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4 Ways Technology Can Reduce Your Business Costs Today

Brendan Mann
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Embracing technology can help reduce your business costs. Here are 4 ways technology can reduce your business costs today.

We are rapidly reaching the point where many “paper shuffling” office workers will be replaced with a $million AI interface. That in time will develop the intelligence to take over the world. But right now, there are more readily available technologies that can significantly reduce your business costs.

Go open source

Many business leaders become confused by the term open source. One business manager I spoke with about open source technologies. Reached over and checked the top was secure on his Heinz tomato ketchup. While other business owners confuse open source, with requiring large amounts of technical knowledge.

Open source software is basically software that does not require a license. If we use Microsoft office as an example. To use the software you require an expensive license. Open source alternatives such as Open Office do not require a license. Making them free to use. Open Office can do everything Microsoft office can. With many users, believing it to be superior to Microsoft Office in every way.

Open source software is community driven. Meaning you have users with great technical expertise, working to improve the products they use. For every expensive licensed software application. You will find a free and community driven open source alternative. To see a list of the most widely used business software and the open source alternative CLICK HERE

Go Paperless

The paperless office is not only a great way to save money. By removing the cost of expensive reams of paper. But there are also other savings the paperless office can deliver. When you add the cost of printer ink, printer maintenance, postage, and electricity. You start to see some real business savings.

When businesses conduct an energy audit through their business electricity provider. They are often surprised at just how much energy is required to power those printers and photocopiers. The printer and photocopier were business essentials in the last century. But are they really necessary today? When every device has internet connectivity and you will probably find more touchscreen devices, then pens on any office desk. You have to ask the question. Why is there so much paper in the office?

It is recommended that every business should conduct an annual energy audit. This can be done through your existing business energy provider. You can also use your energy audit as an opportunity to explore alternative providers. Who could provide you with some real savings.

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The remote worker

A recent OFCOM report shows that there was a 70% increase in businesses employing remote based workers in 2017. With the deployment of superfast broadband networks. Employing remote based workers is now a more viable concept. There are thousands of talented and reliable remote workers. Working in coffee shops all over the world. A distinct advantage of working with remote workers is the fact they are their own business. Remote workers have more of a focus on working. Rather than surviving the nine to five working week.

Through strategic planning and the deployment of a low-cost remote network. A business can have a large workforce. Without the need for a large office. In 2012 the UK Government rolled out the NOMAD program. In a bid to deploy 20% of the public sector workforce remotely. The project has been a real success. With data networking sitting at the heart of its success. As data speeds increase and costs decrease. Remote working is a viable option for many small businesses. With a 70% increase in the number of remote workers in 2017. It is time to consider contacting a telecommunications specialist and discussing the possibilities.

Reducing debt and obtaining finance though technology

With many business owners believing traditional financing to be more elusive than ever. There has been a shift to more alternative forms of lending. That have technology as a driving factor. Some of the most innovative forms of lending. Include invoice financing and merchant financing. Both forms of financing allow a business to borrow money against recognized and actual revenues the business will receive.

Invoice financing allows a business to borrow money against invoices raised. This is a strong short-term lending solution being adopted by many small businesses. Merchant finance allows a business to borrow money against its average income from credit card transactions. With repayments being taken as a percentage of incoming credit card transactions. Both of these forms of lending require very little administration as the process of lending and repaying can automated, alongside the business accounting system.

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