5 Technology Concepts to Reduce Costs for Your Business

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Technology has completely transformed the business world over the past few decades. Now, practically every company has its own Facebook, Twitter, Instagram and website and more professionals are transitioning to a digital-only system. Many are also looking to embrace a few new concepts in 2021 and beyond. These emerging technologies are already changing the way businesses communicate, compete and grow. More importantly, they’re reducing costs and ensuring a brighter future for businesses and consumers, alike.

1. Cloud Computing

Transferring company data to the cloud is a brilliant way to cut costs. In addition to saving money on paper, filing cabinets and other office supplies, storing information online is a brilliant way to boost productivity and minimize stress. Of course, you’ll still have to pay a monthly fee for the software, but it’s a small price to pay when you consider the cost of staffing and managing a team of in-house specialists. Plus, since cloud computing applications undergo frequent updates, you’ll spend less time and money doing it yourself.

2. Automation and AI

Practically everything is automated these days and, if you’re smart, you’ll automate your business, too. Downloading automation software and relying on artificial intelligence to organize your inbox, share information, enter data and even manage payments or invoices can significantly reduce human error and subsequent spending to correct it. Optimizing key business processes will also reduce overhead costs and keep you a step ahead of the competition.

3. CRM Software

Customer relationship management software has been revolutionizing customer service and analytics for a few years now. This technology helps you maintain and develop stronger connections with customers to increase loyalty and better understand prospective clients. CRM has been so successful in automating this process and cutting costs that the market is set to exceed $80 billion in revenue by 2025.

4. Teleconferencing

Even before the pandemic, teleconferencing was becoming a popular way to connect with clients, investors and fellow professionals. However, it’s safe to say that this technology has exploded in recent months to become the future of business networking and communication. Teleconferencing increases efficiency and helps manage business costs because it’s fully remote and there are so many free options available, including applications like Google Hangouts and Webhuddle.

5. Webinars

Web-based seminars — or webinars, for short — are game-changers for businesses looking to reduce costs. Hosting one of these remote events is one of the most popular ways to exchange information, share ideas and grow a bigger, more skillful network. And, since everything is online, there’s no need to reserve a venue or hire a caterer. Ultimately, this digital experience can save your company thousands of dollars over the years and increase revenue as more attendees convert to loyal customers.

Finding Long-Term Solutions

The pandemic has forced many businesses to adopt short-form technology solutions like break-fix IT and live-chat services. However, your post-pandemic success depends on you embracing long-term systems that can reduce costs well into the future. Of course, investing in applications, software and equipment may be pricey, but they’ll soon pay for themselves 100 times over, especially in the wake of the coronavirus.

Rebecca Grewcock

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