By using technology to automate business functions, their costs are reduced. Ever heard the phrase ‘time is money’? Tasks that once took employees hours to complete can now be totally, or partially, automated, saving literally hundreds of worker hours a year. Not only that, but automation reduces the chances of human error, and the loss caused by those errors.

How technology reduces costs

Here are some technology-specifics that can help businesses reduce costs:

Cloud storage

In the old days, businesses used to keep a lot of paper files containing their data. Then those paper files gradually turned into data stored on hard drives. Both these ways of storing data are expensive and do not offer the efficiency and order needed when storing masses of data. Hard drives regularly break, so there are expenses associated with keeping data this way.

But now businesses have cloud storage options. For affordable monthly subscription amounts, businesses can store all their data securely, safely and compliantly, on the cloud. No break-fix costs, no space-related costs and businesses’ data can be retrieved with ease. Subscriptions can be scaled up or down as required and at a fraction of the cost of maintaining, and securely housing, hard drives.

CRM software

CRM software, or Customer Relationship Management software, is software designed to help you look after your all-important customers, in the way they want to be looked after. Customer data is stored and organised, and messages and processes can all be automated to look after your customers while you get on with other things.

CRM software saves time and resource for businesses by not having the staff costs of employing people to carry out these functions associated with the customer journey.

Flexible working

Technology enables businesses to have their employees work flexibly and agilely, and when a pandemic strikes, from home. Technology can entirely eradicate the need for an office. Workers can access all systems remotely from wherever they are and still collaborate effectively with each other to carry out their job.

Digital communication

Emails, instant messaging and work collaboration apps such as those under Microsoft Office 365 and G Suite for business gets rid of the need for paper and the traditional ‘office’. Even marketing is now mostly a digital activity, accessible freely on social media, without the need for expensive ads running on tv channels and billboards.

E-commerce businesses enjoy very little overheads due to the digitisation of an increasing amount of communication, messaging and collaboration.

Video conferencing

Expensive travel costs, in some cases including flights to international destinations, just to fulfil a meeting appearance are now no longer necessary. The positive impact on the environment is clear, but the money and time saved by simply using one of the easily accessible video conferencing apps is significant.

Robots

Automation is employed now in businesses to take care of an increasing number of processes. Automation is the future. And while investment may be, at first, costly, the long-term benefits are in evidence. From automated chatbots on your website handling basic customer queries, to the possibilities in manufacturing, robots are here and saving businesses huge amounts, every day.

Establishing the path of innovation

Businesses that use technology to innovate are more likely to take advantage of future innovations as they become available, and have the mindset to embrace new ways of accomplishing tasks and meeting demands.

Is there a way you could start to automate more of your business functions? Or maybe you already do, and don’t even realise it. Think about how you can expand your functions and level of automation to make even greater savings. There’s no doubt that technology, ever-advancing in the possibilities of automation for businesses, can mean greater access to savings for businesses than ever before, and that’s a situation that’s only going to get better. 

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