Lim Wee Tee, Regional VP for ASEAN & Taiwan, Cloudera Digital transformation has traditionally been synonymous with improving customer experience, increasing operational efficiency, or even revamping business models and launching new product lines. However, in today’s intensely challenging business climate, this is changing. Businesses are now turning to digital transformation for a more practical reason — cost optimisation. Although less glamorous than inventing a new product, this outcome shouldn’t be underestimated. Cost optimisation ultimately helps companies streamline spending and reallocate resources towards innovation, sharpening their competitive edge over time. Popular approaches to achieving cost efficiencies often include outsourcing tasks to reduce manpower costs or renegotiating contracts for better terms. While viable, these options are stopgaps at best and may even lead to higher costs down the line. For instance, outsourcing can be costly due to the significant time spent managing an outsourced environment. Instead, businesses should consider longer-term solutions by reassessing their digital infrastructure. Old is not gold To begin with, avoid clinging to outdated systems, as they are often hidden drains on resources. While some legacy systems are retained due to compliance requirements, a strategic approach can mitigate these challenges. By identifying which features can be replaced or […]
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