How Can Digital Technology Improve Cost Management?

Updated: June 15th, 2023

How Can Technology Reduce Costs For Your Business?

Cost management used to be a topic that was solely associated with troubling financial times. Now, it is something that most businesses have integrated within their standard operations strategy. Cost cutting has changed from a safeguarding measure to strategic lever to manage money more effectively in order to invest in initiatives and strategies that drive growth and bring value.

Digital transformation is an ally in your journey to more effective cost management within your business. From streamlining processes to fuelling better decision-making and improving the experience of your customers, digital technology has the power to transform your cost management strategy and your business overall – we’re going to show you how.


Enhance Your Operations


A report by McKinsey identified that digitising information-intensive processes can cut costs by up to 90%. Using digital solutions to move away from manual data entry and automating menial tasks increases productivity through smooth, streamlined operations. Utilising solutions like cloud computing and automation allows your business to benefit from significant time savings and releases your team from low-value tasks in order for them to invest time in projects that focus on the objectives of your business.


Digital technology can also reduce the risk of critical issues brought about by human error. Especially when it comes to tasks that involve finances, errors can have a vast negative impact that can cost a business. Moving your business to the cloud will enable you to utilise cost management software and platforms that help to reduce the risk of human error. Automating repetitive manual tasks and implementing software that alerts managers of inconsistencies helps to reduce the chance of a critical error and keeps operations running smoothly.

Read more: 5 Top Tips to Recession-Proof Your Business with Technology


Increase Employee Productivity and Satisfaction

Swapping legacy technology for digital solutions empowers your team with the tools they need to get the job done efficiently, driving effective productivity and reducing frustration. Digital technologies that improve communication, productivity and flexibility allow your team to work smarter, rather than harder, to produce better results for your business.


Unified communications solutions allow access to a feature-rich business phone system that brings together voice, video and other communication channels like instant messaging with file sharing. Migrating your business over to the cloud means your team has a central location where data can be accessed from any location; implementing hosted desktop allows your team to take their office computer home with them, so your team can be just as productive at home and on the go, as they would be in the office.


Legacy technology, such as PSTN-reliant phone systems, are expensive to operate and businesses will, more than likely, overspend on these solutions, even though they aren’t capable of supporting the needs of the modern business. Transferring to digital technology, not only will save money, for most businesses, but their power to increase productivity means your business can generate more income.

Read more: Everything You Need to Know About Azure Virtual Desktop


Improve Customer Engagement


The way your business utilises technology will be different depending on the type of business you operate. However, regardless of sector or industry, principal customer expectations of gaining information quickly, service that is quick, simple and feeling looked after, are the same. We’re all customers ourselves and we know what we expect from the businesses we engage with. Similarly, we’ve all been there, trying to get hold of the information we need from a business and feel like we’re waiting in an endless queue or feeling like we’re being passed from one team member to another, trying to find the answers we need.


Digital technology provides a secure centralised location where team members can find the information they need, fast. Utilising advanced call handling techniques that come with VoIP phone systems and technologically advanced communications systems, means you can streamline call queues and direct your customers to the people they need, quickly and easily. Your customers get the information they need and know they can rely on you for an efficient service, securing their loyalty and the income generated from that. What else comes from satisfied customers? Recommendations that lead to you increasing your customer base and in turn, increasing your revenue.


Relying on inefficient communication and data systems, means that it takes longer for your team to find the information they need to support your customers. Wasting time passing customers through multiple people in order to find the team member most suited to solving their query also wastes time and money for your business. Naturally, improving these processes with digital technology allows you to utilise your resources more strategically, in order to process more customer queries in the same amount of time, whilst saving money.


Find the Right Technology to Improve Your Cost Management


Start your digital transformation and improve your cost management strategy today with digital solutions from Elite Group. Our team of specialists will work with you to identify where your current solutions are no longer serving your business effectively and find the right technology to help you cut costs whilst improving and bringing more value into your business.


From unified communications to IT solutions and professional services, you can find everything you need to start and progress your digital transformation journey today, all in one place. Alongside our advance product suite, you can take advantage of speedy support whenever you have a query; knowledgeable technical experts to provide advice on how to get the most out of your solutions and proactive account managers to take care of your contract. Contact us today and let’s start improving your business with digital solutions.