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How do you keep service technology costs under control?

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Service technology is essential for delivering high-quality, efficient, and customer-centric services. However, it can also be a major source of costs, especially if it is not well-managed, optimized, or aligned with the service strategy and goals. In this article, you will learn some practical tips on how to keep service technology costs under control, without compromising on performance, security, or innovation.

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Shailesh Tandekar
Shailesh Tiwari

Customer Service Captain I Driving Operational Excellence and Customer Satisfaction I Optimising Processes and…

1 Assess your current situation

The first step to control your service technology costs is to assess your current situation and identify the sources, drivers, and impacts of your spending. You can use tools such as service audits, benchmarking, cost-benefit analysis, or total cost of ownership (TCO) to evaluate your existing service technology portfolio, infrastructure, processes, and contracts. This will help you to understand where you are spending the most, what value you are getting in return, and what areas need improvement or change.

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Shailesh Tandekar
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In my experience, we need to understand and keep In mind the following while evaluating implementation of service technology- 1. Present state of affairs 2. Voice of customers on what they expect and what will be their future expectations 3. Existing and future skills and resources you will require 4. Ensure its aligned to your business vision and mission Once we have proper understanding of this to begin with, is when we need to begin working on anything related to implementation of service technology.

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Vineet tripathi

Solution Architect -ORAN -Global product support @Mavenir
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Before delivering any solutions to customer we need to understand very clearly the customer current requirements and expectations and future expectations. Accordingly we have to enhance the skillset of our resource and work towards automation for maximum output with minimum resources to reduce the overall service operating cost.

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2 Align your service technology with your service strategy

The second step to control your service technology costs is to align your service technology with your service strategy and goals. You should ensure that your service technology supports your service vision, mission, value proposition, and customer segments, and that it enables you to deliver the desired service outcomes and experiences. You should also avoid investing in service technology that is not aligned with your service strategy, or that is redundant, obsolete, or incompatible with your service ecosystem.

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3 Optimize your service technology performance

The third step to control your service technology costs is to optimize your service technology performance and efficiency. You can do this by applying best practices such as service design, service automation, service integration, service standardization, and service monitoring. These practices will help you to improve your service quality, speed, reliability, and consistency, while reducing your service errors, failures, and waste. They will also help you to leverage your service technology capabilities and resources, and to increase your service productivity and profitability.

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4 Secure your service technology assets

The fourth step to control your service technology costs is to secure your service technology assets and data. You should implement appropriate measures to protect your service technology from cyberattacks, breaches, theft, loss, or damage. You should also comply with the relevant laws, regulations, and standards regarding data privacy, security, and governance. This will help you to avoid costly fines, penalties, lawsuits, or reputational damage, as well as to preserve your service trust, loyalty, and satisfaction.

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5 Innovate your service technology solutions

The fifth step to control your service technology costs is to innovate your service technology solutions and explore new opportunities. You should keep abreast of the latest trends, developments, and innovations in service technology, and assess how they can benefit your service operations and customers. You should also experiment with new service technology solutions, such as cloud computing, artificial intelligence, or blockchain, and test their feasibility, viability, and desirability. This will help you to gain a competitive edge, enhance your service value, and create new service revenue streams.

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6 Review and adjust your service technology costs

The sixth and final step to control your service technology costs is to review and adjust your service technology costs regularly and proactively. You should monitor your service technology performance, usage, and impact, and compare them with your service technology budget, plan, and expectations. You should also solicit feedback from your service stakeholders, such as customers, employees, partners, and suppliers, and incorporate their insights and suggestions. This will help you to identify any gaps, issues, or opportunities, and to make informed decisions and adjustments to optimize your service technology costs and benefits.

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James Roloff

Digital Strategy | Empowering Leaders in the Digital World | Expand Your Reach | Build Authority | Generate More Revenue
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It's VERY easy to have technology costs creep over time. A sales rep needs access to a platform. A marketing person needs to run a report. And a BDR needs to subscribe to access data. Next thing you know, your ongoing technology costs have increased 15% YoY! I recommend regularly reviewing all your technology expenses and trying to determine where cuts can be made. Then going forward, proactively budget for the room for strategic technology services.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Shailesh Tiwari

Customer Service Captain I Driving Operational Excellence and Customer Satisfaction I Optimising Processes and Reducing Cost
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Efficiently managing service technology costs requires strategic planning. Begin by evaluating tasks suitable for automation versus manual processes. Opting for nimble, cost-effective vendors over big brands can yield substantial savings; imagine procuring a specialized solution for less. Additionally, consider consolidating technologies under one vendor, fostering not only streamlined operations but potential discounts. This approach ensures cost control without compromising effectiveness.

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Karthic G.

VP of Professional Services | Spearheading Digital Transformation and Delivering Operational Excellence
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1. Align technological initiatives that deliver incremental updates as opposed to big bang approach which add tremendous delivery risk & cost. 2. Align technological investments with business/strategic goals to reap maximum value. 3. Coach and incorporate user feedback during implementation to adapt to evolving priorities. 4. Empower team to make decisions backed by data.

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How do you keep service technology costs under control?

1

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3

4

5

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1 Assess your current situation

2 Align your service technology with your service strategy

3 Optimize your service technology performance

4 Secure your service technology assets

5 Innovate your service technology solutions

6 Review and adjust your service technology costs

7 Here’s what else to consider

Service Operations

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How do you keep service technology costs under control?

1

2

3

4

5

6

7

1 Assess your current situation

2 Align your service technology with your service strategy

3 Optimize your service technology performance

4 Secure your service technology assets

5 Innovate your service technology solutions

6 Review and adjust your service technology costs

7 Here’s what else to consider

Service Operations

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