5 Ways Technology Can Cut Business Costs

Minimising running costs can help companies increase profitability. Some businesses opt for quick fixes to reduce expenses, such as making redundancies and blanket cuts, which can diminish quality and hinder the company’s reputation and success.

To cut costs and actually improve operations, upgrade your technological practices. Although digitising your systems will require an upfront investment, it’ll help you save money in the long run.

1) Increase productivity

Each business hour is accounted for in the budget for paying employees and general operating costs. To see a good return on investment from the day-to-day expenses, implement efficient processes to decrease delays. Modern equipment, software, and platforms can help you complete more work in the same amount of time, whether you’re producing more goods, making more sales, or fulfilling more projects.

Technology can also help to quicken everyday duties such as:

• Communicating with team members
• Accessing and locating files
• Scheduling meetings and tasks
• Monitoring progress and results
• Managing annual leave and absences

To avoid spending more time on online security and management, outsource this responsibility to an IT support firm. Custard Technical Services provide market-leading IT support solutions to businesses across the UK.

2) Digitise your files

Going paperless eliminates the need for physical storage solutions, so you don’t need to pay for using an off-site storage facility. If you usually keep files in the office, storing them digitally will create more space so that you can grow your team.

With an online document system, you can pay less for office supplies too.

3) Remote working

Running your business digitally gives you the option to operate remotely, full or part-time. If your employees work from home, you can downsize or remove the office altogether, to save on rent costs.

To ensure your staff members can operate efficiently from home, use an online file storage platform like Microsoft OneDrive or Google Drive, and provide modern equipment such as laptops, monitors, and mobile phones. Also, equip the devices with online security, including a VPN, so that employees can access the company’s online resources safely.

4) Minimise data breach risks

Physical files are vulnerable to theft if they aren’t stored securely, shredded, and correctly disposed of. Accidentally losing important documents is also an easy mistake for employees to make due to human error.

Lost or stolen documents containing sensitive information could result in a hefty data breach fine under GDPR of either 4% of annual global turnover or £17.5 million.

Other financial impacts of a data breach may include legal fees, compensation for the affected customers, and investigating the breach.

However, you’ll still need to protect digital documents against cybercrime by using online security systems such as two-factor authentication and anti-virus software.

5) Video conferences 

Instead of paying to travel across the country for client meetings, you can conduct them for free through a video conference tool such as Zoom and Google Hangouts.

You can also access or host webinars through video conferences, which, according to Buzzsumo, can convert 20% of webinar attendees into paid customers.

Upgrading technology and incorporating online practices into your business will help to increase efficiency, reduce running costs, decrease errors, and avoid expensive data breaches.