Technology is not only a great productivity driver. It also helps businesses cut costs—or avoid them in the first place.
We asked business owners how they’ve used technology to save money. Here’s how they responded:
Collaborating on the cloud
We have a fully remote team, which saves us infrastructure costs. But that is possible only thanks to cloud solutions for collaboration, such as Google Drive and GoToMeeting. By using cost-effective solutions such as these, we have been able to allocate our budget to other areas of the business, such as talent and business development opportunities.
—Gabriel Shaoolian, founder and executive director, DesignRush, Great Neck, New York
Maximizing online recruiting tools
LinkedIn Talent Solutions has been indispensable in our hiring process. Instead of shelling out tens of thousands of dollars to an external recruiting agency to bring us interested candidates, LinkedIn’s recruiting platform brings dozens of qualified potential employees to us at a very low cost. We’ve saved a lot of money through this platform, which we can now invest in other aspects of the business. It’s a lot more compartmentalized, and checking employee backgrounds is a lot easier, too.
—Zarar Ameen, founder and CEO, CANZ Marketing, San Diego
Utilizing digital document management
We keep a lot of our files archived digitally these days. As we’re trying to promote sustainability in our products, it only made sense to try and strive for that as much as possible in our offices and workspace. As a result, we use different document management systems and we encourage staff to view important documents online rather than print them out. It’s small steps like these that allow us to cut costs, improve efficiency and work towards a more sustainable office.
—Ricky Joshi, co-founder and CEO, Saatva, Austin, Texas
Enlisting innovative tech support platforms
My business partner and I run a management consulting firm and, over the years, grew frustrated with the inability to receive adequate IT support. Laptops or software would fail, causing work to come to a halt. Managed service providers couldn’t respond fast enough and a part- or full-time IT support professional on standby was simply not affordable. Thanks to EVAN360, we are now able to receive affordable and quality tech support whenever we need it. Think of it as Uber for IT support: You can reach an IT professional at any time and get help with computer problems. It has been more affordable than any other IT support we’ve found.
—Peter Purcell, co-owner and managing director, Trenegy, Houston
In my company, we are using artificial intelligence-driven “chatbots” to cut costs on customer support. A massive number of our users’ questions are repeated and fairly standard. These types of questions can be handled by our chatbot, thus replacing the need for live customer support. Not to mention the chatbot is available 24/7—even when we’re not.
—Marina Shumaieva, co-founder and CTO, CruiseBe, Dallas, Texas
One way we’ve cut costs using technology is by using automation platforms. Not only does it decrease overall costs, but it also enhances our productivity. Things like invoicing and payroll can now be handled more efficiently from online tools such as Xero. It provides us with more time to focus on our business.
—Jake Shorts, partner, PopShorts, Newport Beach, California
How has your business used technology to save money? Share your insights in the comments section below!
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