There are three steps that organisations should take now to contain IT costs and mitigate cyber security risks in 2021.
Identify and eliminate inefficiencies
Organisational inefficiencies cost companies in terms of time, money and lost opportunities. IT inefficiencies can also cause gaps in the organisation’s security posture. It’s time to review each organisational process and determine where IT infrastructure can be consolidated, which processes can be replaced by automation, and those that can be phased out if they are no longer relevant in the new business environment. Moving in-house data and applications to cloud hosted services is a highly effective way of consolidating IT and improving business process efficiencies. For organisations that invested in cloud applications to support the move to remote work during 2020, it’s time to review how those new applications will apply in steady state operations for the longer term. Relevant, actionable data combined with a focus on business outcomes can help IT teams make informed decisions about which new applications and infrastructure should be adopted, and legacy applications to be kept versus those that need to be retired because they negatively impact process efficiency. An audit of IT security applications must form part of this process to ensure the organisation remains protected during its digital transformation.
Replace manual processes with robotic employees
Investing in automated solutions that replace manual processes can save IT resource costs over the longer term. For example, intelligent automation can save organisations between 40 and 75 per cent of business costs.1 Automation reduces operating costs because it delivers better levels of process efficiency than can be achieved by human employees. It also helps the organisation achieve greater levels of scalability, which is crucial during growth or when adapting to rapid market changes, and frees up employees to focus on higher value, profit-making activities that generate revenue for the business. Significant cost savings can be achieved by automating cyber security because computers are able to simultaneously process massive amounts of data, and identify potential threats, faster and more efficiently and cost-effectively than a human worker. It also eliminates human error, which takes the cost and risk out of a potential cyber attack. Considering the average cost of a successful cyber breach in Australia is $2.15 million2, investment in an automated security solution is extremely small compared to paying human employees to continually monitor IT systems, or the crippling financial and reputational damage that could be caused by a cyber breach.
Partner with a trusted IT security expert
Managed security services providers (MSSPs) exist to deliver cost-effective and scalable security solutions that maintain the protection of online organisational assets no matter what is happening in the external business environment. With so many cloud applications and IT security software solutions on the market, it can be a highly time-consuming task for organisations to research and select the right security solution for their needs. MSSPs work as an extension of the organisation’s IT team to identify and eliminate IT inefficiencies, consolidate systems and infrastructure, and apply automation where it delivers the highest business value. The right MSSP for your business demonstrates a clear understanding of how IT applications support business goals and provides a comprehensive security solution that helps the business save cost while mitigating risk.
To learn more about how to optimise your business operations, read our Business adaptation series: Optimisation whitepaper. For more specific information and an assessment of where your organisation can reduce IT costs while firming up its security posture, contact the Nexon expert team today.