5 Technology Concepts to Reduce Costs For Your Business

By Hephzy Asaolu

Technology has brought about several improvements in the business world. It is a concept that has brought great automated solutions. The benefits of technology in business cannot be overemphasized. It increases productivity, speed, ease of sharing and storing information, reduces human error through automation etc.

All these benefits lead to lower cost structure and an increase in revenue for businesses. Fortunately, there are several technological concepts you can implement in your business to reduce cost. Some of them are enumerated below:

  1. Cloud computing

Cloud computing is the storing and accessing data and programs over the internet, instead of your computer’s hard drive. Cloud computing is a very efficient way to lower business cost.

Cloud computer reduces staffing cost. The staffing cost in an organization is usually the highest. This is because IT personnel are expensive. With cloud computing, there is less demand for IT personnel. If the servers and other hardware of the provider need upgrades or repairs, it is their sole responsibility to do it. This removes the cost of repairing or upgrading your servers and hardware.

There is a reduction in hardware cost in using cloud computing. Instead of purchasing your own equipment, which can be very expensive, the provider takes care of that. Cloud computing removes the issue of hardware cost, helping your business grow quickly and easily.

Cloud computing works on a pay-as-you-go pricing model. This saves your company from paying for software that is not used. You can choose to cancel your subscription anytime you want, which lessens the financial risk of software that does not work or fit your business needs.

Examples of cloud computing providers include Google Drive, Apple Icloud, Amazon Cloud drive, Box, Dropbox etc.

  1. Customer relationship management software

Customer relationship management software (CRM) is software that has different applications to help businesses manage clients and contacts, customer data, marketing, contracts, sales, employees, knowledge and training, business information, etc.

It is generally used to manage a business-customer relationship and it can be used by a business of any size.

So, how does it save cost for your business?

CRM software can help your business eliminate misplaced invoices. When you use a CRM system, it will help your business by showing all lost invoices that need to be chased. You will not have any outstanding invoices anymore. This means more money for your business.

It will also help you to do away with many unwanted software programs. This will save you money on different software licenses. Some businesses pay huge sums of money every year to keep up their licenses for various software programs. However, using CRM software that has web based project management features means you will only have to pay for a license in a year. This is a very good way to save money for your business.

Good and efficient CRM software includes Infusionsoft, Oncontact CRM, Salesforce work, Maximizer CRM, etc

  1. Business to business integration

Business to business integration is not a new technological concept. It has been in existence since the 1960’s. It is the integration, automation, and optimization Go to the full article.

Source:: Business2Community

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