To stay competitive, grocery stores must find the perfect balance in inventory management. Too much product in the warehouse and those products spoil, leading to lower profits. Too little inventory, and the stores can’t keep up with demand.
Technology created by your team is no different. As a CIO, you know your staff is already taxed with both the support and creation of tools and resources. To improve the efficiency of your department, one of the first questions your team should answer at the beginning of a new project is whether you are utilizing your current IT inventory.
Before purchasing or creating new technology, what can be repurposed? Understanding what you have in your current IT warehouse means operating at a higher level of IT efficiency. Many tools and resources can be reused in other ways, without the need to purchase or build something new.
Before you start on that next important IT project, consider the following:
1. Unused IT resources are a waste unless you can find ways to use them.
2. Spare inventory gets in the way and is essentially leaving money on the table.
3. By assuming unused IT inventory cannot be repurposed, you lower your ROI (return on investment).
4. Inventory that goes unused equals stranded capital your CFO could spend on other things.
5. SaaS providers are winning the battle of company budgets because they build systems that only accomplish what is necessary. They have lower overhead because they aren’t warehousing unused inventory.
Achieving IT efficiency starts with understanding what’s in the warehouse and ways to repurpose those tools and resources. But a CIO’s ultimate goal is to work towards the perfect balance of building the best solutions without having a large surplus leftover to warehouse.