RedMonocle Scenarios Functionality
Are you making the most of the software platforms you are currently paying for?
Everyday operation of an enterprise business has its challenges, but the current climate of business is calling for above average solutions and critical thinking. Market disruption has many CIOs looking for opportunities to cut expenses. One of the best places to tighten the belt without harming human resources is to take a look at the company’s portfolio of software products. By eliminating unnecessary overlap and closing capability gaps, businesses can save hundreds of thousands of dollars, even millions in wasteful software expenses.
Seems simple enough, right? The big issue in undertaking such a project is traditional methods of examining a product portfolio are cumbersome and time consuming. And right now there is no time to waste. Kicking off a portfolio project with multiple spreadsheets of software data and product managers clinging to the products they have an affinity for is the old way.
The new way is scenario modeling. RedMonocle’s software platform includes a powerful planning and optimization tool that allows you to run scenarios based off of your current portfolio and the business needs that must be met.
- Portfolio Optimization – You can create a ‘sandbox’ with information from your existing portfolio, and make changes to see the impact on the portfolio and generate optimization plans for each product in question. Each scenario can be a copy of an existing portfolio or a customized version of it to focus only on a subset of the portfolio.
- Product Research – Define a custom set of requirements to research products that are capable of achieving business goals. Returned products are scored based on their capacity – the ability to meet requirements.
- Product Comparison – Compare all capabilities in up to 6 products as a means to rapidly get a shortlist of product options.
The Scenarios functionality portion of the RedMonocle platform leverages our robust knowledge base of products to examine your current setup and the expenses related to it. It then examines alternatives that can function in the same capacity at a different cost. Scenarios provide the modeling, decision support, and metric information necessary to both develop optimization plans and their associated business cases by highlighting how changes impact key metrics of Capacity, Cost and Coverage.
Capacity – does it meet the needs of the business unit it is meant to cover?
Cost – what you pay overall for a given software.
Coverage – What percentage of the software is being utilized?
Scenario modeling with RedMonocle allows you to eliminate overlaps in your portfolio so you aren’t paying for the same functionality twice. You can also fill in gaps where key functionality is missing in your system. You can also expand your portfolio to include software needs that are not currently being met with a thorough analysis of each of the options available in the market.
This method eliminates product bias and affinities. Most importantly the platform allows you to continuously make adjustments, so you are not working from a static assessment which captures a moment in time. You are working in a real-time environment with constant knowledge base updates allowing you to move with agility and purpose.