Software bloat usually describes an individual application that starts to run slower with every upgrade. The code is too long and inefficient with each new improvement, and it eventually grows so big it exceeds your disk space and processing power.
But did you know the bloat is a problem that can afflict your entire investor relations platform? IR platform bloat happens when your team relies on too many disparate programs to get the job done.
When it comes to your IR platform, less is more. That’s according to the investor relations firm Q4. The specialists behind Q4 Capital Connect believe you can deflate bloat from your IR platform by unifying your tools under one, AI-powered program.
What is the Cost of Platform Bloat?
Having too many unrelated applications can interfere with your team’s day.
For one thing, it takes more time to find the app that performs the job you need in the moment. For another, you can run into issues when combining data taken from multiple sources. Consolidating them by hand increases the chances of mistakes, duplications, and omissions that derail your analysis.
Then, you have to consider the apps and functions that you’ve paid for but don’t use. Maybe it’s too tedious to hunt down, or another app overlaps well enough on a task that you never open the other.
Putting a finite cost on these inefficiencies may depend on your team, IR platform, and company size. However, some companies have crunched the numbers to give you an idea of just how much money you could be wasting.
In 2016, the Software Usage and Waste Report, U.S. enterprises wasted roughly $30 billion in a year. That breaks down to an average of $247 wasted on unused or rarely used software for every desktop in your office.
The tech inside the average office has undergone rapid changes since then. The research and consulting firm Gartner estimates companies will overspend $750 million on unused software by 2023.
How Can You Eliminate Platform Bloat?
Do you suffer from platform bloat? You might need to run a diagnostic check to confirm, as it’s not always easy to recognize when software isn’t performing at its full potential.
Choosing the right IR tool can help you deflate bloat permanently. The best program integrates your IR intelligence from the following areas:
- Capital Markets Virtual Events
- CRM IR App
- IR & ESG Websites
- Shareholder Analytics
In unifying your patchwork of disparate apps, a single platform makes it easy to access data from across your communications. But more importantly, it maximizes each integrated program to ensure all relevant data gets crunched.
This way, you’ll have a 360-degree view of your IR intelligence without having to switch programs. Instead, everything will be within view of your main dashboard.
A holistic IR program relies on sophisticated AI to collect and consolidate your data this way. The same technology automatically analyzes and visualizes your IR intelligence, so you spend less time looking for patterns in investor behavior. With it delivered to your dashboard, you can focus on turning these insights into action.
Having more than one IR tool doesn’t automatically mean your strategy is suffering from bloat, but it increases your chances of encountering inefficiencies in your company’s future. Talk to an IR specialist about unifying your tools under one banner to get the most out of your IR intelligence.