Technology is an essential part of business and companies are always looking to unlock more potential from efficiency improvements, process optimisation and providing better information flow. New IT solutions are continuously being adopted by the corporate world to maintain and increase competitiveness.
In this article, we’ll look at five different ways that technology can be used to specifically lower expenditure.
1. Consolidate Your Software Licenses
OK, this first one is a bit of a cheat, as you license the technology we will be highlighting, however once you read through the other ways to lower your expenditure, this will make sense!
Consolidating your software licenses through Microsoft 365 is a great way to cut your licensing costs by over 60%. This also helps reduce feature redundancy throughout your organisation, bring consistency to the system used and associated training time and costs. By consolidating your licenses, you can ensure that you only pay for what you need for your company to thrive.
Saving our customers money by auditing their system licenses is an area where Trinity excels! Check out our IT Systems Audit page for more information.
Taking advantage of this will ensure that you’re not wasting money on feature sets that parts of your business — or your organisation as a whole — don’t require.
2. Cloud Computing to Cut Capital Expenditure
Cloud computing continues to grow and is now one of the essential new technologies for much of the business world. 60% of the world’s corporate data is being stored in the cloud so there can be no doubt that online storage and activity is the future.
Moving your IT infrastructure away from traditional on-premesis systems to a cloud-based one, has many benefits in terms of your expenditure. Capital expense, often very high when it comes to server hardware and running costs (including people), can be eliminated and replaced with much lower cloud service costs.
3. Save Time & Money with Automation
Automating mundane, everyday tasks within your organisation allows your employees to focus on more important tasks, such as sales or operational activity. This also reduces human errors that often accompany boredom! Simple, routine functions can take minutes or hours out of each employee’s day, often more than is realised.
The cost of correcting errors can be incredibly high, (typically in terms of time, but sometimes financially), so automating prcesses, where possible, is crucial to reduce the possibility of errors in your organisation’s workflow.
Automation can also speed up vital tasks within your organisation whilst ensuring they get completed with accuracy and consistency. A good example of this in action is how the American Red Cross utilises Microsoft Power Automate to digitise the process of ordering supplies for their instructors.
4. Unified Communications and eSignatures
In the current digital age, the use of paper for communication and documentation has got less and less. Emails, eSignatures, and Unified Communications platforms such as Microsoft Teams are replacing archaic mail services, ‘wet’ signatures and physical interactions. These all help save money and boost your organisation’s workflow if used correctly.
The use of paper alone can cost some companies a huge amount. Having to buy it is a cost, then you have the costs associated with printing and sending it. In fact, moving online and ushering out paper can, not only save paper costs, but also ink and toner costs, printer maintenance and energy costs too.
Unified Communications allows you to get work done far quicker and effectively when collaborating with others, including colleagues, customers and suppliers. Time is money, and you or your staff might be wasting hours each week on travel, switching between different communication platforms, or even sending out physical mail.
Applications such as Microsoft Teams provide everything you’ll need to communicate with teammates and external actors in one application.
5. Outsource IT Support
Hiring in-house IT staff can be incredibly expensive. Working with a service provider to outsource your IT team and resources can save lots of money whilst also preserving the quality and level of service throughout your organisation’s IT infrastructure.
By outsourcing IT support, you not only remove the need to hire an in-house IT team but also have access to expert service at all hours of the day. An IT service provider will be there for you whenever you need them, and you can rely on the provider to be knowledgeable and able to fix any problems much more quickly and efficiently than on-prem IT staff.
By implementing some or all of these solutions, you can ensure that your business is as cost-efficient as possible. Instead of wasteful ‘physical’ or non-automated solutions that are just going to haemorrhage money from your business, these solutions will help ensure your business prospers in the long term.