5 ways technology can lower overall business expenditure

Technology is one of the most essential parts of the modern business world. As companies look to become more efficient and unlock their full potential, technological advancements continue to be one of the most proven ways to achieve this goal.

Businesses often implement new technological solutions to enhance and augment their business. This allows them to keep up with the rapidly changing needs of the corporate world and streamline their institution efficiently.

Here are five different ways that technology can lower your overall business expenditure, whilst helping to grow your business to reach its full potential.

Reduce Capital Expenditure with Cloud Computing

Cloud computing is one of the essential new technologies that is slowly helping to form the backbone of the business world. With 60% of the world’s corporate data being stored in the cloud, there’s no question that companies worldwide are looking to the cloud as the future.

Moving your infrastructure to a cloud-based system, as opposed to an on-premises one, has many benefits for your expenditure. Instead of having to break the bank on server hardware and running costs, a cloud-based system will eliminate those steep fees. Instead, all you’d have to pay is the cloud service cost.

Save Time & Money with Automation

Automation is key to the day-to-day success of every business. By introducing automation to your company’s key processes, you can easily ensure that the key, everyday (and perhaps somewhat mundane) tasks of your organisation are completed without error.

Automating these tasks will let your employees focus on the more important responsibilities within your company. Small but important functions can otherwise take minutes, or even hours, out of each employee’s day.

The cost of human error can be incredibly high, especially in the most vital parts of your organisation. Automating these processes can help to ensure that no errors are made in your organisation’s workflow.

Automation can also speed up vital tasks within your organisation whilst ensuring they get completed with accuracy, uniformity, and without the risk of human error. For example, the American Red Cross uses Microsoft Power Automate to digitise the process for First Aid and CPR instructors to order supplies. By doing so, their First Aid and CPR instructors ensure they can access the supplies they need without any problems or cause for delay or error. You can utilise this in your own organisation to increase accuracy and ensure that your employees work smarter and more efficiently.

Go Paperless with Unified Communications and eSignatures

As the world moves online, the need for physical paper communication and documentation lessens. Instead of using the archaic mail service and ‘wet’ signatures, email, eSignatures, and Unified Communications platforms such as Microsoft Teams will help save money and boost your organisation’s workflow.

Paper accrues costs for any company. The initial purchase of the paper can be a significant investment, let alone the costs associated with printing and sending documentation. Moving online and ushering out paper for your business could save significant business funds when considering the cost of paper, ink, toner, printer maintenance, and running costs, and associated energy costs.

Unified Communications also allow you to get work done much more quickly and efficiently when collaborating with others. After all, time is money – and your employees might be wasting hours in the week switching between different communication platforms or even sending out physical mail.

This is where an application like Microsoft Teams comes in. Everything you’ll need to communicate with teammates and external recipients is in one application. There’s no need to waste time switching between applications at all.

Consolidate Licenses to Limit Feature Redundancy

Consolidating your licenses through Microsoft 365 is a great way to cut your licensing costs by over 60% and help reduce feature redundancy throughout your organisation. By consolidating your licenses, you can easily make sure that you’re only paying for what you need to, for your company to thrive.

Taking advantage of this feature will ensure that you’re not wasting money on feature sets that parts of your business – or your organisation as a whole – won’t require. This money can be used elsewhere to augment your company through other means, without having to dedicate money to IT licensing costs.

Outsource IT Support

Hiring in-house IT staff can be costly. Working with a service provider to outsource your IT team and resources can save a significant amount of money whilst also preserving the quality and level of service throughout your organisation’s IT infrastructure.

By outsourcing your IT support, you not only remove the need to hire an in-house IT team but also provide your business with access to expert service at all hours of the day.

Looking to Implement These Changes?

Technology is rapidly changing the business industry. As companies are finding better and more cost-effective solutions to unlock their business’s full potential, there’s no reason your organisation shouldn’t stay a step ahead of the rest.

By implementing some, or all, of these solutions, your company will be cost-efficient. These solutions are easily implemented and are a solid way to ensure your business prospers in the long term.

If you’re looking to start implementing these solutions in your business, you need look no further. Extech Cloud can give you a helping hand and guide you through the whole process. Our expert team works with small to medium businesses in the Sussex area to ensure that your organisation gets the best support possible to enable it to thrive.

If your company is based in Burgess Hill, Haywards Heath, Crawley, Brighton, or anywhere across Sussex or Surrey, why not contact the Extech Cloud team today to find out more and speak with a cloud specialist to see what we can do for you?