Technology has brought about pivotal enhancements in today's digital age. The business world, in particular, has benefited tremendously from the streamlining that digitalization has provided. It is a concept that has not only ushered in great automated solutions but has also helped businesses save time and money. Recent studies have shown that companies spend an average of 2.6% of their overall revenue on just their technology budget alone. While this statistic is not industry-specific, meaning that the exact amount will defer from business to business— fluctuating according to factors such as size, nature, and how established the business already is.

5 Ways to Save on UK Technology
5 Ways to Save on UK Technology Expenditure Pixabay

It seems impossible to overemphasize the numerous benefits that technology provides for any organization. It has allowed for a significant increase in productivity, speeding up processes, allows for the ease of sharing and storing information– and automation notably reduces human error.

When you add up the cost-saving amount of these benefits, you can notice the increase in revenue for a business. However, these systems and technologies can be costly to implement at the onset—particularly for new businesses that are trying to get everything done at once. Fortunately, there are several ways that you can optimize your budget and cut down on technology expenditure. In this article, we will look at five ways that you can easily save on your technology budget.

Reduce Your Printer Costs

Printer costs are necessary; however, there are ways to reduce your expenditure. Reduce the number of color copies produced; the truth is that black and white documents work just fine for day-to-day printing. You can cut down on your budget since you will have to buy printer cartridges less frequently. The saving will also carry over to your utility bill as you will save on the amount of power being used– printing in color can cost up to eight times more than what the black/white option would.

Double-sided printing will also help save on the amount of paper that is being used– you can cut your paper costs by up to 50%. Most modern-day printers also allow you to make adjustments to the settings that will automatically implement cost-saving actions—so it might be worthwhile to do a bit of research into your current device.

Invest in Multi-tasking Technology

When you think about the office appliances that you need, two factors immediately come to mind– office space and the total cost. Most small businesses do not have the option of spare office space, nor do they have the budget for vast amounts of equipment. This is where multi-tasking tools come into play. Why buy a printer, copier, and scanner when you can just purchase one device to do them all.

Portable technology will also serve as multifunctional since it can easily be moved and shared across departments. This makes the purchasing of multiple items unnecessary and encourages the mindful use of resources.

Utilize Free Software

The costs involved in the setting up of a business – even with the most basic of software tools – can prove to be pretty steep. However, with a bit of research and creativity, you can cut down this cost significantly. Unless you require highly specialized software, chances are you can get by with free versions.

"Freemium" software versions may not be as feature-rich or robust as their paid-for alternatives, but for basic tasks– they serve their purpose. Google Analytics, for instance, has a free-to-use option that provides insight into visitor tracking on your company's website. And GoogleDocs allows you to produce and backup documents online at no charge.

Replace Outdated Equipment

Spending money to save money might seem counterproductive. However, if you have long-term cost-saving goals, it is not enough to simply cut down on your spending and then call it a day. Instead, you need to access your current spending habits to help determine how you will be able to run your operations, manage infrastructure, and evaluate data more efficiently.

It is common for businesses to operate on decades-old network infrastructure, and while it does technically still work—they do not run nearly as well as they should. The truth is, technology is evolving– finding new ways to become more eco-friendly, efficient, and cost-effective. Older equipment usually lacks output quality and utilizes more time and power. By implementing newer automated systems, you will be able to complete multiple tasks quicker and more efficiently.

Consolidate IT Systems

Businesses should consider consolidating multiple tools into a solitary streamlined platform. This will probably require the elimination of several tools, and there will be costs incurred with regard to purchasing an entirely new system. However, by merging your tools, you will save money and benefit from the gains in productivity since workers will no longer have to log in to multiple different programs to complete tasks.

Consolidation is an investment and will require some effort; nonetheless, the ultimate time savings will prove to be worthwhile. In the long run, businesses will be better off switching to a single solution that will meet all requirements, instead of spending money on countless different tools.

Final Thoughts

By lowering costs, you increase profit– which is the ultimate aim for any business. While technology is expensive, it should be seen as an investment and treated as such. Businesses should encourage the mindful use of company resources amongst employees and monitor how equipment such as printers is being used.

It is imperative that companies conduct in-depth research and evaluate their own unique needs before committing to purchasing new technology. This way, it is easier to decide on the most cost-effective and efficient option.