Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
The 4 Tech Tools You Can Use to Save Your Business Money
Oct 16, 2022
It’s no secret that today’s companies are investing more heavily in digital transformation and technology than ever before. In the last couple of years, the number of tools, software, and hardware options businesses rely on has accelerated, as new business processes have emerged. Today, the right tools can help with everything from aligning distributed team members, to boosting efficiency and productivity. In some circumstances, they can even save you money. Though investing in technology for your company does come with initial expense to consider, the long-term return can be well worth the cost. Today, we’re going to look at just some of the tools business owners can leverage when they’re looking to cut expenses and save money.
Cloud Collaboration Tools
One of the easiest ways to save your company money and facilitate growth at the same time, is to allow your employees to work from anywhere. Cloud collaboration tools can pave the way to a future of hybrid and remote work for your staff members, by ensuring teams can connect, share ideas, and stay up to date with business operations wherever they have an internet connection. A cloud collaboration platform will give your employees access to a digital hub where they can find everything, they need to stay productive on the move. This means you shouldn’t have to require as many team members to actually come to the office each day. The result could be that you save significant cash on overheads like real estate and electricity. At the same time, you boost your chances of appealing to a wider range of potential team members by offering access to more flexible work to top talent.
ERP Software
ERP software, or Enterprise Resource Planning tools, are simple but effective applications which help to combine various elements of human resources, payroll, and accounting into a single system. The right technology is fantastic for monitoring all aspects of your business simultaneously, so you can make sure you’re using your crucial resources as effectively as possible. With ERP tools, business leaders can comprehensively manage everything from inventory and payroll in the same environment. You can also access analytical tools within the software which might help you to pinpoint inefficiencies which could be costing your team time and money. Good platforms even come with the option to share reports and insights with stakeholders throughout the business, so you can keep everyone on the same page when striving towards company goals.
Fleet Management Solutions
Vehicles can be an important part of a company’s operations, but they’re also often a significant source of expense. Making sure you’re managing your fleet correctly with the right tools and software can save you money, time, and reduce your risk of costly mistakes. Today, there are countless advanced solutions available on the market to transform your company’s performance. You can access fleet management systems with built-in GPS tracking tools, so you can keep a close eye on your employees and how they are using vehicles. This makes it easier to spot issues which could be contributing to increased fuel or maintenance spend. The information you collect from your software will also help you to determine which members of staff might need additional training to be more efficient and safer on the roads. You could even use your systems to help plan the most cost-effective routes for drivers.
Automation Tools
Finally, automation has quickly become one of the most powerful solutions for business leaders looking to save money and boost workplace efficiency. There are several aspects of ecommerce your business should automate, or at least consider doing so. With automated systems, it’s possible to cut down on the number of repetitive tasks employees need to complete each day. This means they have more time to focus on the tasks projects that actually create value for your company. Automation tools can help with everything from data entry, to managing marketing and sales campaigns on the behalf of your team members.
See: The Enterprise Automation Imperative—Why Modern Societies Will Need All the Productivity They Can Get
There are also tools which can take over some of the customer service tasks your staff deal with each day. Not only do automation tools take some of the pressure off your team members, but they can also reduce the risks of common mistakes throughout the workplace, by eliminating human error. This means you spend less time and money on fixing problems.
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