5 Ways businesses can use technology to increase their bottom line

5 Ways businesses can use technology to increase their bottom line

Investment in technology is increasing as businesses adopt digital transformation strategies with a goal to drive growth and satisfy customer needs. The average IT budget across all industry sectors stands at 3.28% of revenue. While that might sound like a lot, the returns are worth it. IT investments open up new market opportunities and improve internal efficiencies. And with a carefully planned strategy, technology can boost revenue in many different ways.

#1. Increase cost control with cloud computing

Small businesses can cut hardware-related expenses by using cloud computing. Instead of having to maintain their own expensive in-house data centers and high-end workstations, they can outsource to cloud-hosted resources running off hardware in remote data centers.

They never have to worry about expensive hardware upgrades or new software licenses again, and they can also tap into IT resources and expertise on demand. This greatly increases control over cost, lowers the total cost of ownership, and eliminates unpleasant surprises associated with reactive models like break/fix support.

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#2. Leverage AI to do more with big data

Companies are doubling the amount of data they generate every two years, and this trend shows no signs of slowing down. The problem is, as data sets grow larger, it becomes increasingly difficult to determine which data is important and how to make sense of it.

Artificial intelligence (AI) and its various applications are changing the game by helping business leaders with predictive analytics, forecasts, and many other insights that can drive more profitable decision-making.

#3. Enable collaboration with online tools

Workforces are becoming more fragmented as businesses of all sizes and sectors tap into expertise from around the world and adopt remote work policies, which means business leaders need to find new ways to preserve teamwork.

Online collaboration tools help enhance productivity and keep teams connected no matter where they are. For example, companies can build internal social networks and full-fledged collaboration platforms using solutions like Microsoft Teams. Improved productivity and communication has a direct impact on profitability by enabling employees to serve their customers better.

#4. Automate routine tasks

The general rule is that anything that can be automated should be automated, such as file synchronization, data entry across multiple systems, and a host of everyday marketing and administrative procedures.

Automation not only makes certain tasks faster, but it also lowers the possibility of human error. This benefits both your employees and customers, and, ultimately, your bottom line.

When employees don’t have to spend time on repetitive and tedious routine tasks, they can focus on more rewarding aspects of their jobs, helping drive better performance and customer satisfaction. When your customers are satisfied, you can expect business retention.

#5. Cut costs by letting employees use their own devices

Bring your own device (BYOD) policies enable employees to work off-site and let your company save costs. Not having to buy new smartphones and laptops for every new staff member is obviously a major saving, but there are other benefits of BYOD that have a less obvious impact on your bottom line.

For starters, employees are usually much more comfortable using their own devices rather than trying to learn something new, and this boosts productivity and morale, which are both directly correlated to business growth. It also gives them the flexibility to take work home and ensure tasks are completed on time.

Improving your bottom line is possible with the right technologies. Get in touch with Kosh Solutions today to find out what technologies your business needs to succeed. We also provide best-in-class solutions that can be customized to meet your goals and budget.

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