How investing in IT can help reduce business costs
“88% of UK and US business respondents using the cloud have saved money” – Rackspace.com
As the global economy improves, organisations are setting their sights firmly on the future and increased business growth. However, following the economic downturn, many of these organisations are striving to achieve new goals with previous levels of budget allocation (or only slightly more).
With new targets and limited budget amounts, it’s important to make sure that every opportunity to cut costs and streamline processes is utilised. An area of business which regularly presents innovative solutions to new and existing issues is IT. By implementing new IT equipment and processes it’s possible to reduce the cost of money, time and energy; which can all be reinvested back into other areas of the business to drive growth.
Start with the simple stuff
Constant IT development means that things which are taken for granted are being redesigned and improved continuously. A perfect example of this is data storage. If an organisation has masses of cold storage data (information that lays dormant but still needs to be accessible); then they’ll be able to save money by using a new product that will be reaching the market soon. Helium hard drives can store twice as much data as traditional hard drives meaning potential data storage savings of 50%. In addition to this they are also 23% more power efficient, so energy bills will be reduced too.
Other technological advances
Developments in current IT solutions could revolutionise the way organisations operate. For example, ultra high definition displays and higher mega-pixel webcams mean that video conferencing is better than ever. Televisions with 4k displays and 170 degree viewing angles mean that video calls and conferences are more convenience than previously thought. The benefit of such innovative equipment is reduction in travelling time for salespeople and remote workers; an increase in productivity (as people are away from their desks for less time); and a reduction in the company’s carbon footprint.
Additional savings can be made by improving the recruitment process. With the ever-rising cost of recruitment and training, human resource technology has been created to improve character and personality assessments. This innovative solution can ultimately reduce the cost of recruitment by ensuring the right candidate is found and they have the skills and assets needed to perform the role at an optimum level.
Avoiding unnecessary costs
Part of saving money in an organisation is also avoiding unnecessary and unexpected costs. A big threat to the status quo is IT security and compliance. A security breach or a loss of data can cost a business greatly; not only through downtime and lost revenue, but also through fines from regulatory bodies. With the potential for great loss, it’s important to ensure that budget is allocated to innovative security solutions to reduce potential costs to the business.
When it comes to funding these IT solutions and saving money throughout an organisation, there are multiple funding options to choose from.
To find out which one is right for you, check out our funding options infographic