6 Areas Businesses Can Leverage Tech to Save Money

Posted on July 26, 2020 by Nikhil P Naik

If you’ve ever had the opportunity to run a small business, then you know how fast expenses can pile up. Expenses such as payroll, office space, equipment, inventory, and more can make it difficult to make ends meet and be able to pay everyone on time. All of this comes while trying to keep customers happy and grow the business.

Evolving technology can add further payments to your bills. There are, however, a few ways in which you can use tech to your advantage and reduce monthly bills and equipment costs. Here we’ll take a deeper look at how you can leverage technology to reduce expenses across six major areas of your business.

Cloud-Based IT Infrastructure

You’ve probably heard of companies migrating their business to the cloud. Most companies are taking the leap from storing information and processing data locally to running most information technologies and software on cloud platforms. Cloud technologies not only make data and software services more accessible, but they can also allow your company to reduce costly IT infrastructure such as servers and networking equipment.

While you will still need computer systems to ensure you and your employees can run required software, you can trust cloud service providers to deliver a suite of accounting, web hosting, and enterprise software for an affordable monthly or annual fee.

Sales Software  

Startups have emerged focused on helping sales organizations generate new leads and target new prospects. Software platforms are able to pull information from several databases to track a prospect’s details. By leveraging these platforms, you can improve your sales by focusing on leads that are most in line with your customer demographic.

Marketing Smart

With the growing influence of social media sites such as LinkedIn, Instagram, and Facebook, advertising for your business has never been easier. While word of mouth is still considered one of the most reliable ways to grow a customer base, social media is a great alternative if you’re looking to save on marketing costs. You can tailor a social media campaign based on the demographic you wish to target and the amount of visibility you wish to create.

Streamline Data Storage

In addition to migrating your IT infrastructure to the cloud, you can also host much of your data with cloud service providers (CSP). CSPs will keep your data stored securely and on servers that are up to date in case of a server crash which could cripple workflow for days or even cause you to lose data.

While CSPs are generally reliable in being able to restore data in a relatively short period of time, it is always safe to have a disaster recovery plan in place. Some disaster recovery plans even take cost into consideration and work with you to prioritize sensitive and critical data to meet your company’s budget.

Telecommuting

Maintaining an office can be very costly. The time that employees spend commuting is wasted on both the employer as well as the staff. The majority of employees today are in favor of a work-at-home schedule, even if it’s only a couple days a week. By using telecommunications applications for video chat, employees have the opportunity to work remotely. In addition to saving on office space, it also reduces the likelihood of spreading illness if someone is sick at the office. Your employees’ computers and software have made it possible for employees to work off-site while also being able to fulfill their duties.

Cyber Security

A growing danger to businesses worldwide has been the threat of cyber attacks. Many businesses that have been compromised from a single malware or ransomware attack have had to close doors. Small businesses typically spend less than $500 on consumer-grade cyber security products each year. While this may seem a lot for the average small business, it is an important insurance to have in case of a catastrophic attack.

By leveraging these technologies to your business’s advantage, not only can you increase your company’s savings, but also develop new ideas to grow your business. In the past decade, many software startups have emerged focused solely on helping small and medium-sized businesses better manage their cash flow.

Rather than having to resort to traditional methods to save money such as using fewer office materials or holding back on raises or even laying people off, you can stand out as a business leader by incorporating new technologies.


About the Author: Aaron Smith is an LA-based content strategist and consultant in support of STEM firms and medical practices. He works for companies like PCNation and covers industry developments and emerging trends in the tech sector. In his free time, Aaron enjoys swimming, swing dancing, and sci-fi novels.

About Nikhil P Naik

Nikhil Naik has a Master's Degree in Information Systems, and is currently working as a Senior Software Engineer at Discover. He also loves playing cricket, listening to music and travelling. Twitter Handle - @buzz_nikhil.

Leave a Comment

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.