09 Nov 2016

4 Ways Technology Can Save Money for Your Business in 2017

The year 2017 is approaching fast. That means it is time to plan your business strategies and budget for the upcoming year. Besides developing strategies to improve profits, you can look for ways to reduce costs.

Here are four ways you can use technology to save money:

1. Upgrade Your Computers and Other IT Assets

It might seem contradictory, but spending money to upgrade your computers and other IT assets can actually help your bottom line. For example, having slow computers or computer screens so small they are hard to read hurts employees’ productivity and subsequently, your profitability. Plus, employees might become so frustrated that they start using their own personal computing devices for work, which poses a security risk.

Updating your computers does not necessarily mean that you have to replace them. Instead, you might be able to upgrade certain components in them. For instance, you could install additional memory so that applications run faster. Or, you could replace small computer monitors with larger ones so that employees can easily view what is on their screens.

2. Consider Taking IT to the Cloud

There are many different types of IT services now available through the cloud. You can go big (have your entire IT infrastructure in the cloud) or small (have a single application in the cloud). Depending on the type of cloud service that are right for your business, you can look to reduce or eliminate elements such as capital expenses, licensing fees and maintenance costs. However, as we stressed before, any move to the cloud has to be timed right for your company and each business is different.

3. Revisit Your Phone Service

If it has been a while since you reviewed how much you are spending on your business’s phone service, take a look. Phone technologies are constantly being improved, so you might be able to find a less expensive service that meets your business’s needs. For example, you might be able use Voice over IP (VoIP) instead of landlines for your phone service. VoIP is a technology that lets you make calls using a broadband Internet connection.

4. Go Digital

Going digital is a catch phrase for a simple concept — using and storing digital files rather than paper copies when possible. For example, instead of printing and mailing paper copies of invoices, you can send them via email or a service such as PayPal.

Going digital has many benefits. You will save money on postage and business supplies (e.g. paper, printer ink). Having a paperless office will also save employees time since digital files are easier to organise and search. This will improve employee productivity, which in turn will increase your profitability. Plus, going digital helps save the environment, as you are using less paper and creating less garbage (e.g. printer cartridges). BUT, in making this move, don’t forget to make sure your IT is secure!