5 Tips for Controlling your Microsoft 365 Budget
Microsoft 365 is a powerful cloud-based platform that provides businesses with various services, including applications, storage, and communications. Investing in Microsoft 365 can be extremely rewarding for businesses, giving them access to powerful tools and programs. However, costs can quickly add up if you are not careful. With this in mind, it’s important to ensure that your precious resources are being used effectively by controlling your Microsoft 365 budget. In this blog post, we’ll discuss why it is essential to manage the Microsoft budget in 2022 and provide five tips for managing your Microsoft 365 budget to get the most value from it.
Cloud Spend Costs with Microsoft 365
Regarding cloud spending costs with Microsoft 365, it is extremely important to have a thorough understanding of all the associated with the Microsoft 365 budget. Without knowledge and oversight, businesses can easily find themselves facing unexpected spending spikes and surging costs due to inefficient or redundant use of cloud resources and consumption.
Microsoft 365’s expansive offering of programs means that it can be easy to unwittingly rack up costs with disorganized budgeting and suboptimal planning. But thankfully, the right Microsoft budgeting app, approaches, and cost-management strategies can help ensure that organizations avoid runaway spending. Investing in cost management tools and having proper visibility into where their money is going are key strategies for reducing cloud spending costs with Microsoft 365.
5 ways to Control Your Microsoft 365 Budget
To avoid cloud spend costs sneaking up on you, staying informed about Microsoft 365 is essential. Staying within the budget template while taking advantage of Microsoft 365’s capabilities can be a tricky balancing act. To help, here are five strategies that organizations can use to get the most out of their Microsoft 365 investment without overspending. From optimizing license usage to researching subscription deals, these tactics will ensure your organization stays on track with its financial goals.
1. Utilize Discounts and Subscriptions
One of the best ways to save money on your Microsoft 365 budget is to take advantage of discounts and subscriptions. Microsoft often has exclusive promotions or corporate discounts that you can leverage to get even more savings. The most popular discount program currently is the Workplace Discount Program (which allows businesses to give employees discounts on personal projects). Additionally, subscription-based plans can help you save money, as their TEI Study mentions that businesses are able to save up to 29$ per employee on technology costs in the long run since they come with a reduced fee over time. Taking the time to explore all the discounts and subscriptions available from Microsoft can pay off when it comes to reducing your budget and ensuring you get the subscription you need at a much lower cost.
2. Analyze Usage Reports
Many businesses don’t realize how much they’re spending on their Microsoft 365 service until they look at Microsoft usage reports. These reports provide detailed information about what features are being used and how much each feature is costing you over time. You can obtain a pre-built dashboard with a cross-product overview of the preceding twelve months and a variety of pre-built statistics through Microsoft 365 usage statistics. You receive unique usage insights for each analysis. User-specific data is accessible for the previous full month of the calendar as well. By analyzing these reports, you can identify areas where you may be spending too much money or where there may be room for cost savings.
3. Understand Licensing Requirements
Understanding your licensing requirements is key when it comes to controlling your costs with Microsoft 365. Different licenses come with different price tags depending on what features you need, so it’s important to take the time to understand what licenses exactly will meet your needs without breaking the bank.
4. Consider Third Party Solutions
There are plenty of third-party solutions available that can help reduce your costs with Microsoft 365 while still providing all the features you need to get work done efficiently. Researching these solutions before making any purchase decisions can help ensure that you’re getting the right product at the right price point without sacrificing quality or functionality.
5. Optimize Your Storage
The last tip for controlling your costs with Microsoft 365 is optimizing your storage space usage. Many organizations find themselves paying more than necessary for storage space due to excess files or unnecessary backups taking up space on their servers. Taking steps such as regularly deleting old files or archiving older documents can free up valuable storage space and reduce your overall costs with Microsoft 365 significantly over time.
There are four ways to optimize storage by 80%.
- Cutting redundant, obsolete, and trivial information by evaluation through SharePoint Migration Assessment Tool.
- Automating lifecycle management.
- Adopting a defensible destruction approach (DDA).
- Backing up content to remove inactive accounts.
SLIM360 as a Solution
For large-scale organizations, expensive over-licensing of employees can cause considerable losses each month. Recognizing this challenge, SLIM 360 provides an effective solution: by comparing current usage to available licensing tiers and highlighting any discrepancies that may result in wasted costs. This streamlined system offers modern organization for Software Asset Management which simplifies the process towards license optimization, so you’re able to accurately establish a budget planner for your business accordingly.
Furthermore, by carefully monitoring your agreements with its integrated AI engine, SLIM 360 prevents you from wasting valuable time finding, synthesizing, and analyzing gigabytes of licensing worksheets. By doing so, SLIM 360 will demonstrate and give you the following:
- Notifications on possible cost reductions for purchases in Azure and Office 365.
- Advise regarding Azure
- Security alerts across Office 365 and Azure.
- Automated subscription renewals
This will enable you to concentrate completely on license handling in your company.
Microsoft 365 provides businesses with an incredibly powerful platform that offers a wide array of features and functionality at a competitive price point, but that doesn’t mean there isn’t room for improvement when it comes to managing costs associated with this service. By utilizing discounts and subscriptions, analyzing usage reports, understanding licensing requirements, considering third-party solutions, and optimizing storage space usage, you can maximize efficiency while minimizing expenses related to using this powerful cloud platform. Being mindful of spending and taking the time to plan ahead will put you on track for financial success.
To learn more about SLIM360 and how it can assist you in managing your Microsoft 365 budget, visit us here.