Tech Transformation: 10 Ways Implementing Software Reduces Business Costs KEY TAKEAWAYS
Embracing emerging technologies boosts annual revenue for companies. Software solutions optimize performance and reduce costs in industries like vehicle manufacturing. Automation streamlines processes, saves time, and cuts down on repetitive tasks, reducing costs. Accounting and budgeting software automates financial tasks and resource allocation, saving time and resources. Collaboration tools, project management, and employee engagement platforms enhance efficiency, communication, and productivity, leading to cost reduction. Companies that put emerging technology to use report a whopping 58% increase in their annual revenue . This is why over 80% of companies today use at least one of the emerging technologies for ease of operations.
There are a plethora of ways companies are embracing the tech transformation to their benefit. Be it improving efficiency or increasing productivity, the end goal is to improve a business’s performance and foster growth.
In this article, we take a look at how the implementation of software solutions helps lower company expenses by optimizing your work processes and bringing efficiency to them. Let’s take a look.
Software to Improve Performance Industries that work closely with vehicle and machinery manufacturing and management use software solutions to unlock the potential of the machines. As these software has technological knowledge for your business such as research and work toward achieving the most optimized performance out of a piece of machinery.
Elysia battery mana g ement software combines best-in-class BMS algorithms with a powerful cloud platform for standard-setting analytics. It helps enhance productivity to deliver a high-performance battery experience .
Such advanced analysis not only gives automotive OEMs, fleet operators, and battery asset financiers unprecedented access to battery data but also the ability to manage, optimize, and enhance battery performance during the vehicle’s life.
This directly helps cut expenses with its potential to unlock longer battery life and faster charging speeds along with increasing battery power and range. Monitor your vehicle and machinery’s performance to improve in every aspect.
On-the-go Management for Improved Efficiency Using an app for managing your fleet company equipment opens a multitude of opportunities for reducing costs. Some of the most common ways are listed below:
Cloud and mobile-based fleet management solutions enable fleets of all sizes to automate their operations. It becomes easier to manage asset life cycles with everything being under a single roof. Companies can automate both in-house and outsourced maintenance management. Companies can coordinate related tasks on the app such as receiving recall alerts, tracking fuel, vehicle inspections, parts, vendors, etc. Having comprehensive control over the fleet allows you to leverage its full potential and save money in the long run. You’ll be a step ahead of your fleet requirements to manage resources better and reduce wastage.
DID YOU KNOW? Global spending on digital transformation is expected to reach $6.8 trillion by the end of 2023.
Automation to Do More With the Same Resources 51% of the workforce reports performing repetitive tasks for at least two hours every workday. This is why 73% of senior executives in companies aim to increase their investment in automation technology.
Technology has revolutionized the accounting landscape as automation software solutions help streamline every process performed by you to maximize efficiency. It:
Reduces the steps that are performed. Eliminates redundant steps. Saves time, effort, and resources allocated to it. Makes employees enthusiastic about engaging with it. This allows businesses to lower the expenses and time spent on every task when getting the most output from it . Notably, it frees personnel to dedicate their time and effort to creative tasks.
Accounting Solutions for Error-free Financing Accounting is one of the most crucial aspects of running a business so that there are various virtual book keeping services available for businesses. Deploying an accounting software helps you automate various financial tasks, such as:
Storing information in an organized manner Processing information for further tasks Managing your financial accounts through software helps minimize the risk of human errors and makes things more organized and easier to track.
This saves you time and resources, reducing costs that would have gone to redoing complete processes due to one manual error.
You can also generate reports with ease for compliance and other related tasks.
Budgeting Apps to Plan Ahead Budgeting applications are different from accounting software solutions . Since accounting deals with recording and analyzing financial information for further use, budgeting is about planning and forecasting based on your current resources to achieve future goals.
They serve as excellent tools to decrease business costs by allocating resources mindfully . This way you are able to provide required resources to every aspect of your business yet guarantee that you stay within the budget.
It also helps you with future planning as you can save costs for future investments. The apps have options to set up specific goals and track your progress in real time to ensure that you don’t waiver from your goals.
Project Management to Keep Tabs on Your Projects Project management tools help you manage all your projects under the same roof. They allow you to both micromanage and have an overview of what goes on with each project. More significantly, they help you gauge the effect one change to one project will have on another.
For example, if your current budget is $100, and you need to allocate it to three different projects, you can conduct calculations about:
How much does each project need, How much you can go over and above the strictest needs, and Allocating how much to each project will affect the other projects. Project management platforms not only manage your current and ongoing projects but also archive your previous projects and provide you with the tools for pre-planning future ones .
This gives you valuable data and insight to plan your operations meticulously, helping you reduce costs tremendously.
Travel Management to Tap Opportunities While Staying Within Budget Businesses often shy from travel owing to enormous costs. However, simply not traveling for fear of expenses ends up restricting your business opportunities. The better option is to manage corporate travel to seize opportunities and remain within the budget.
A travel management platform will help you achieve that by:
Helping you formulate standardized travel policies. Allowing you to book tickets with ease, regardless of how big or small the traveling party is. Helping you tap discounts and offers by scraping various platforms for deals. Tracking and invoicing travel expenses for better management. Allowing employees to manage their travel expenses with individual accounts. Such management makes travel easier and more affordable. It allows you to expand your business and seize opportunities that you may otherwise not consider , helping you scale your business organically when reducing costs in the long run.
Collaboration Tools for Seamless Coordination Errors caused by miscommunication and delays in relaying information from a person to another or a single department to another cause massive dents to workflows. Disrupted workflows lead to lesser output and wastage of resources.
Collaboration tools provide you with easy ways to communicate that archive the communication for future use as well. Also, it helps set clear communication lines within the organization, eliminating misunderstandings about who reports to whom.
This is especially helpful as the focus has gradually shifted to remote working. However, collaboration tools prove to be just as useful regardless of the fact that you’re in a remote setting or an in-office setting.
This is because they offer a variety of ways to communicate without leaving one’s place of work. And because they allow you to archive information in a way that can be visited later. Both these elements contribute to a seamless coordination between staff members, teams, and departments.
And when workers are able to work without distractions, errors, and miscommunications, they can perform at their best potential to provide greater productivity and save money.
Employee Engagement Tools to Keep Your Employees Hooked Having dedicated and driven employees is key to achieving improved productivity and success as a company. However, keeping staff involved with your company’s vision has proven to be historically challenging for many.
Employee engagement platforms aim to make this particular aspect of HR easier by engaging employees in:
The culture of the organization, and The vision of the company. They do this in myriad ways, such as:
Providing performance reviews — The platform lets employees know how well they performeḤd a task, what their shortcomings are, and how they can improve in the future.Providing perks — It provides perks and benefits to employees, they can redeem by performing tasks well.Employee recognition — The platform recognizes high-performing employees and allows you to reward them in various ways.Gamification of day-to-day work — It converts everyday tasks into quizzes and games that staff members can perform to gain points and compete with fellow staff members.
Cloud Storage to Save Space and Resources Cloud platforms allow companies to store their data over applications on the Internet instead of internal hard drives.
This allows them to save space and costs in their internal system as they improve the flexibility and scalability of the data that is used on a day-to-day basis. You don’t have to invest in expensive infrastructure or hardware.
Moreover, your employees can easily access the data on the Internet resources instead of accessing it manually every time needed.
Make the Most of the Tech Transformation by Streamlining Processes and Maximizing Efficiency to Reduce Costs The digital transformation around us has opened the doors for businesses to achieve more out of their resources and efforts. Businesses are actively working to enhance performance by unlocking the true potential of every piece of technology they own.
Mobile applications make management easy by allowing you to manage your fleets on the go. Automation of repetitive tasks saves time and resources that can be dedicated to more significant ones.
Let us know in the comments what you think are the best ways to use technology to save costs.
