Tech Time: 4 ways to reduce your technology spend
Eliminating redundancy and taking a close look at contract language can curb expense growth over time
Every bank and credit union CFO I have ever met would like to pay as little as possible for the most value. Each executive would like to pay their vendors, landlord, janitorial service and even consultants as little as possible, or at least ensure they’re getting a good deal. Most are proud of their ability to reduce expenses.
If you are one of those executives, here are some areas you may be missing in expense reduction with your technology vendors:
1. Eliminate Usage Redundancy
Every technology contract has “per-use” charges. For Office 365, you pay by the number of Office 365 users. For debit processing, you pay by the number of card transactions, and for your core banking system, you likely pay by the number of bank accounts your core vendor is hosting on your behalf.
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