Innovation Drives Revenue: Why IT Investment Makes Sense in this Economy
Industry research finds companies that invested in transformative, innovative technologies grew revenue five times faster over the pandemic
In a troubling economy with high inflation, it makes sense that companies are re-examining budgets and looking to control or reduce costs. Altering the course on strategies already in place is a painful exercise, but it can also prove costly if you undercut initiatives and resources that lead to revenue growth. Want some good news? Investing in IT operations is a proven way to grow revenue in a down market, making your IT strategy and dollars a wise spend.
Recent findings from Accenture and IDC indicate that companies who innovate in significant ways —think improvements that disrupt or transform outdated technology operations — see tremendous growth in revenue relative to their peers. And notably, IT is an area ripe for innovation as the associated benefits scale throughout your company and beyond to customers and partners.
IT investment and innovation: a winning combination
Maybe IT isn’t the first area that comes to mind when you think of where and how to innovate. But perhaps it should be. If your company ramped up investments in technology during the pandemic, it likely outperformed its peers.
Accenture’s “Make the Leap, Take the Lead” 2021 research finds these companies grew their revenue five times faster than those that didn’t invest in business and technology operations. Further insights include “over 70% of Leaders increased investments in cloud security…” and companies that compress digital transformation initiatives into a shorter timeline can quickly close the gap, generating revenue four times faster than before.
Similarly, IDC reports that the pandemic helped open leaders’ eyes to the link between technology and business operations, sparking a renewed focus on innovation. Calling it a “critical differentiator for enterprise crisis recovery,” digital transformation initiatives continue to fuel revenue growth.
Another IDC Innovation study states leaders in innovation “allocate less of their budgets towards incremental innovation and more of their budgets toward transformative and disruptive innovation.”
This recent data shows that IT-led innovation offers a high return on investment now that we live in a digital (and often remote) world. For businesses that are lagging on the technology front, it’s time to get on the train. And if you are already on the train, staying aboard is fiscally prudent.
How IT investment can transform your business
How do you know if a product is innovative? In a recent blog post, IDC reveals one common element: these products “often create more value beyond the initial intention.” It’s an engine that drives value. Tanium is just that type of engine and can help transform your business in ways you may not have even considered. If the IT budget is under review, it’s worthwhile to protect or even fund high-ROI technology initiatives that can help grow your company’s revenue even in a down market.
Reclaim under-utilized assets
Tanium reduces costs by helping you track and effectively use your assets:
- Find and instantaneously control all hardware and software assets to create a comprehensive inventory in real time.
- Monitor and optimize software usage to reduce unnecessary spending, e.g., unused licenses or non-functioning third-party tools.
Consolidate to a modern, cloud platform
Tanium offers a single platform with zero infrastructure in the cloud to see and manage your environment:
- Eliminate older solutions that have not kept up with technology innovations and security best practices.
- Reduce the number of unnecessary single-point tools and the infrastructure required to support them.
- Gain computing power and flexibility while connecting the data available across your IT stack.
- Unify how you manage and secure your endpoints into a single platform and console.
Reduce IT support costs
Tanium helps to reduce IT support costs and drive efficiency across your business operations:
- Proactively monitor and resolve end-user performance issues to lessen the burden on IT support resources.
- Reduce the time spent fixing issues (mean-time-to-repair) and the number of tickets to improve workplace productivity.
- Smartly manage hardware lifecycles using historical data to assess the need for hardware refreshes.
Improve compliance and reduce risk
Tanium can transform your company’s approach to ensuring compliance and reducing risk:
- Identify compliance gaps across your endpoints in minutes versus days and weeks.
- Implement and automate manual, time-consuming activities to meet internal business policies, such as reducing vulnerabilities in the environment.
- Understand the impact of risks in your environment and remediate more impactful problems first.
- Ensure readiness with external audits and provide proof of compliance at scale across the estate.
Reveal data and insights to improve decision making
- Achieve real-time visibility into every device to collect and report critical data about your environment.
- Respond in near real time to issues that could result in downtime, such as cyberattacks.
- Inform and align IT and security teams around instant, accurate, and actionable data to maximize efficiency and minimize risk.
- Improve IT and leadership decision-making around critical software and operational change initiatives.
Transformative innovation and its resulting revenue begin here: visibility and control across your entire environment. You build everything else on this foundation. But getting the basics right is not easy, and products with older, outdated ways of managing and securing your systems won’t cut it. Through a patented architecture, Tanium avoids the expensive and slow techniques of other systems and security management tools. Whether you’re managing tens of thousands, hundreds of thousands, or even millions of endpoints, Tanium scales alongside your business.
Tanium provides instant and actionable data about the endpoints on your network, endpoints connected remotely, and endpoints in your cloud infrastructure. Its unique abilities help IT organizations reduce costs, drive efficiencies, and optimize business processes. Given the scope your IT organization can wield, Tanium’s yield on value (think software engine) is significant.
The bottom line: IT investment is good for business
The role of IT innovation is to improve your business processes and models. And not just the internal operations but also the way you work with partners, customers, and vendors. When you think about it, the dots are easy to connect. Your IT team and toolkit are critical to keeping your business operating efficiently, securely, and powerfully. Your company saves time and money with each:
- minute, hour, and day of uptime,
- issue it resolves quickly,
- audit it passes,
- and endpoint it secures.
With each big IT challenge you solve, the more revenue you generate to fund innovations outside of IT. Company innovation suffers when your resources lose momentum and focus due to disruptions. Transformative IT initiatives help businesses become more competitive, responsive, and progressive — all the things you need to stay on course in a down economy.
Providing unparalleled speed, visibility, and scale, Tanium provides your IT and security teams with the means to solve known IT challenges and the future ones that don’t yet exist, maximizing your investment and powering revenue growth. If your CFO is considering pausing IT projects or cutting staff, it’s a great time to review how IT resources can significantly grow — and possibly save — your company’s bottom line.
If you would like to learn how Tanium’s Converged Endpoint Management (XEM) platform can help your organization innovate and grow revenue, please contact us. Or test-drive Tanium for free with a two-week trial of our platform.