Saving money with technology
With the rising costs in the UK, businesses are finding ways to make their business more cost-effective when conducting their operations. Fortunately, we have many ideas and solutions in which you can potentially cut business operation costs significantly.
This post explores ways in which, as a business owner, you can implement technology into your business to cut costs and save money.
Choosing the right technology for your business
When investing in new technology, it's essential to consider and conduct in-depth research into all your options; this allows you to make informed decisions and find the right technology to reduce business costs. Whether you're a small business or a large corporation, the latest technology can be pretty confusing and daunting at first. But taking the time to research your options will ensure you're not wasting money on advanced technology you don't need.
Not all technology has to be expensive, either. If you're a small business that's looking for small and simple solutions to cut costs, then there are many ways in which technology can help save your business money.
Using the right technology in your business operations can bring groundbreaking solutions to your company. Here are several technology solutions we recommend you consider implementing to save money.
VoIP phone systems
Is it time to switch from a landline to a more cost-effective business technology? On average, fixed phone line systems cost businesses over double the amount of VoIP plans each month. Also, with landlines, there is a lot of expensive hardware to set up and maintain. With a VoIP system, there is no need for physical hardware because the system is hosted in the cloud and eliminates that need. Making a VoIP call is much cheaper than calling on a bog-standard landline.
VoIP works by making and receiving phone calls over your internet connection. With VoIP systems, you can select many advanced features and technologies best suited to your business needs. Depending on your business requirements, you can opt for features, including conference calls, auto attendants, caller ID, advanced call queuing, voicemail, call recording, call centre capabilities and many more.
To start with, VoIP is costly to set up. But it is an investment that will save your business money in the long run.
Start using cloud services
Say goodbye to power-guzzling equipment in your office space and say hello to cloud services. Using cloud services instead of traditional business software can save your business money in many ways, especially as it's more versatile and scalable. This allows businesses to choose specific services and options according to their needs.
Besides the money-saving aspects of adding cloud services to your operations, it also saves time and stress and streamlines daily processes. Having your data in the cloud removes the cost of implementing on-site servers and storage devices. Let's not forget the benefits that could have on your business's safety and security.
As a result of not having on-site servers to maintain, you can also adapt to working in a remote/hybrid worker style, as cloud software can be used anywhere on any device. Having more remote workers could save your business thousands in office expenses.
Let technology do that time-consuming work for you and automate the things that make your employees less efficient. There are a wide variety of manual processes that can be automated and many tools that make the process relatively straightforward.
Take customer service and project management, for example. Installing a project management software integrated with your customer support software can save time and stress on your employees. When a customer complaint comes through, instead of waiting for your employees to address and process it, the automation software automatically sends it as a task to the person assigned to handle them.
Take a look into your business operations and discover the types of automation tools that will streamline your business operations and make your employees more efficient. There are a wide variety of tools that can take the work away from you so that your business functions become smoother and more cost-effective. Do some research and find out what you can discover.
Minimise the time it takes to travel to different locations to have meetings by opting for video conferencing rather than face-to-face communication. Video conferencing is an inexpensive way to get your team together. After all, a substantial part of our working hours is spent on meetings, no matter how much we try to avoid them. With no travel costs or related hassles and the fact that it's readily available for screen sharing, interactivity, chat rooms and virtual whiteboards, it's a great way to get the team together in a hassle-free environment. Maximising your time in meetings will make your employees more productive and get more important tasks completed.
Video conferencing is great for cutting time and saving your business money, and all participants share videos and documents on screen. This then enables your employees to communicate their message better and gain more visibility than they would in a large conference room.
Online video conferencing also adds extra benefit to gathering large groups of people, wherever they may be in the world. You can conduct meetings in real-time, so you don't have to travel. You can create meetings for times that suit everyone, wherever they're located.
Save your employees time and reduce expenses by cutting the cost of travelling to various locations for development training. Remote training is highly effective in saving money for many reasons. From spending money on venues to employee expenses, printing course materials and finding a suitable educator, there's a lot of money pouring into face-to-face learning when there are much cheaper alternatives available. If you think about the time your employees spend attending training, you will notice that you don't only lose time but also lose money on training costs and employees out of the office.
Let's not forget all the employee expenses that occur with in-person training, from fuel costs to accommodation and food. Online training does not involve travelling, as employees access a remote learning platform wherever they are in the world.
Implementing remote training into your business will cut the cost of human labour involved in classroom-based instructor-led training.
How can T2k help reduce your business costs by implementing technology?
Are you looking to save money by implementing technology into your business? Then speak to T2k today. T2k has been helping many companies save costs by implementing the right technology for their business for over 25 years. Our expert advisors are here to help you find the most beneficial technology for your company. For a jargon-free conversation on cost-saving technology, contact T2K today.
Frequently Asked Questions
Will remote working cut business costs?
Yes. Remote working will help to cut business costs significantly. If you have the right tools and technology in place, some of which we have mentioned in this article, remote working will benefit your business greatly.
How can my business prepare for remote working?
With the right technology, it's easy to start remote working. If you don't have a fully cloud-based setup, speak to your IT team or us to find out what could be done to enable remote working in your organisation.
Is there more technology that can cut business costs?
Yes. A vast amount of technology can help you save money, including marketing tools, fixed lines, advertising, artificial intelligence, CRM software and more.