In recent years, economic uncertainty and upheaval have become the norm instead of being the occasional exception. The turmoil brought about by the pandemic has slowly receded, only to be followed by immense supply chain disruptions and high turnover in the labor force. In the past, for the most part, it felt like businesses were standing on solid ground. Now it feels like companies are on a crashing, unstable iceberg.
When you are in the midst of financial uncertainty, it’s vitally important for businesses to monitor their cash flow and profitability carefully. Every dollar matters because it’s impossible to predict what is just around the corner. Companies have to preserve their existing cash and take steps to trim operating expenses. Fortunately, key technology solutions can help business ventures meet these goals.
Software as a Service (SaaS)
Businesses can save a substantial amount of money when they opt for Software as a Service solutions. Traditionally, business applications such as financial and ERP systems were run in-house. Companies purchased the software, set up data centers, and hired highly paid IT employees. Now, instead of making that initial capital expenditure and ongoing investment, you can simply pay a monthly service fee to use SaaS offerings. With the SaaS option, you’ll choose between top-tier, leading vendors who deliver these applications and host your data in the cloud. These applications have a robust feature set that can suit any venture’s needs. The savings are phenomenal because the SaaS vendor handles all the costs of coding, support, and data center.
In recent years, there has been increasing upheaval and pressure on all aspects of the supply chain and logistics. Companies can no longer be certain that their manufacturing and raw supply partners will provide what they need to keep their business running. In addition, logistics and operations have been stressed by the need to expedite goods and by world events that have sent fuel costs skyrocketing. By implementing fleet management systems, companies are able to lower their costs and streamline operations. Dash cams with GPS tracking can improve driver safety and provide high-resolution video that can be used to prove your driver was not at fault in the event of an accident. An online checklist of features can help you evaluate the best dash cam solutions for your business.
Paperless Apps and Archiving
With mobile tablets, companies can fill in skill gaps and save considerable money by going paperless and using in-house apps for document retrieval and process flows. When you analyze company operations, you’ll find that much of the transaction data goes through their business systems. Still, there is always a substantial part of the process that occurs using paper that flows from person to person and department to department. It’s possible to automate the process flow by developing simple, in-house apps designed to run on tablets. In a way, the table becomes the new clipboard in this scenario. You can also go paperless, as the tablets let you call up any document electronically quickly and easily.