3 Ways to Use Technology to Reduce Business Expenditures

No matter what line of business you are in, the key to success is to keep costs low so that the profit margin is high. That is a given and the standard operating procedure for any business large or small. With this in mind, isn’t it time to look at how technology can be used to keep expenditures low within your company? You might be amazed at some of the more recent innovations that can help you save a significant amount of money. Let’s look at a few of those technologies now.

  1. AI Working in the Background

More and more businesses are employing artificial intelligence to do many of the things entry level employees have always done, such as collecting data. This can easily be a computerized task which would free employees up to do other things. It may even reduce your payroll because humans wouldn’t be necessary for the collection of data in many situations. For example, merchant services platforms with a central dashboard can enable you to track customer interaction with your payment platform so that you can better serve them going forward. This is AI at its very best and it goes a long way in improving the customer experience.

  1. The Benefits of a Remote Workforce

Even just a few decades ago, a remote workforce would look like something totally different than it does today. In fact, it would be almost impossible to employ anyone who couldn’t be onsite every day. While there were ‘traveling salesmen’ out in the field, typical clerical work couldn’t be handled from home without transporting heavy hard copy files back and forth. With the internet and cloud computing, it is possible to work from remote locations with everything instantly available for inspection at the home office. In fact, with videoconferencing platforms, meetings can be held on the fly without transporting anyone anywhere. It’s amazing just how much money a remote workforce can save a business in overhead.

  1. Email Communications

There is one major way to save your company money and that would be through email communications. Consider for a moment just how many invoices your company sends out monthly. If they can be folded into a single envelope, then the postage would be $0.58 per letter. What if you had to send multi-page files? They would typically run over $4 in many cases, but a multi-page PDF or doc file could be transferred immediately via email. In fact, that brings up another money-saving benefit of this type of technology. Not only is the cost of delivery cheaper, but manpower hours are reduced as well. That alone is a major business expenditure that could be instantly reduced.

No business could operate for long if they didn’t weigh cost against profit margins. It just wouldn’t be possible if the expenditures were equal to or greater than revenue brought in. With advances in technology, it is now possible to reduce expenditures in almost every facet of a business which, in turn, improves the profit margin and chances for success.