Why investing in technology could boost your financial performance

16th October 2018

There are many ways businesses can save or make money. A common way to do this is to whittle down staff as salaries are often the costliest for any business to administer. Businesses can also choose to increase their prices (not a good idea if you want to keep loyal customers coming back), reuse equipment or they can boost coffers by making smaller changes like reducing the number of pages that are printed in the day and switching to energy efficient light bulbs in the office.

Improving technology or replacing manual processes with technology may mean an upfront cost but it could save the business lots of money in the long run. They key is for management to get over the first hurdle of parting with the cash to improve the tech in the first place.

But, once the tech is up and running, the cost saving and benefits could be endless. Here are just some examples of how adding technology could save your business money and provide other benefits:

Technology can help you ‘talk’ to your customers

You may be hesitant about letting a robot chat to your clients but there are some studies that show that customers actually prefer them! According to the 2016 Aspect Consumer Experience index, 61% of consumers believe that chatbots are the way of the future and 70% of millennials have conveyed positive experiences using chatbots.

While your customers have no problem interacting with bots there are studies that show that they can save you money. According to UK-based Juniper Research, it is estimated that chatbots will help save businesses a whopping $8 billion per year by 2022. So why not give your employees some extra time by letting the bots answer the most frequently asked questions that clients pose! Leave the more complex questions to your employees and let them offer service in new and different ways that could put you ahead of the competition.

It can enable your staff to work remotely
Working from home certainly has its perks but it can also save your business money. Just think about it. If fewer staff come into the office that means you need less floor space and can move to a smaller office where the rent could be less. What’s more, it will save your staff money too as they don’t have to spend money commuting to work every single day. It’s a win-win for all!

It can cut down on your marketing budget

Gone are the days where companies had to advertise on expensive billboards or on radio and TV. Social media platforms open up a plethora of ways of contacting and advertising to individuals. If you create a newsletter you can also reach your customers via email and inform them about your latest products and offerings at a fraction of the cost. This can be done through social media and sending out mailers with the use of MailChimp

It will save you time through automation

Technology will enable you to automate tasks so that they are run on schedule and far more efficiently. Gone will be the days where you have to manually process everything. If you’re worried about having too many social media accounts to manage – don’t be because there are tools out there such as Hootsuite that can automate this process for you leaving you to concentrate on other tasks within the business.  

It can provide you with more space in the office – literally!

Again, there is some reticence about storing things in ‘the cloud’. But storing your data in the cloud has plenty of benefits. A recent study from Rackspace which surveyed 1,300 companies found that 88% of cloud users experienced cost savings and 56% saw an increase in profits. Another common advantage highlighted is the reduction in hardware and the costs associated with it. This means no more large data centers taking up copious amounts of precious office space. What are you waiting for?

 

 

 

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