During April 2020, the US economy alone lost 20.2 million jobs. Many Americans are concerned about how we may soon face a recession bigger than that of the 1930s (source: Tradingeconomics.com).

In terms of the pandemic’s impact on respective industries, many projects are frozen for the time being. While large enterprises have shifted their focus towards remote working, collaboration platforms and access security for employees, small and medium businesses are suffering the major brunt of the coronavirus pandemic. 

Undertaking a massive migration and transformation project and moving workloads to a public cloud might not be feasible given the current circumstances, and it might not be ideal for all application loads. For better control on financials, a lot of organizations have made investments in the acquisition of hardware and software, ranging from computers, storage, and networking gear to service management, infrastructure management, recovery, and collaboration. The list goes on. 

Organizations currently carry hardware and software assets on their books for a number of reasons. But this asset inventory is a massive technology debt under current conditions and our remote working environments. A lot of hardware Original Equipment Manufacturers (OEMs) are willing to take over an enterprise’s hardware assets in exchange for a respective dollar value, but this is merely a financial transaction. This transaction increases the burden of coordination and dependency on the OEMs for any digital transformation. As a result, the enterprise is then tied down to the OEM and trapped in the circle of technology debt that it originally intended to remove itself from.

Addressing technology debt as an organization can be challenging, especially considering the pressure from OEMs. What organizations can do is partner with an asset maximization provider in order to manage and automate their assets, launch digital transformation initiatives, and train IT staff while transitioning. We recommend first consulting with a provider to learn how to leverage existing tools. Then your organization can familiarize its provider with its respective environment, and evaluate new solutions, like accelerators and scorecards, before moving forward with implementation.

Having an all-encompassing report on software rationalization, hardware consolidation and operational efficiency enhancements will empower your organization to rethink its financials and adapt to the detrimental effects of the coronavirus pandemic. Because let’s face it: even after organizations bring employees back to the office, better financial management of technology debt is critical. Streamlining your resources and becoming more efficient will always work to your advantage – regardless of whether we’re in a pandemic. 

Learn more about our Asset Maximization & Transformation (AMaX) solution here.

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