Pennywise and pound foolish

Pennywise and pound foolish

One definition of the phrase "pennywise and pound foolish" is to "describe something that is done to save a small amount of money now but that will cost a large amount of money in the future."

I think of this a lot when working with my clients, especially when they are making decisions about technology. (And if I'm being blunt, I see it most among those in the finance area.)

The "price to entry" for a lot of technology can be (perceived as) very high, especially if the organization has been spending little to no money on technology for a long time. I've had more than a few clients who, having not paid much of anything for technology for years, have sticker shock when they find out how much a modern AMS is going to cost them.

But often what they're not taking into account is the incredibly high indirect costs of spending so little on technology. For example, I once had a client tell me that she had staff actually resign from their jobs because, as the staffer put it "our poor technology makes it almost impossible to do my job."

So when you're investing in technology, you really need to think of it as an investment, not just an expense. The money you think you're saving now will likely have to be spent later, and quite possibly even more.

Wes's Wednesday Wisdom Archives

Action isn’t the same as progress

January 25, 2023

Action isn’t the same as progress I’ve written before that not taking action is an …

Action isn’t the same as progress Read More »

Start with the end in mind

January 18, 2023

Start with the end in mind Like so many, I probably first heard the phrase …

Start with the end in mind Read More »

It’s quiet in here…maybe TOO quiet…

January 11, 2023

It’s quiet in here…maybe TOO quiet… One of the truisms of data management is that …

It’s quiet in here…maybe TOO quiet… Read More »

It’s ALWAYS about expectations

January 4, 2023

It’s ALWAYS about expectations The headline reads: “Tesla sets record for vehicle deliveries, an increase …

It’s ALWAYS about expectations Read More »

It’s hard to get UNangry

December 14, 2022

It’s hard to get UNangry I often emphasize to my clients the importance of testing …

It’s hard to get UNangry Read More »

Some history IS important!

December 7, 2022

Some history IS important! When I’m advising clients on data conversion (moving data from one …

Some history IS important! Read More »

“Many mickles make a muckle.”

November 30, 2022

“Many mickles make a muckle.” “Many mickles make a muckle.” – George Washington Apparently, this …

“Many mickles make a muckle.” Read More »

It’s easy to collect; it’s harder to manage

November 16, 2022

It’s easy to collect; it’s harder to manage The beauty of today’s highly configurable AMS …

It’s easy to collect; it’s harder to manage Read More »

Tell them why you want the data

November 9, 2022

Tell them why you want the data Because data is so easy to collect these …

Tell them why you want the data Read More »

Don’t get hung up on something minor

November 2, 2022

Don’t get hung up on something minor I’m a problem solver. I love to solve …

Don’t get hung up on something minor Read More »

Scroll to Top