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Reshali Balasubramaniam
June 24, 2019
Behavioural Psychology-Creativity-Decision Making-Goal Setting-investing No Comments

How New Businesses Can Bring Down Costs through Use of Technology

 

Are you heading a new venture and taking your initial firm steps in the industry? Even if you are going great guns or just finding your way, it is always better to streamline the processes involved. This creates a launch pad for your business to really take off.

Question is how to go about streamlining the different processes so that they work seamlessly. There are some aspects that require the human touch but these too benefit and produce better results with the use of technology. Utilizing technology not only cuts costs, it also removes hiccups in the working process to a large extent.

Find below some ways to make technology work for you:

Automate

Automate where possible.  It is the primary mantra when it comes to cutting costs. It is true that people are required for using every tool but it eventually saves costs. Not only do you require less manpower to do certain jobs, things get done on time and with precision. At times a simple app or tool like Xero can handle different jobs with ease. Your accounting requirements along with taxes, payrolls and invoicing can all be done with this. This automatically cuts down on manpower requirement, and in turn costs.

Use apps and tools

Unless the nature of your work demands very specific software, it is better to use what is freely available. Spending a little time on the internet will provide you solutions and apps for most requirements. In addition, utilize the freedom and flexibility of apps to communicate instead of travel. There is Skype and WhatsApp and Facebook Messenger, to name just a few. There are free calling apps too that save immensely on phone bills. Keep in the know of such technology to save substantial amounts.

Use cloud

Every new business requires a website. This is the best way to let people know what you do and how well you do it. For the users it is just a website. For you, however, it involves finding yourself a server. At least it used to be! With the advent of cloud storage, that is no longer so. However big your company grows, you are not restricted in cloud storage or hosting. In addition, security concerns are addressed too. There is a third party handling cloud security. You know your website and all the data are in safe hands.

Go green

Companies do not often realize how much they spend unnecessarily. Use technology in the form of LED lights, solar panels where applicable, and to reduce water wastage. How about cutting out printing material? Technology provides so many ways to convey and store information. Why be a party to cutting trees? Opt for e-mails and digital media and cut down on the paper trail. You not only save costs for your company but help contribute to the wellness of the world.

It is surprising how simple steps help in cutting costs markedly. And they are so very doable. Incorporate them into your work ethic and feel the change.

Summary

By making the right use of appropriate technology, businesses can bring down their costs to a considerable extent. In fact, there are various ways to cut expenses, such as relevant automation, going for cloud storage, utilizing green technology like solar panels, shifting more towards digital media rather than printing, and so on.

Reshali Balasubramaniam

Head of HR, HR Counselor and adviser at https://work.lk/. Do you offer a Service? Signup for an account at work.lk

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