Cost reduction and technology management  was on the minds of those who attended a workshop held in Troy Michigan on October 26th hosted by Autumn Land Company.  Attendees included business managers from several parishes across the Archdiocese of Detroit.  The topics covered included energy sourcing alternatives, telecommunications options, teleconferencing and effective technology utilization.

As part of the event, Scott Simpson, Managing Principal of Vector Associates LLC, shared a presentation with the group covering the following topics:

  • Cost Reduction – Start with the Basics
  • Managing Existing Technology
  • Planning Technology Upgrades
  • Preparing for Future Technology

Although this presentation was targeted at a specific audience, there are a number of “takeaways” that apply to any business or organization:

Start by Asking the Right Questions
The first step in any successful cost reduction effort or technology implementation process is to gain a clear understanding of where you stand and where you are trying to go.  If your goal is cost reduction, start with a “deep dive” into your current financial details.  Key questions to answer include:

  1. “Where and how are we spending our dollars today?”
  2. “Are we getting competitive value?”
  3. “What could we do differently that can have a positive impact, both from an operations and a financial perspective?”

A key consideration is to not let “this is how we always have done it” or “we tried that once before and it didn’t work” stand in your way.

Effective Technology Management Today and Into the Future
Defining and implementing an effective technology strategy also begins with asking the right questions and through the application of several key concepts:

  1. Start from the end and work backwards – “What are we trying to accomplish?”
  2. View technology as a means not an end
  3. Look for the technology “pull” from users within your business or organization
  4. Tackle the process in manageable steps using a robust, flexible technology plan
  5. If you don’t have all of the answers, hire an advisor to help guide you

Learn more about cost reduction, effective technology management and how to implement a successful technology upgrade by downloading the full presentation.  Click here to access the file in pdf format.

What are your thoughts on effective cost reduction or technology implementation?

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