Business efficiency, cut expenses not corners
6th September 2023 - Reading time: 3 min
In today's competitive business landscape, maintaining a fast pace is imperative for success. If you are a C-executive, manager or board member the challenges of decision-making, ensuring efficient operations is familiar territory. As you keep a rapid pace, recurring costs in the organization usually grow in correlation with the progress and speed. As a result, a key question arises: Can companies identify and remove unnecessary expenditures? Here's a perspective worth considering.
Slowing down for profit
Strategic cost-saving can be just as, if not more, impactful as revenue growth. Through detailed analysis and innovative solutions, the STOIX team has successfully helped businesses identify areas of unnecessary spending. Here are three customer success stories where we unveiled and removed hidden costs:
At a major banking service company, inefficiencies in cloud infrastructure were quietly sapping funds. The cause was identified through gathering data for analysis from cloud platforms in relation to company strategy and the processes within tech related to business. By thoroughly understanding and realigning resources, the STOIX team optimized the company's workflow. This adjustment alone resulted in yearly savings of $120k.
A large music streaming service was incurring excess costs due to inefficient pipelines in their data infrastructure. By working closely with stakeholders and collaborating with the infrastructure and data teams, the STOIX team gathered and cross referenced runtime information in relation to platform degradation over time and facilitated a more efficient workflow, netting yearly savings of $80k.
By analyzing data and understanding a company's organizational structure, the STOIX team highlighted and addressed areas of inefficiency within operations, their software applications, and inventory processes. This intervention resulted in a 30% reduction of operational costs.
Keeping the pace
The examples above underscore the significant savings that can be realized by businesses using data to approach their expenditures. Importantly, these savings were achieved without requiring additional effort or resources from the companies involved. With STOIX's expertise businesses can bolster their bottom line and ensure efficient operations, emphasizing the strength of STOIX as a cost-efficient partner. STOIX is equipped to guide businesses towards this objective.
Want to hear more and get tangible savings through a data-driven lens? Contact us !