For business owners that understand the secret of profit-making, hacking down costs is as crucial to every part of your business as is revenue generation. Although generating the greatest of revenue can help you turn lots of profits, the quickest way to create a significant gulf between your business expenditure and income generated is still through the process of cost hack.
Unfortunately, even those entrepreneurs that understand this little secret still end up not benefitting from the trick because of the way in which they’ve been going about it. However, let me let you in on a little game-changing secret by saying that the biggest weapon any business can use to reduce its costs significantly is none other than technology.
Oh, yes, you read that correctly! Doesn’t matter how much it’s cost you in the past to run your business; the introduction of some tech-based strategies is always enough to turn the tables around when it comes to generating enough revenue and reducing the costs incurred in the process.
But how can I use technology to achieve this much in my business? Some may quip! Well, you’re going to have to continue reading this post to find out, so sit tight and enjoy the post.
Teleconferencing
Indeed, business meetings and discussions are the heart and soul of every business. And without a well-structured business meeting system in place, a business is just as good as dead. However, businesses have been spending lots and lots of money on meetings and conferences in the times past, so much so that some companies even decide to call off conferences because of the perceived expensiveness. But thanks to the introduction of teleconferencing, no one really has to go through all of that anymore. Teleconferencing is a communication tool used among many participants in different locations. It is a process that involves the use of communication channels, linking businesses of multiple locations and dispersed employees, providing two-way communications, and allowing users participation. There are different types of teleconferencing, such as video television conferencing, audio conferencing, audiographic conferencing, and computer conferencing.
Cloud computing
Especially for businesses that use software programs to run their operations or deal with large data and information, employing the use of cloud computing can save you lots of money in terms of staffing costs. Cloud computing, which is the process of storing, sharing, and accessing data over the internet, can help hack down your business costs by reducing the number of IT personnel you would need to hire.
Additionally, it also eradicates the cost of repairing or upgrading your servers and other hardware. Because, when your servers actually do need upgrades, it is the sole responsibility of the provider to come up with the needed repairs or upgrades. Even if you run a small business, cloud computing can still save you money by handling your small business data, making them available for you anywhere and anytime.
Without cloud computing, your small or large business would have to hire an IT guy(s), many of whom don’t come cheap. Common cloud computing providers include Google Drive, Cisco Switches Dubai, Apple iCloud, Box, Dropbox, Amazon Cloud Drive, and lots more.
Computer packages and AI
We can never overemphasize the importance of AI in every facet of our lives since its introduction. And one significant area where computer software and AI find such relevance is in the aspect of business. But how does it save you costs? While traditional businesses often rely on customer care agents to attend to customer queries, take calls in different languages, and meet customers’ demands, the introduction of AI and some other communication devices save you the costs of hiring these agents, while also ensuring that outstanding customer communication experience is guaranteed. With several tech packages on show, such as the AI chatbots and the VoIP Phones, not only is your customer communication system going to get better, but you also save yourself from monthly employees’ paychecks.
Software powered by artificial intelligence can partially or even fully replace humans. Their tasks will be automated, and you won’t have to include their salaries in your budget. This factor can be especially important if your company is a start-up that is low on funds. A one-time investment in AI software is likely to be less stressful for your budget than hiring a full-time worker (or even the entire department!).
Artificial intelligence and machine learning can also be used to cut maintenance and repair costs. So, if your business is related to manufacturing, these tech-based packages can help with its predictive maintenance.
B2b integration
The concept of business to business integration is not a new one. Having been around since the 1960s, it involves the automation, integration, and optimization of key business processes that go beyond the four walls of a company. A great example of this is receiving customer orders electronically rather than via mails. This makes the process of processing orders smoother, cheaper, and easier. B2b integrations also connect external suppliers electronically, thereby making it easy to view global shipments, automate the warehouse or distribution centers, and optimize stock control. B2b integrations can help save costs by reducing overhead costs and eliminating human handling. When you implement B2b integration, it reduces the amount of money you’ll need to spend on envelopes, papers, telephone, mailing materials, and even courier services.
Webinar
Another cost-effective approach one can incorporate with their business is the adoption of Webinar. Also known as web-based seminars, webinars are live web-based video conferences that connect the host with viewers all over the world. According to recent statistics, Webinar enjoys such an incredible conversion rate that it has helped several businesses convert their first-time visitors into repeat clients. With webinars, you can connect with a wider audience and raise awareness for your offerings, while also saving yourself some costs in the process. Instead of organizing a physical seminar, and paying for the venue and other logistics that come with it, a webinar allows you to achieve a similar purpose without going through all that. Common webinar tools include Skype, Google Hangouts, Zoom, and lots more.
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