Technology has brought about several improvements in the business world. It is a concept that has brought great automated solutions. The benefits of technology in business cannot be overemphasized. It increases productivity, speed, ease of sharing and storing information, reduces human error through automation etc.

All these benefits lead to lower cost structure and an increase in revenue for businesses. Fortunately, there are several technological concepts you can implement in your business to reduce cost. Some of them are enumerated below:

  1. Cloud computing

Cloud computing is the storing and accessing data and programs over the internet, instead of your computer’s hard drive. Cloud computing is a very efficient way to lower business cost.

Cloud computer reduces staffing cost. The staffing cost in an organization is usually the highest. This is because IT personnel are expensive. With cloud computing, there is less demand for IT personnel. If the servers and other hardware of the provider need upgrades or repairs, it is their sole responsibility to do it. This removes the cost of repairing or upgrading your servers and hardware.

There is a reduction in hardware cost in using cloud computing. Instead of purchasing your own equipment, which can be very expensive, the provider takes care of that. Cloud computing removes the issue of hardware cost, helping your business grow quickly and easily.

Cloud computing works on a pay-as-you-go pricing model. This saves your company from paying for software that is not used. You can choose to cancel your subscription anytime you want, which lessens the financial risk of software that does not work or fit your business needs.

Examples of cloud computing providers include Google Drive, Apple Icloud, Amazon Cloud drive, Box, Dropbox etc.

  1. Customer relationship management software

Customer relationship management software (CRM) is software that has different applications to help businesses manage clients and contacts, customer data, marketing, contracts, sales, employees, knowledge and training, business information, etc.

It is generally used to manage a business-customer relationship and it can be used by a business of any size.

So, how does it save cost for your business?

CRM software can help your business eliminate misplaced invoices. When you use a CRM system, it will help your business by showing all lost invoices that need to be chased. You will not have any outstanding invoices anymore. This means more money for your business.

It will also help you to do away with many unwanted software programs. This will save you money on different software licenses. Some businesses pay huge sums of money every year to keep up their licenses for various software programs. However, using CRM software that has web based project management features means you will only have to pay for a license in a year. This is a very good way to save money for your business.

Good and efficient CRM software includes Infusionsoft, Oncontact CRM, Salesforce work, Maximizer CRM, etc

  1. Business to business integration

Business to business integration is not a new technological concept. It has been in existence since the 1960’s. It is the integration, automation, and optimization of key business processes that go beyond the four walls of a company.

A good example of this concept is receiving orders from your customers electronically instead of through the mails. It makes it easy for the company to process order information quickly and with accuracy. B2b integrations also connects external suppliers electronically which makes it easy to view global shipments, automate the warehouse or distribution centers, and optimize stock control.

B2b integrations can reduce overhead costs and eliminates human handling, such as sorting and circulation of mails, clerical document preparation, and data entry. When you implement b2b integration, it reduces the cost you spend on paper, envelopes, mailing materials, telephone, and courier services to distribute paper documents.

There are several business to business integrations solutions on the internet. However, you need to ensure that the solution you choose has electronic data exchange, business process management, business activity monitoring, and global partner enablement and management features.

  1. Teleconferencing

Teleconferencing is a communication tool used among many participants in different locations. It is a strategy that is common among businesses with multiple locations and dispersed employees.

There are different types of teleconferencing such as business television conferencing, audio conferencing (conference calling) via telephone lines, audiographic conferencing (desktop computer conferencing) and computer conferencing via telephone lines to connect two or more computers and modems.

The process involves using a telecommunication channel, linking people at different locations, providing two-way communications and allowing users participation.

Teleconferencing increases efficiency and helps to manage business costs. Instead of traveling to different locations for meetings, you can easily use it to communicate to your employees across the world at the same time, without having to leave the office.

With teleconferencing, all you need is to move information and not people. This helps to save costs for travel, meals, and lodging. The employees will still be in their offices and this will speed up product development cycles, improve performance through frequent meetings with timely information.

The good news is that you don’t even have to spend a lot of money to acquire a teleconferencing tool. You can start with free options available on the internet, such as GoogleHangouts, Bigbluebutton, MeetingBurner, Mikogo, Webhuddle etc.

  1. Webinar

Webinar is a short word for web-based seminar. It is a live web-based video conference that connects the host with viewers all over the world via the internet. A webinar can last for an hour or two, just like mini-courses. Anyone connected to the webinar can ask questions and make comments. It is a great way to convert your audience to customers.

Webinars have an incredible conversion rate. According to Adobe, they claim 19% conversion rate in their seminars. While Buzzsumo says that 20% of webinar attendees turn into paid customers. Webinars have a higher value over all other content types on the internet.

Therefore, it has the capability to attract more audience and customers to your business. With webinars, you can connect with a wider audience and raise awareness for your product and services. Instead of you organizing a physical event, paying for a venue and the logistics that goes with it, a webinar can take place right there in your office with the right tools at your disposal.

There are different types of webinars tools like Gotowebinar, Anymeeting, Zoom, Google hangouts, Skype etc.

If you are thinking of ways to save cost for your business, use Cloud computing instead of servers and other equipment in your office. Customer relationship management software will help to do away with unwanted software programs. Business to business integration reduces overhead costs. Teleconferencing helps to manage business costs and Webinar helps to attract potential customers without spending much money. Now, you can choose from any of the above technology and start reducing costs for your business.

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