Posted by tac_admin, January 28, 2015

Business Analysis Strategies: How to Reduce Expenses

money going down the sink drainOne paramount truth about business analysis strategies is that it’s up to you to improve efficiencies. One way to do that is to reduce expenses for the organizations you serve. The caveat is that the opportunity to cut down on costs while you work on a project often goes unrecognized.

So how do you identify those hidden opportunities to satisfy stakeholders by reducing expenses?

How do you cut costs without sacrificing efficiency?

This blog reveals the how-to steps to save your stakeholders money and improve the organization at the same time. These two pillars of a successful project are not mutually exclusive. In fact, you’ll find that the cost-effective solutions will often provide the most transformation.

Begin this process with one all important skillset…

Effective communication.

When you elicit requirements, you have the opportunity to find those invisible opportunities to save money. It all boils down to whether or not you’re able to pull the information you need during the requirements elicitation process.

But why is it that requirements don’t automatically reveal where you can save stakeholders money? The answer: poor communication.

Here are three ways you can get the requirements you need to provide a cost-saving and transformational solution for your clients…

Ask the right questions.

Be candid during requirements elicitation, especially with your questions. Ask how expenses have impacted an organization, and which items have put the biggest dent in their budget.

Compare the expense with the result. If that equation doesn’t balance out, then cut and replace what anchors the stakeholders’ successes. 

Stay in control of requirement sessions.

When you’re busy asking questions, you’ll often find that stakeholders will swoop in and steal the meeting. That’s when you miss out on the opportunities to identify and cut costs.

Communicate your desire to save the company money, and chances are the meeting will fall almost immediately back into your control. 

Repeal and replace.

This means that once you identify an expensive item that could be cut, replace it with a more cost-saving solution that provides greater results. Think of it this way: VHS tapes used to cost a fortune back in the 80s, and now downloadable movies and BluRays are much cheaper.

IT and other solutions work much the same way. If software or a process costs a fortune, you can most likely replace it with something that costs less and performs the same (or better) function.

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