In today’s competitive business environment, companies must maximize technological tools to increase efficiency and productivity while lowering costs. You can achieve that through various methods, such as implementing enterprise resource planning (ERP) systems or using artificial intelligence to automate processes.
Here are some ideas for how companies can better utilize technology in their organizations. These are designed specifically to entice small-to-medium-sized businesses that may not have budgets for significant capital investments into considering low-cost options that could make a difference in their operations. That will be a huge help in managing small business finances.
Not every company has the same needs, so review this list and adapt the ideas that will work best for your business.
1. Use free or low-cost software options.
There are several free or low-cost software solutions available that can help businesses with various tasks such as accounting, project management, customer relationship management (CRM), and more. Sometimes, these are offered free for a few features, and you have to pay for more advanced options. For instance, an applicant tracking system pricing can range from zero to $249 a month. Do some research to see what is available and consider implementing one or more of these solutions in your company.
2. Take advantage of cloud computing.
Cloud computing can help businesses save on infrastructure costs while also providing flexibility and scalability. Consider moving some or all of your company’s applications and data to the cloud.
3. Utilize open-source software.
Open-source software is a type of program that anyone can access and modify the code for. That makes it a cost-effective option for businesses as there is no licensing fee associated with using it. Additionally, many open source programs are high quality and well-supported by their communities.
4. Invest in enterprise resource planning (ERP) software.
An ERP system is a type of business software that helps organizations manage and automate accounting, purchasing, inventory, human resources, customer relationship management (CRM), and more. While the initial investment in an ERP system can be high, it can save businesses time and money in the long run by streamlining operations.
5. Automate repetitive tasks.
If your business has any repetitive tasks performed regularly, consider automating them. That can free up employees’ time to focus on more productive tasks. Several software solutions can help with this, such as robotic process automation (RPA) and workflow management tools.
6. Use data analytics to make better decisions.
Data analytics is the process of collecting, cleansing, and analyzing data to extract valuable information that companies can use to make business decisions. Utilizing data analytics can help businesses improve their decision-making processes and make more informed choices about pricing, product development, marketing campaigns, etc.
7. Implement a bring-your-own-device (BYOD) policy.
A BYOD policy is a workplace strategy that allows employees to use their own personal devices (laptops, smartphones, tablets, etc.). That can save businesses money as they don’t have to provide employees with work devices. Additionally, it can increase productivity as employees are already familiar with their own devices and how to use them.
8. Encourage telecommuting.
Telecommuting is an arrangement where employees work from home or other remote locations instead of coming into the office every day. That can save businesses money on office space and overhead costs. Additionally, it can improve employee morale and retention as employees appreciate the flexibility and work-life balance that telecommuting provides.
9. Use instant messaging and video conferencing.
Instant messaging (IM) and video conferencing are two communication tools companies can use to facilitate remote work. IM allows employees to communicate in real-time without picking up the phone or sending an email. Companies can use video conferencing for team meetings, one-on-one check-ins, etc. Both of these tools can help improve communication and collaboration within a company.
10. Leverage social media.
Social media is a powerful communications tool that companies can use for marketing, customer service, etc. Utilize social media platforms like Facebook, Twitter, and LinkedIn to reach out to your target audience and connect with them on a deeper level.
11. Create a mobile app.
If your business doesn’t already have a mobile app, now is the time to create one. Mobile apps are becoming increasingly popular as more and more people use their smartphones and tablets to access the internet. A well-designed app can provide a great user experience and help you promote your brand.
12. Make your website responsive.
A responsive website automatically adjusts to fit any screen size, whether it’s a desktop, laptop, tablet, or smartphone. That is important because more and more people are using mobile devices to browse the internet. If your website isn’t responsive, you risk losing potential customers. They will likely become frustrated with trying to view your site on their mobile device and will go to a responsive competitor’s site.
The 12 technological tools listed here can help businesses of all sizes streamline operations, make better decisions, and communicate more effectively. If your business is looking for ways to improve its efficiency and productivity, consider implementing some or all of these tools. It will definitely increase your profitability.