We are all under pressure to gain more from our limited resources, either by cutting costs or by ensuring we extract the most value we can. There are constant reminders to find new ways of driving down costs.
In today’s subscription economy, where we are bombarded with a plethora of varying subscriptions, from hundreds of suppliers, providing a multitude of services and products, it is difficult to have clear sight. If you combine the spend complexity with opaque vendor reporting, you are effectively driving blind through some very tricky terrain.
Imagine if you could remove the blindfold and have a central dashboard showing you not just the breakdown of spend by vendor and category, but also providing the utilisation statistics and controls to ensure you are getting the most out of your spend.
Our ResearchMonitor and Quest solutions are designed to collect Financial, Usage, Research Services and Technical Services metrics – all of which can be used in the preparation of your budget to demonstrate the vital service you provide your firm. Take a look at this article written by Peter Borchers on metrics and how best to use them:
A handy technique is to design your ideal annual departmental report and then work backwards asking whether at present you have the necessary data to produce the report…Of course you won’t collect metrics solely for upward reporting to management, you’ll also collect metrics to help run your department better.
There is however, the issue of ‘the chicken and the egg’. While it’s imperative to have these vital statistics in order to produce an accurate and value oriented report, these aids first need to be added to your budget for the year to come in order to produce such reports. These solutions offer the opportunity to remove the blindfold in driving down costs ensuring that future reports offer a transparent view of the value your department is adding to management; and will ensure you are able to make strategic operational decisions in how to best run your department.