Embracing modern technologies is beneficial for businesses. Sure, the initial setup can be high, but using technology provides a great return on investment in the long run. It also improves productivity, ensures ease of sharing information, and reduces risks of human errors.
Most importantly, consistently using the right technology helps businesses cut expenses and optimize profitability. Sounds counterintuitive, given the cost of buying and installing apps and software, right? But it’s possible. The practices below will show you how technology reduces business costs to guarantee profitability.
1. Purchase High-Quality Office Equipment
Completing tasks manually seem cheaper upfront but it can cause businesses to lose money. Aside from the risks of errors, completing tasks manually also increases the risks of injuries (for labour-intensive businesses) and prevents workers from completing profit-generating tasks.
Investing in high-quality office equipment is one of the most common ways technology reduces costs and increases business profits. With the right office equipment, workers can complete more tasks during the day without necessarily spending more time and effort.
And contrary to popular belief, you don’t need to spend a lot on high-quality office equipment. Argos, and Costco warehouse offers amazing deals on office equipment, like computers, headphones, and other tech equipment that increase the productivity in your workplace.
2. Automate Accounting
Business process automation is key to a business’s growth and sustainability. It improves operational stability, reduces operational costs, and guarantees consistent customer service.
For your business to enjoy all these benefits, start automating some of the most time consuming tasks in your accounting department such as invoicing. Start by using a Google invoice template which will help you send your invoices in bulk in a matter of minutes, thus save your team time and save resources in the long run.
Improving accounting processes can cut costs in businesses of all sizes because it syncs all financial data, promotes data accuracy, and simplifies payment processesl. It also reduces inventory errors so you can order stocks in the right amount and avoid overstocking.
3. Try Social Media Hiring
Gone are the days when recruitment teams must jump on several calls to find the best talents. Today, they can achieve the same goals using social media and other recruitment software.
Social media screenings are gaining popularity as it allows recruiters to know more about the candidate, spot red flags early, and accommodate more candidates without spending too much time and money. With a proper social media recruitment strategy you can find the top talent while save your business money and time.
In general, recruiters use LinkedIn, Twitter, and Facebook to do background checks on candidates.
4. Use Screen Recording Software
Meetings are common in the workplace, but not all of them generate positive or long-term results. According to research conducted by Forbes, almost half of meetings are a waste of time. Workers could have spent more time completing tasks rather than sitting in a meeting room.
Instead of scheduling meetings every time you have updates concerning teams, take advantage of screen recording, which your team can watch as soon as they’re done on the current task that they are working on. This will keep them motivated and productive while not impacting their workflow negatively.
With screen recording software, the frequency and duration of meetings are kept to a minimum because you can easily delegate tasks, relay project updates, and share information without having one.
5. Maximize CRM
Customers are the lifeblood of businesses, which is why it’s crucial to make them happy. Customer dissatisfaction can affect your business’s sales, revenue, and brand reputation.
Foster positive and professional relationships with your customers by harnessing the power of a CRM solution. Customer relationship management or CRM software is specially designed to gather customer interactions in one place, making it easier for businesses to provide the best customer experience.
Using the right CRM will cut down the cost of acquiring new customers because it can retain your existing customers. The cost of retaining existing customers is significantly lower than finding new ones.
CRM tools also help businesses generate more sales, manage communications with prospects, improve customer segmentation, and improve customer service.
6. Go Green
More and more businesses are investing in green technology — and it’s easy to see why. For one, green technology actually helps businesses save millions of dollars every year. It also helps prevent global warming and reduces pollution.
Switch traditional incandescent bulbs for CFL and LED lights, as they consume 75% less energy. Over its lifetime, one LED light can save your business about $30 to $80 in electricity bills. And while these lights are costly upfront, using them is cheaper in the long run.
Instead of fearing technology, it’s best to incorporate it into your existing business processes. Some apps and software have a steep learning curve, but going through the process is worth it. The more your business relies on technology, the more money you can save long-term.