The objective for every business, from startup to SMB and beyond, is to grow. Here at VAULT, we’ve previously talked about how software development can help you forge your way through two clearly delineated paths — innovation and optimization. But let’s boil it down further. The transformative power of technology can save your business money — from eradicating redundancies, reducing the taxing elements of customer support, and refining processes.
With growing concerns about the state of the economy and fears of a worldwide recession coming in 2023, every company should be invested in finding ways to use tech to optimize their current processes and products. Using technology can open several attractive opportunities to save your business money.
At VAULT, we help businesses expand tech with confidence. But we also assist in implementing technology to help you save as well. Today we’re discussing five ways tech can save your business money, from streamlining and optimization to enhancing the customer experience. Let’s dive in.
External Support from VAULT: No matter your product design or development need, VAULT provides vetted, experienced help to address talent deficits. Connect with us to learn more.
Every company can find ways to improve their processes through automation. A lot of tasks need to be done without the prospect of helping your bottom line. The problem is you’ll be paying staff to carry out these activities, when they could be dealing with more pressing matters. Using technology to automate common, repetitive tasks is an effective way to eliminate time and open up personnel for higher-value efforts, and save your business money.
Instead of data entry, handling computer backups, and scheduling social media posts, you can use automated tools to take much of this labor off the plate of your employees. And that’s just the tip of the proverbial iceberg. With automation, your personnel will be free to tackle more impactful efforts, like researching the competition, engaging customers, or brainstorming new features.
The tech stack employed today — by virtually every business — is impressive when you actually parse out all the different systems in play. With governing systems, hardware and software requirements, web-based and mobile apps, and more, there are myriad aspects to consider when viewing how they all work together.
Integration of all these elements is essential to optimize the user experience, whether that is for a customer of your product or your own employees. Ensuring the communication between platforms and systems leads to better production and functionality, increasing your employees overall efficiency and customer satisfaction.
From setting up custom dashboards for greater clarity and visibility, to investing in AI to efficiently harvest and collate more and better data, the use of analytics can lead to considerable savings through the better allocation of resources. Tracking data and reporting the key findings are among the lowest hanging fruit for businesses to go after.
With analytics, you can save your business money by being able to make better informed decisions. Are your employees using the appropriate tools in an effective manner? Are there tools you’ve invested in that don’t see use? Information on customer behavior can tell you where to eliminate unwanted or unnecessary features, and where to direct future efforts. With better data comes better ideas and solutions.
Using technology tools, businesses can greatly reduce — and thus save — on resources dedicated to supporting the customer experience and offering training. From a training perspective, intuitive demos or tutorials can be built into software and hardware. Video walk-throughs or seminars can be installed or held virtually anywhere, dramatically cutting the time needed to bring new customers up to speed.
From a support perspective, technology offers endless possibilities to enhance the customer experience. Auto-populated FAQs or interactive chatbots can help consumers find information they need or more easily navigate your website. Real-time data acquisition and integration fuels order status updates and the tracking of packages, or even the retrieval of medical records. Technology solutions are a perfect fit to help eliminate confusion for consumers, while also streamlining the amount of real-person support needed.
While we’ve focused on all the ways you can use tech to save your business money, it’s important to remember managing your entire tech stack is equally important. The list of tools used can vary depending on the industry, and level of tech involvement, but given the nature of business today — working within the cloud, CRM systems, and a host of IT solutions to manage everything from email to HR — it’s likely this is extensive.
You might have many disparate tools — all serving one, different, role — that could be consolidated. Some services charge per ‘seat’ or user; Are you utilizing all the spots you’re paying for? Are you up to date on how many subscription services your business uses? Simply checking on subscriptions, and cutting the bloat, can lead to substantial savings. Run that process through all your tools and you can positively affect your bottom line.
Think Outside the Box: By outsourcing digital development, SMBs can impart a more variable cost structure to scale better and maintain needed flexibility.
For a decade, VAULT has been a proven partner that has helped businesses expand their tech with confidence, or implementing tech to help them save money. With flexible engagement models and a host of services — covering strategic planning, product design, software development, and operational support — we’re a partner in your success at every step.
We supply the specialists armed with technical expertise to address the concepts and roles where you may be lacking resources, from developers, designers, and project managers to even fractional CTOs. VAULT provides experience, insight, and flexibility to fuel new initiatives, add human capital within a variable cost structure, and address neglected projects.