How to reduce company costs through technological trends
Year after year, regardless of the field of activity, reducing company costs is an almost permanent quest. At the same time, there is a need to adapt to new market technologies. The evolution of tools provides a natural move to the adoption of new methods, sciences, and systems.
In this context, an association is of great importance — new technologies are always linked to the possibility of cost savings. Modern resources bring productivity and enable companies to maintain greater financial balance.
In this post, you will better understand the role of technology in the ideal corporate landscape, how it influences cost reduction, and learn about key current tools. Check it out!
The application of technology in the current corporate context
Today, we are living in the digital era. All the activities of a company have direct connection with resources appropriate to its field, which are handled mainly by automated systems. The main purpose here is that daily demands are executed faster and more accurately, avoiding mistakes.
Increasingly, this level of efficiency becomes possible as technology advances and makes its resources completely accessible. With each new tool being released, companies are more able to handle their tasks optimally.
The evolution of industry 2.0
The current scenario is nothing more than the continuation of a phenomenon that began in the nineteenth century — industry 2.0. From that period, countries like France, England, and the USA began a movement of technological progress, applying more and more resources of this type in companies.
Today, what characterizes this change is, precisely, the digital era. Basically, any activity can be performed through systems and platforms. More than that, it is a mistake not to fulfill demands using this technological environment. It ensures productivity, error reduction, and lower costs.
Today, it is practically impossible to lead businesses without technological mechanisms of great usefulness. In addition to the ease of operations themselves, today’s capabilities provide companies with greater competitiveness. Adapting to the digital landscape is fundamental to maintaining a business capable of delivering what is expected of it.
Investments in technology
Every year, countries around the world invest in technological resources to develop solutions. In 2017, Brazil spent $ 38 billion in the field, which shows that businesses here are increasingly aware of how advanced features can make a difference.
These figures represented a growth of 4.7% of investments in the country, which now occupies the 9th position in the world ranking of capital destined to the sector.
Innovation is a fundamental part of the process
The word “innovation” still frightens the corporate world. For example, there are managers who associate the term with fancy inventions and processes with high costs. However, proposing new methods and systems is not that expensive. In fact, innovation can be the way to have fewer costs in the daily life of a company.
In this sense, the search is for systems and tools that bring features that have not been thought of before. However, it is fundamental that they are fully adapted to the reality of the company. This ability to deliver something new, which can meet particular needs accurately, can really make a difference
Many companies already have internal innovation sectors. Skilled and creative professionals work in the search for new processes and technologies that make a difference in everyday life. The proposal is to bring greater productivity and efficiency, preferably, at a cost that is interesting for the business.
Technology as a resource for cost reduction
One issue that still needs to be debated is applying technology to reduce enterprise costs. As we have just seen, managers often have the idea that bringing new tools entails high investments, which would make changes impossible.
Of course, you need to have an initial expense, in values that may vary. However, in strategic management, it is imperative to think long-term. Today’s investments are capable of bringing in a number of future gains, including cost savings. It happens thanks to new business processes.
One of the most important gains is the increase in productivity. This is a factor that acts directly in the quest to reduce costs in the company. The rationale is simple — with technological resources, employees will be able to deliver more and with greater value to the company.
This increase in production is not only quantitative. By being supported by new technologies, it is possible to increase the workforce with quality. That way, with time, fewer employees will be able to deliver more and with the highest possible value.
In terms of cost savings, a lean team can work strategically and with a simpler and more efficient operation in everyday life. Reducing the number of employees and improving their productivity generates savings for the company, without generating negative repercussions.
Better control of financial resources
Modern resources are also directed at the financial management of companies. Automated systems provide a transparent and efficient view of the current economic situation. In addition, corporate tools help managers keep investments and expenses under control, always with a clear view of the situation.
With dynamic systems, you can control in real time how much is spent on various activities within the organization. This greater autonomy avoids the lack of management and acts directly to reduce company costs. The new technologies are also efficient at indicating the best use of resources.
Some systems and tools have a very competitive cost in the face of the benefits they bring. For any business, it is very important to have effective processes without generating high investments and expenses.
Integration between sectors
Management systems are imperative for leading businesses in the current context. These digital platforms have one common feature — the integration of departments and processes. This allows such departments to communicate with each other during the fullfilment of demands, increasing the accuracy of each task in the company.
This better communication has a direct influence on productivity and on the quality of work. The direct gain is in process efficiency. With integrated industries, all demands are executed more accurately, in less time, and with lower costs for companies.
Making this scenario a habit creates an environment of excellence in a company. More tasks are performed in less time, with the participation of more qualified people. The result is positive and with fully controlled costs for the company.
Collaborative tools are a precise way of increasing productivity and aligning all employees to your company strategy. Thus, more people can be involved in the internal processes, in a platform that integrates all departments in a single digital environment.
This centralization opens a way to broader participation, which resolves demands quickly. In addition to this optimization, the collaborative tools provide working standards, generating a unique “voice” for the company.
The 7 technologies that will help reduce company costs
To reduce company costs, it is fundamental to look for technologies that provide greater efficiency in different processes. Every activity depends on tools that optimize the execution of various tasks, or at least provide support for them. From the most innovative to the well-known, these resources are applied at various times in the companies’ daily lives.
Businesses from different segments can take advantage of the latest technologies, which makes them even more efficient and with relevant roles. From data analysis to service support, these tools have in common the efficiency focus and the cost savings they provide.
Next, learn more about seven key technologies that stand out!
1. Machine Learning
Working with data is a reality in the corporate world. Records of all kinds help companies understand their activities, results, and relevant information about their performance. Machine learning is a field of technology that acts precisely in these possibilities. The proposal is to fit these data into patterns to generate more insights and possibilities for management.
Machine learning technology, as its name implies, is based on machines that learn. These systems observe behaviors through data and, given this information, are able to understand repetitions and perceive trends. All of this can be done in two ways — through supervised and unsupervised learning.
While the former is done with the support of an analytical scientist who guides the system to teach it, the latter follows the line of true artificial intelligence. In this way, the machine learns from the data to which it is exposed, without human intervention.
From these processes, the tools are able to identify repetitions and new information, creating a large database for their operation.
The importance of machine learning and its deployment
Machine learning is a technology applied in several fields of businesses. If your company uses data for strategic management through systems, you can see the repetition of results. Thus, the analyses are done with greater precision and attention to standard behaviors.
It is possible to program the system so that it brings more in-depth analysis into some metrics, for example. This increases strategic insight, generating more valuable insights. Another important application is in user service. Machine learning is the basis for automated systems, with the analysis of questions, to provide the most appropriate answers.
Whoever browses the Internet has already come across the chat windows for user service. Further, anyone who has ever used one of them would have been surprised by the extreme efficiency of the answers that are clearly not offered by a person. Chatbots are a growing trend and it is easy to explain this movement when you know how this technology works.
This system is based on the automation of tasks, and what provides this is precisely machine learning. User service is just one of its possible uses, but perhaps it is the one that shows the greatest utility to companies. With an initial information base, chatbots can provide efficient responses.
It improves incrementally according to the new data it captures on every service it provides. The application of artificial intelligence also reduces the chances that the system does not understand some user command. Thus, its use becomes even more efficient.
Chatbot technology can also be used for other demands. A good example is the scheduling of queries. With the time and date data that the client offers, the chatbot suggests the best option and confirms it. Other good applications are in digital manuals and also in automated sales.
The reduction of costs for the company
Chatbots provide direct savings by performing tasks that people could do. Of course, without anyone behind the services, it would be impossible to have efficiency. This technology comes not to replace people, but to serve as support for some, reducing the need for employees involved in various demands.
3. Big Data
In the current technological context, diverse activities generate a large volume of data. Simple day-to-day business tasks provide information that details usage traits, for example. However, all these records come in large quantities, almost impossible to be analyzed. It is precisely to meet this demand that Big Data is increasingly used.
It is a field of science with a simple proposition — handling unstructured and structured data in large amounts. The idea is that all this information is handled in the way companies want. From there, it is possible to work on different demands, with indications that can strengthen the strategic decision. The greatest challenge here is capturing all these records.
Big Data allows data from all formats and sources to be centralized in an organized way, so that it can be used later. From financial transactions to social media metrics, everything can be captured for future demands. From there, a thorough analysis begins for strategic purposes.
What Big Data Provides in the Long Run
With the proposal to reduce company costs, Big Data is efficient in the perception of financial information. These data can originate from the company economic trends themselves, such as sales results or internal investments. If everything is properly captured and organized, the company gains much in ability to handle all this information.
More information and from different sources give more confidence and control of the business. Scattered financial data, without proper structuring and analysis, results in an economic management capacity below what the company needs. With Big Data, it’s easier to manage activities, reduce costs, and have greater financial health.
4. Business Intelligence
If access to a high volume of data is important, even more relevant is to deal with them productively. Business Intelligence (BI) is just that. This large amount of information needs to be of some use, and for that it must be thoroughly analyzed. Only this way is it possible to work strategically.
Business Intelligence takes care of a demand after gathering a high volume of information. When they are in the company’s possession, analysis is critical to truly extracting insights and trends. This is done by means of methods, tools, technologies, practices, and applications that enables the gathering of large volumes of data and, from them, generating useful information for decision making.
All information begins to be handled based on business intelligence. Really useful data is filtered, organized and made available so that different departments of the company may access them. With this, the work is done ahead of each demand. The monitoring becomes constant, based on important indicators for different companies.
The application of BI to reduce company costs
Among the demands for business intelligence is cost reduction. When companies are able to perceive this possibility through results analysis, work can be tailored to the achievement of this demand. The information analyzed may hide several insights related to the financial management of a business.
Another simpler but equally positive point is the increased efficiency that BI provides. The analyses also help to understand the activities being carried out and improve the company’s performance. Among the results are more precise marketing actions, better positioning in the market, and increased sales. This all generates a context of benefits overcoming costs.
5. Internet of Things
Highly technological machines and devices that help in different processes of a business. It may seem too futuristic, but this is already a reality in today’s technological context. The Internet of Things (IoT) is one of the current good possibilities to reduce costs in the company. Increasingly, it is applied in different stages of work in different companies.
The main emphasis is that these devices are always connected to the Internet without human intervention. The use of the Internet of Things in companies aims at using Things that optimize demands, but also at communicating their activities through a network. In this way, all activity can be measured so that, throughout use, these equipments are optimized for their application.
IoT generates an environment of intelligent devices that use systems to collect and transfer data obtained in their operating environment. This technology is usually featured in self-service systems, in a direct relationship with the consumer.
In this usage, the information captured generates relevant data that helps to understand the demands of the public. The activities are transmitted and, thus, it is possible to know the consumer better and also his or her preferences.
Accuracy in offering services and products
The IoT features provide a more precise application in its use, since they are an integral part of concrete activities. Applied in these situations, with the ability to communicate with other peripherals, these features are even more useful. By realizing consumer trends, IoT generates insights that help you achieve better results while still reducing your company costs.
6. Cloud computing
Cloud computing, is increasingly present in everyday life. Many devices, platforms, and systems develop their activities without the need for storage peripherals. Everything is done with cloud support, saving files and storing information of all kinds.
The trend of cloud computing is closely associated with another striking feature of today’s technology — mobility. Smartphones, tablets, and notebooks allow you to work from anywhere, but some information needs to be beyond these devices. With cloud support, more people may have access to the data, not just a peripheral.
BI is also favored by cloud computing. Constantly integrating data and communication does not need to remain centralized in a data warehouse, which makes it easier to access information. The analysis work takes place in a practical way, without the intervention of the IT sector.
That way, if an employee works on a demand, as soon as he or she saves their changes, the information is updated and made available to the entire company. This is only possible thanks to automatic integration with the cloud, which speeds up this data. So, anyone can access them and store them in a safe place.
The cloud as a cost reduction feature
The first cost reduction opportunity has to do with the loss of information. If a computer has a problem, absolutely nothing is lost. The cloud is an online environment that stores this data, and the computer in this context is only an operational tool.
The reduction can also come through the lower cost of hardware and data storage peripherals, which are often susceptible to failures. Maintenance costs are also reduced, as all data is secure and available in fully online environments.
7. Digital platforms
Digital platforms are present in the daily life of all companies. They are fully computerized management systems, with the automation of various activities. These capabilities provide greater control over all the activities a company performs, from warehouse control to CRM. The big difference, however, is that all of this can be managed in one environment.
Centralization is a key factor. Without the need for multiple systems, digital platforms make everyday operation much easier. In addition, the automation of processes provides more productivity to the companies. In less time, with less effort, demands of all kinds are executed.
The platforms are also integrated, that is, they favor communication between the departments of a company. Important data are exchanged without major efforts. Demands of all kinds are also viewed and executed by any authorized person, which favors internal processes.
The Importance of Reducing Costs
Digital platforms are very efficient when reducing company costs. The first point is increased productivity. In addition, financial management is a step fully encompassed by these systems. With better visualization of the resources, the investments are made with precision, without wasting capital.
By centralizing various departments, the platforms also generate savings in the acquisition of software. In a single environment, it is possible to perform various management tasks, without this implying loss of efficiency. Quite the contrary, these unique systems improve communication and data transmission between departments.
The work to reduce company costs is constant and must always be supported by technology. Resources are increasingly modernized and, in addition to promoting efficiency, they also support the company to be more financially balanced.
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