It’s fair to say that we find ourselves in testing economic times. With the UK’s rate of inflation currently hovering around 10%, consumers and businesses alike are feeling the pinch, with the cost of energy, fuel and food a particular concern. This means the pressure is on for SMEs to find new, innovative ways to reduce costs and increase revenue in order to remain competitive.
For organisations keen to make quick and effective cost savings, performing a tech strategy review can be a great place to start. The world of I.T has changed immeasurably over the last 2 decades, with new technologies offering cost efficiency, productivity gains and levels of operational agility that were previously inconceivable.
Let’s explore some of the qualities shared by the most profit-friendly I.T solutions, so that your business can embrace financial resilience through digital transformation.
Adaptability/scalability
In the not-too-distant past, I.T decisions were defined by significant capital expenditure on infrastructure that was to be depended on for many years. In the past decade, cloud computing has rewritten the rule book, allowing access to infrastructure, platforms and software via the “as a service” model, whereby the underlying infrastructure is managed for you by a cloud service provider. The Cloud allows for the provision of computing resources on a flexible, often subscription-type basis, allowing you to pay for resources in a way that closely matches the ebb and flow of your business. The result is leaner and more efficient I.T spending with costs fluctuating in line with demand.
Low (or no) dependence on physical infrastructure
I.T is becoming increasingly infrastructure-lite. From cloud-hosted email, to hosted VoIP solutions and the ability to develop custom apps and software entirely off-premise, reinventing your business I.T no longer requires significant spending on physical hardware. Lower reliance on physical hardware also translates to lower maintenance costs, with ongoing maintenance handled by third-party service providers.
Remote-readiness
Solutions that enable remote working became vital during the covid-19 pandemic, but you might be asking: how can remote-friendly tech solutions save me money? Adopting remote working, even on a partial, rotational basis, could reduce your reliance on office space, meaning that office move you were planning could be postponed. Using a technique called “hotdesking,” remote workers can visit the office when required and work from home much of the time, reducing the need to provide a dedicated workstation for every member of your team. Remote working also reduces commuting costs, which could prove popular with your employees.
Integrated Automation
Workplace activities can broadly be divided into two categories: those that add value, and those that don’t. Workplace automation is a great way to eliminate or reduce the burden of those tasks that carry little value. Cloud-hosted software tools exist for all manner of task automation: from payroll and recruitment to accounting and marketing, there are solutions for every business department. Automation isn’t about replacing your valued team, it’s simply about giving them more time to focus on value-adding, revenue-boosting activities.
Secure and compliant
Data security might not seem intrinsically linked to saving money, however with the average data breach costing UK firms £1200, it pays to ensure the data you handle is well defended. From firewalls and endpoint antivirus to spam filtering and encryption technologies, a myriad of technical solutions can be used in unison to aid your data security efforts.
The GDPR requires data handlers to ensure the implementation of “appropriate technical and organisational” measures to keep personal data secure. Failing to do so could result in severe financial penalties, legal action and reputational damage, which in worst case scenarios can lead to financial ruin.
Commercially-savvy I.T, the Everon way
Here at Everon our multi-sector experience makes us uniquely aware of the varying commercial pressures organisations face. The current economic climate has amplified these pressures, making it more vital than ever that your business’s technology aids your commercial goals and doesn’t constitute a financial burden.
Get in touch to learn more, and we can set your business on the path to higher profit margins and financial resilience, through the strategic deployment of technology.