believe it’s better to keep everything since they never know what they might need.
However, this practice can get expensive. Some solutions today process and charge users based on the amount of information they analyze.
You can save more by ensuring you only have the data that you need. If you think you have too much irrelevant information on your servers, delete them. This way, you only have the required data and can make space for more crucial data.
Optimize Technologies
Optimizing the technologies you already own is crucial to get the most out of the solutions you have. Update and maintain your assets for greater reliability and to improve data-driven decision-making. It also helps keep the integrity and value of artificial intelligence (AI) systems in production.
Some systems promote an enhanced customer experience by combining different software engineering strategies to protect against risks. These systems rely on automation, observability, design, and testing to deliver results. When optimized, they also mitigate operational and security risks.
Invest in Used Technologies
As CTO, you are aware of how expensive brand-new technologies can be. Although your operations team would love to see new gadgets, buying something new frequently can be costly.
Fortunately, there are many ways to get new solutions and machines for your company without spending too much. One way is to buy second-hand technologies.
For example, operators on the shop floor need a new coordinate measuring machine (CMM). Instead of purchasing a brand-new unit, you can buy a used machine at a reduced price. There are several companies today that offer fully reconditioned CMMs, just like the Bridge CMM equipment from CMMXYZ that work as well as brand-new equipment.
If you choose to buy second-hand tools, purchase them from trusted suppliers. Although this process can be more tiresome than buying a new machine, it can help you save more in the long run.
Improve Security and Monitoring
As of 2022, the cost of a data breach in the world reached $4.35 million. The figure shows how expensive a data breach can be and why security should be a priority for CTOs.
The statistics also make a strong business case for improved monitoring and stronger cyber security measures. You want to allocate more budget for monitoring and security the following year to address the risks brought by the following:
- Increasingly complicated hybrid IT environments
- Evolving threats due to an expanding remote workforce
- Tighter service level agreements (SLAs)
These are crucial and effective tips to help CTOs cut costs in 2023. They will help you save more in the long run and keep your organization protected.
