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New Technologies to Review Operating Expenses and Save Money

By CIOReview | Thursday, December 13, 2018

In the landscape of wealth creation and management, most of the companies are missing a few simple and powerful technologies that could impact their business’s money-making capacity. The implementation of technology for the business often projects two options: either save money or spend little. It might be easier to go with the less-expensive option. However, this effort isn’t always worthy, and sometimes, this can cause more harm than good. It is well known that cloud computing can save money for companies. It allows the businesses to use only computing power they need, and randomly spin-up the servers on demand providing flexibility and limiting the costs.

As time runs, it is better to go with the latest automation (future proofing). It is hard to keep up with the pace of new automation currently emerging. The recent advancements, particularly artificial intelligence, offer the capability of executing the processes more efficiently and effectively. According to Wasp Barcode, about 43 percent of small-scale businesses are not able to track the inventory and stuck in using the outdated methods. Finally, these businesses miss the data that is essential in making good and informed decisions.

With the new advancements in AI, enterprises can increase productivity and profits. It is a fact that AI is the wave of future that saves money for companies in a short time. AI can track all the data and come up with conclusions that are useful for increasing sales. It can even find out the best payment options and channels which have high success rate within the targeted audience and attract the sort of business needed. Cosabella, a U.S. based online clothing brand, had utilized AI to run their A/B tests on the website. This software is used to compare the design variants and has saved a lot of company’s money.  

Chatbots can save big business bucks without sacrificing quality, and efficiently help the businesses to accomplish tasks that would otherwise require manual labor while simultaneously reducing the need for service personnel. Today, chatbots can take care of everyday customer service issues, but as technology continues to advance, they’re predicted to do a lot more, and that means more savings.  Good investments differentiate the business, move it closer to the customers, and enable it to develop new value propositions. Companies should determine and focus on what matters to customers in today’s market. There should be a clear view of strategy, and businesses should ensure that this is consistently understood across the enterprise.