2016-06-14 00:00:00Money & FinanceEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Finance-Utilising-Technology-to-Keep-Costs-Down.pnghttps://quickbooks.intuit.com/in/resources/money-finance/utilising-technology-to-keep-costs-down/Utilising Technology to Keep Costs Down

Utilising Technology to Keep Costs Down

2 min read

Small businesses are rapidly changing and the speed with which business is taking place is unprecedented. Small businesses need to use technology to their benefit by improving their profit lines and reducing company costs. The main technology strategies that startups should adopt are to eliminate the manual process, integrate applications, review IT purchasing processes and train end users. Here are a few technologies that businesses should acquire to reduce costs:  

  1. Enterprise Resource Planning(ERP) reduces the need for traditional business silos and substitutes them with integrated and streamlined structures that include organization strategy, human resources, internal processes and technology. The ERP performs tasks like accounting, sales, purchase and production management, costing, inventory control and human resources management.
  2. Supply Chain Management refers to the process in delivering your products and services to the ultimate customer. The Supply Chain Management software assesses if your company is operating properly and involves all supply chain stakeholders to be working competently and optimally. This helps you automate your processes and track orders and delivery information at any given time. Your business can reduce costs by forecasting supply and demand and maintaining a suitable inventory to meet all orders. With this software, your startup can increase the speed of deliveries to customers, automate transactions, track orders, and decrease administrative costs and warehouse space requirements.
  3. Customer relationship managementor CRM advances the insights into the needs of customers and behavior patterns and your relationship with clients. This reduces costs as processes of customer information generation is automated and is pulled up for the representatives that talk to a customer on a call. With this software you can pull up the trends and patterns of a client, better sales with improved client relationship and reach specific target audiences.
  4. Databases reduce time spent on retrieving and sending information. Customer information can be managed in a controlled environment. Startups can keep a track of customer behaviour and guarantees that targeted marketing is delivered to your clients. You can get closer to your customers by improving your understanding of their needs. Databases allow you to analyse data by processing information and highlighting on a specific aspects of your business like marketing and sales techniques and reducing the time spent in managing your data.

Technology can therefore play a vital role in building process that provide insights into client relationships, sales patterns, order information tracking and monitoring business processes. These tools will reduce the cost and the time that you spend on conducting business and help you increase your sales and build your business.  

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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