6 Ways Technology Can Help Reduce Operating Costs of Your Business

Business Technology
December 28, 2020
82 / 100

We’ve seen how technology has changed our lives in every single aspect. It’s possible to communicate with friends and family members regardless of their location, provided there is an Internet connection available. Our cars, phones ,and homes have become “smart” and our jobs are made easier thanks to technological advancements and breakthroughs. We could rightfully say that the benefits of technology in business have been by far the greatest. Not only are we talking about automatization, but also about so many other benefits that it’s hard to list them all. Still, we’re going to try to mention a few ways in which technology has helped our businesses by reducing operating costs, simply to emphasize how much we owe to the developments in this field.

Cloud storage and computing

Cloud Storage

When computers’ hard drives started storing our data and programs, we were delighted to get rid of so many hardcopies. We loved having access to everything we needed with one or two clicks of a button. However, it soon became obvious that only those physically present in the room where the computer was could actually use this benefit. Luckily, a solution was created soon enough. Cloud computing, a very efficient way of lowering business costs, is now available to all companies, no matter how big they are. The staffing costs are reduced because IT personnel are expensive, and with cloud computing, there is less demand for IT experts. It also reduces or even removes the cost of repairing or upgrading your servers and hardware. Needless to say, you don’t need to invest in hardware any more solely for the purpose of storing data.

CRM software

CRM software

This type of software offers various applications that can help you manage clients and contacts, customer data, marketing, sales, employees, training, business information, etc. Typically, it is used to manage a business’ relationship with customers. For example, there are no more misplaced or outstanding invoices, since a CRM system eliminates such incidents. Equally important, you no longer need to install several software packages, i.e. you’ll pay less for software licenses, which means you’ll be saving money.

Worldwide access

Worldwide access

We used to be limited with choices when it came to purchasing equipment for our business and depended only on what was in proximity and available locally. However, that is no longer the case. You can now purchase every kind of equipment, regardless of where you work and where your supplier is located. Even the most specific niches are catered to and you can, for example, buy excellent oilfield equipment online, which means you save your time and probably money, since you can find the best options and have them delivered to you.

B2B integration

B2B

Even though B2B integration is not a new technological concept, when accompanied with automation and optimization, it provides the best results. Take receiving orders from your customers, for example. If you do it electronically, it’s much easier to process order information quickly and accurately. B2B integration also connects external suppliers electronically, thus making it easy to view global shipments, automate the warehouse and distribution centers, and optimize stock control. Basically, by eliminating human handling, B2B integration reduces overhead costs and eliminates human handling, such as sorting and circulation of mails, document preparation, and data entry. You also spend less on paper, envelopes, and phone and courier services to distribute paper documents.

Webinars

Webinars

One of the most popular ways to exchange ideas, learn new skills and grow your professional network is a webinar. As the name suggests, this web-based seminar is a live video conference that connects the host with viewers from all four corners of the world. It normally lasts for an hour or two but can also be turned into a series of events on the same topic, thus resembling a course. The great thing about webinars is that they are quite interactive, and anyone connected to one can ask questions and make comments. If your company can organize a webinar, it could be a fantastic opportunity to convert your audience to customers. This fact is confirmed by various studies and research, which claim that the conversion rate of well-organized webinars (i.e. those that tackle a topic of interest of many people and feature experts who provide succinct and correct answers) can go as high as 20%, which makes webinars a tool with a higher value than all other content types on the internet. Finally, it should not be forgotten that webinars allow you to attract a much wider audience and raise awareness about your products and/or services. And you can do that at a fraction of the price of organizing a physical event, for which you have to pay for a venue and the logistics that goes with it. With so many webinar tools available for free, it is really an opportunity provided by the modern-day technology that companies can truly benefit from.

Teleconferencing

Teleconferencing

Teleconferencing is one of the most popular communication tools. Used among many participants in different locations, it is very common and truly irreplaceable among businesses with multiple locations and dispersed employees. There are various types of teleconferencing, such as business television conferencing, audio conferencing (conference calling) via telephone lines, audio-graphic conferencing (desktop computer conferencing), and computer conferencing via telephone lines to connect two or more computers and modems. Teleconferencing boosts efficiency while keeping business costs as low as possible. There is no need to travel to different locations for meetings, as you can communicate with employees and clients across the world at that same time from the comfort of your office. Just think about how much money is saved on travel, accommodation, and meals and what your company can do with the saved resources instead!

Conclusion

As you can see, these ways in which technology helps us reduce the costs of running a business also provide better efficiency and accuracy, which is extremely important in today’s world. We can conclude that technology is much more than a welcome addition to our business. It is something we can’t work without, which is why we need to embrace it and all the benefits it can provide.

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