With the arrival of a global pandemic, several companies witnessed a setback in their business. Now, almost every industry is struggling to survive, where many of them are re-evaluating every aspect of their businesses while others have decided to dissolve their companies. Those who have survived this massive calamity are being forced to make certain changes for their survival in the market.
Many companies are looking forward to reducing their operating cost by taking certain steps like working from home, outsourcing, online marketing, and reducing turnover. If you are wondering how IT companies reduce unnecessary expenses, below we have listed some of the 10 ways to reduce IT costs.
Cloud computing will significantly reduce IT cost as businesses are no longer required to purchase in-house software. Also, it will reduce the company’s dependency on IT tech and the cost required for the replacement, repair, and updating of equipment.
Software is the second most important thing to the hardware it operates on. Today, due to the complexity of software IT companies are facing difficulties in dealing with other competing products in the market. The modern softwares is integrated with artificial intelligence that is enough to handle analytical needs of a business. By switching to modern software, companies can easily reduce the costs of buying unnecessary softwares.
Though the price of paper and mailing supplies is less, sometimes it may add extra expenses to your company’s balance sheet. Unless it is necessary, you can save a lot of costs by going paperless. Instead of using paper, consider switching to digital bill payments and invoices. Also, it is not eco-friendly as it may also require so much space for storage if used in large amounts.
Online marketing is one of the fastest and easiest ways to promote your business. You can expand your network by adopting social media marketing, online advertising, or by making your own business blog. Through this method, the businesses will have a better engagement at a very minimal cost.
- Purchase Refurbished Equipments
This is one of the easiest ways to reduce your IT cost. If you are planning to upgrade equipment then go for refurbished or used products instead of buying new IT Hardware. In this way, you can upgrade to the latest hardware including some of the top brands. Buying refurbished equipment will help you save around 75% to 90% of the cost.
Outsourcing helps businesses to Hire dedicated developers from other regions or cities and is a good option for a one-time project. Instead of hiring someone on a permanent basis, consider hiring a freelancer with similar skills. Employing someone permanently will cost more, meanwhile, the freelancer will cost you much less. However, hiring a cheap freelancer isn’t a good option as he may not possess the required skills.
The higher the turnover the higher expenses it requires. Besides, it requires a lot of time and energy. Instead of setting a high turnover, the business must focus on improving the company’s culture, employing the right people, and providing benefits & bonuses to their employees. This will surely help the company in reducing employee turnover.
- Use Less Expensive Hardware
Use lesser expensive hardware either linking multiple computers together or consider using less expensive software with similar features as the expensive ones. However, not just go for low cost but also consider the durability of hardware while purchasing at a cheap rate.
This is among the best methods to reduce IT costs by allowing your employees to work from home instead of coming to the office. As per recent research, if the company allows its employees to work from home even for half time, it can easily save around 10,000 on each employee. Also, your employees will be more comfortable while working in such an environment as compared to usual work stress in the office.
This will not increase your employee’s productivity but also let you hire remote employees from anywhere you want. Remote working will also increase your network and can help your company to have a wider reach even in the global market. Make sure, the person you are hiring is highly dedicated and capable enough to work from home. Remote work can reduce multiple expenses such as electricity, and employee travel costs.
By converting your manual services to an automated process, the business can save a lot of procession time and cost. Automate your necessary It services like password resets, permission for sharing folders, physical invoice and printers. This method works as a charge of permission required for using these services. Apart from this, you can use Robotic Process Automation and artificial intelligence technology for making important decisions related to business. In this way, your work will be processed without any errors and delays.
About Agnito Technologies
Agnito Technologies is an award-winning IT company with an experience of more than 10 years in web and mobile app development. We offer high-end technological solutions to multiple industries including both startup and established businesses. Apart from highly skilled developers, we also offer IT Staff Augmentation services. With our IT Staff Augmentation services, you will get professional developers, business analysts, designers, and QA specialists.
Our team of developers also holds expertise in services like IGaming, Healthcare , Social Media, Dating App, and more. With IGaming we provide Fantasy sports app development, Board Games, Ludo Games, Card Game that are compatible with both Android and iPhone.