Small business owners and corporate managers are continuously searching for ways to cut costs in their operations. In the last twenty years, a surge of technological innovations has led to improvements in communications, energy conservation, digital transactions and marketing. Whenever a tedious task can be accomplished quickly with advanced software or applications, companies save money on labor costs and can redirect the savings to other areas of the business. The following sections describe the ways that companies use tech innovations to save money and retain greater profits.
Companies of all sizes have adopted renewable energy sources to save money and decrease their environmental impact. Although wind and hydroelectric power aren’t accessible for many businesses, solar energy has become a practical and affordable alternative energy embraced by residential and commercial communities. Since 2005, solar energy use has skyrocketed due to design enhancements, government incentives and lower prices. A solar power system allows your business to produce its own energy and store it in an efficient solar panel battery. Unlike the battery systems from the late 20th century, the current models are compact units that take up as much space on a wall as a movie poster.
With recent improvements in connection speeds and infrastructure, online business has rapidly increased and become a necessity for successful companies. Faster speeds allow you to accomplish tasks quickly without delays leading to higher productivity and less downtime. Video conferencing, data transfers and e-commerce have benefited dramatically from high-speed connections, and business owners look forward to upcoming 5G expansions for even greater speeds. If your business experiences problems with online connections, it’s best to resolve the issue promptly to avoid revenue losses or customer dissatisfaction.
Massive amounts of data are required to run a successful company, but cloud computing has lightened the burden of traditional storage systems like hard drives. Clouds are a digital storage system that allows authorized users to access company data when they’re away from the office. This increased mobility has led to higher productivity rates and improved remote work opportunities. When shopping for a cloud provider, you should research their client approval rating and overall reputation to determine if your company’s data will be secure and protected from cyberattacks.
Remote Work Options
Another way that companies have used recent innovations to maximize profits is to adopt remote work options. High property taxes, utility costs and employee tardiness are the downsides of running a traditional office workspace. Remote workers alleviate the need to have a large office outfitted with multiple computer terminals, fax machines and other office equipment. With fewer workers and electronic devices generating heat, you’ll enjoy lower power bills. Remote workers also tend to use fewer sick days, and many have maintained or exceeded their production goals.
Around the world, e-commerce has become the predominant way to conduct transactions. Nearly every brick and mortar company has supplemented its revenue by improving their online presence and offering online purchases. More banks have recently developed secure online banking options that allow business owners to check balances, transfer funds, and deposit checks from any mobile device. Online banking has made budgeting and forecasting much easier due to its speed and accessibility. Although you have to wait for online payments to be confirmed, you don’t have to wait several days or weeks for payments sent through the mail.
Social Media Marketing
Traditional advertising techniques like television ads, signs and mailers are expensive but still used today. However, online marketing has taken over as the preferred way to reach a broad audience without spending a fortune. A company’s website has become a marketing platform that offers informative articles, well-produced videos and promotional gifts and discounts. Some clients will visit your site directly, but most will see your announcements or posts on social media platforms. Social media marketing allows you to link your posts to any platform and automatically direct potential customers to your site.
Recent technological innovations have benefited business owners by increasing productivity, data accessibility and revenue.