5 New Technologies Helping Companies Cut Costs

5 New Technologies Helping Companies Cut Costs
  • Opening Intro -

    Every business is looking for some way to cut costs, without it negatively affecting their profits.

    Many technologies are currently being used in the business world that are helping companies become more efficient and save money.


Whether it be a program to help you streamline project management or software that helps you eliminate repetitive tasks, there are plenty of options out there to choose from.

Advanced Communication Tools

Sloppy and complex communication is one of the killers of many businesses, no matter what size. When you have too many people talking, or something slips through the cracks, this can cause large problems over time. By streamlining communication and increasing productivity, companies will wind up saving a great deal of money that they may not have even noticed previously.

Slack is a great example of a tool that was specifically designed to help businesses communicate. Slack’s aim is to streamline all communication across a company, and it does so by keeping everything in a single easy-to-use space.

Through Slack, you can share files, chat with coworkers through text, or even start a video call. With the option of having separate channels to divide up group chats and create a customizable look, Slack is the one-stop-shop for all your communication needs.

Robotic Process Automation

Robotic Process Automation (RPA) is something that has only come into the spotlight in recent years, but is growing very quickly.

Allowing a company to take a repetitive task that they have been doing for years, and automating it, is a concept most companies will find appealing.

Boring and menial tasks are a killer of employee motivation and engagement, and removing those from the equation can help cut costs. Employees may not only be more motivated and work harder, but companies can make better use of their current resources.

RPA can help a company save money through reduced errors, increased efficiency, and the reallocation of employees. RPA will help companies stop wasting time on repetitive tasks, and spend more time focused on the larger picture.

Digital Hiring Process

Finding the right employees for a company is crucial for their success, making the hiring process extremely important. The phone interview has become the staple of the first round of hiring. It allows for a conversation with the applicant without them having to be physically in the office, which depending on the distance, can be difficult. However, once you get past that, a more personal interview is normally needed. That’s where a digital hiring process can come into play.

Video interviews are becoming more common, and are vastly cheaper than one party flying to the other. There are two types of common video interviews: pre-recorded and live.

Pre-recorded interviews typically involve a candidate recording themselves answering questions posed by the company. This type of interview has the benefit of being easy to do on a large scale for many job applicants, but at a loss of a personal touch.

Live video interviews with potential employees are exactly what they sound like, and have the benefit of getting a better feel for the candidate, but can be more time-consuming to repeat with every person.

Both types of interviews provide cost savings compared to the idea of plane tickets and hotel rooms, and each of them have pros and cons unique to each business.

Project Management Tools

When a company is undertaking a project, understanding who is in charge of what, and providing timely goals and objectives is important. Having a dedicated project management tool can help keep people on track, and continuously meet their goals and deadlines.

Hive is a great example of a project management tool that all companies should look into. It’s highly customizable, with several different views of a project available. It also has the ability to create templates for tasks that will have to be completed more than once, saving time in the future. Hive also incorporates a tool allowing for easy access during editing and approval processes, meaning everything can be kept in one space.

Cloud Technology

Harnessing the power of cloud computing can help add some security to a business’s bottom line. Outsourcing your data storage to a cloud hosting server has some great financial benefits.

When using cloud storage, you are only paying for what you actually use. Storing your data on remote servers gives you the benefit of being able to increase or decrease the amount of storage that you need. Using the cloud also helps save money on energy costs, as you don’t have to pay for the upkeep on large servers, which use a great deal of electricity.

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Hosting data on a remote server means that there is no upfront cost to getting started, and you save a great deal of office space. If you owned your servers, there’d be upfront investments simply to get them up and running. Using the cloud can help businesses cut costs and look for other places to invest their savings.

There are many different technologies out there currently, and using one to streamline your communication is a great start. Robotic process automation can help eliminate repetitive tasks, and transitioning to a digital hiring process can reduce hiring expenses. Dedicated project management tools can help keep employees on track, and experimenting with the cloud could help your businesses cut costs and increase their bottom line.

Image Credit: new technologies by Pixabay

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