Taking advantage of available technology can reduce your business’s operating costs while increasing its efficiency at the same time. While some of the technology solutions are on the pricier side, there are many tools and options on the market that are quite affordable.
Technological advancements have made it easier for companies of all kinds to produce substantial cost savings, and even more – to enhance their flexibility and productivity. Let’s take a look at five technological concepts that can help you reduce your business’ operating costs.
Cloud computing is one of the most effective ways to cut your business’s costs since cloud storage vendors’ services are more affordable than investing in physical servers. Also, cloud computing reduces the demand for costly IT personnel. Switching to cloud storage eliminates the costs of repairing or upgrading your servers or hardware, as it is the responsibility of your service provider.
What is also great about cloud storage services is that server and data security are guaranteed, especially if you deploy cloud encryption. You don’t have to worry about natural disasters or human error harming the cloud, as it is an intangible digital platform, so your valuable data is completely safe. This eliminates the risk of losing essential data and disrupting your business.
Free and low-cost apps and tools
There are many apps and online tools designed to save your business money and increase productivity through improved team collaboration and communication, time savings, and better customer experience. Apps like Slack can improve intra-team communication about ongoing projects and other topics. It allows for direct messaging, notifications, team discussions, links, and attachments via a computer or a smartphone. Adopting Slack saves your team members from going through dozens of emails since you can easily find a prior conversation about a specific topic or project.
Automating tasks like data entry minimizes the risk of human error, and you can save time by automatically transferring the data between applications. Zapier is one of the most praised online tools that automate manual processes and steps while reducing the risk of human error and the need for staff to manage particular tasks manually.
Implementing B2B integration
Developing a business to business integration can reduce overhead costs and the need for a human workforce. B2B integration strategy, like a combination of offerings from different vendors, can connect external suppliers electronically. This makes many processes easier, like viewing global shipment or automating distribution centers. Even industries with a limited market, like oil and gas, can benefit from B2B integration. Selling specialized oilfield equipment online allows oil and gas companies and resellers worldwide to have quick access to the parts they need.
Besides convenience and speed, which ensures maintaining operational efficiency, implementing these solutions provides significant cost savings. The need for human handling is reduced, as well as the need for paper, mailing materials, and telephone.
Adopting customer relationship management software
CRM software can enhance the organization’s efficiency, increase sales and employees’ productivity, and ultimately your profit. For starters, it can cut your marketing costs dramatically. Maintaining contact information in a centralized database helps manage marketing campaigns, and email integration eliminates the need for data sorting and filtering.
Since all data from your customers are stored in one place electronically, there is no need for storing printed data, thus lowering your paper expenses and waste. CRM systems are powerful analytics and accounting tools, enabling you to analyze which items are sold better than the others and optimize your production or offer.
Embracing green technology
Since global warming and pollution are critical issues affecting the whole planet, eco-friendly technologies are more important than ever. And as it turns out, companies can save millions of dollars annually by going green. For instance, LED and CFL lights consume 75 percent less energy than traditional bulbs. Next, double-sided printing both saves the trees and cuts your costs, as you’ll be using half the amount of paper compared to print single-sided.
Going paperless is easy on the planet and your wallet too. Digital files and communication are much more efficient, saving your staff from wasting time on paper-intensive processes. Switching to electronic invoices, contracts, and mail can dramatically reduce your paper costs and save you money on office space required to store paper documents. To further reduce your company’s energy consumption, you can opt for energy-efficient devices that can significantly lower your electric bills.
Using the five tips mentioned above, you can reduce the operating costs of your business, without jeopardizing your productivity and quality.