As we reach the halfway point of the fourth quarter of the calendar year, many companies are evaluating budgets and looking for ways to cuts costs, increase revenue, and improve margins. With a new president-elect, changing overtime rules for white collar employees, more Affordable Care Act (ACA) requirements, along with a host of other uncertainties, it’s a challenge for CEOs, CFOs and other business leaders to know, for sure, how to allocate resources for the coming year. Nevertheless, it is imperative that businesses continue to identify opportunities for process improvement in order to reduce costs and stay competitive.
With that in mind, here are four cost-saving measures for anyone is responsible for managing a budget may consider to start saving more money in 2017.
Four Cost-saving Measures for 2017 Budgets
- Get some perspective.
Finding ways to do more with less has been the battle cry for many years now. This often requires creativity, a fresh perspective, and some insights from outside the organization. Shifting away from the mindset of “that’s how we’ve always done it” is what allows business leaders to examine the big picture and see where investments in technology and services can provide a return.
By bringing in objective business analysts and process improvement consultants to offer feedback and input on best practices, organizations can benefits from seeing their operations through a new lens and uncovering opportunities that they had previously overlooked. Our diverse team of expert engineers, solutions architects, project managers and professional solutions consultants can assess your current business processes and provide timely solutions that help you soar beyond your competition.
2. Ditch the paper and go paperless.
Is your organization still scanning, storing, and managing paper files? Digitizing your paper is an easy opportunity to reduce costs related to the time, equipment, and storage of paper processes. Our Scanning Services team can convert your paper files into digital format making the files and the data they contain easily accessed and no longer taking up valuable floor space.
Our team can handle everything from picking up documents, preparing them, enhancing the digital image, indexing, shredding and document return. Check out this video below to learn more about the life-cycle of a scanning project.
We can help your organization save on expenses while streamlining your paper documents into digital files you can easily arrange, store and turn into searchable digital data. We provide the latest in indexing and innovative scanning technology, all wrapped in an efficient and secure process.
3. Outsource the heavy lifting.
If you have document-centric processes that require manual processing, you should consider leaving the paper pushing to a BPO partner. With the right partner, Business Process Outsourcing (BPO) can become one of your most cost-effective strategies.
BPO leverages the experience and expertise of a trusted provider and applies it to the specific needs of your business. And because they have worked with several other organizations, they are able to bring the lessons learned to help your company avoid similar mistakes. With the right BPO provider, you can form a long-term business partnership with someone who has the skill set you need, and shares a strong commitment to the success of your organization.
4. Consider technology upgrades.
Do the words “system update” make you cringe?
As tedious as it may sound, not keeping up with the latest technology might prove to be more work and far less cost-efficient in the long run. In today’s business climate, it is a good idea to look at technological upgrades at least every two or three years, so you can keep a competitive edge and maintain optimal efficiency. Consider upgrades in areas such as hardware, software, office machinery and equipment, etc.
Technologies such as optical character recognition (OCR) make it easy to access the troves of valuable business data that might be in your files yet time-consuming and costly to access. Today, OCR can help digitize just about every aspect of your business process. At MTS Software Solutions, our applications utilize technologies such as OCR to their fullest.
Contact MTS Software Solutions if you’re ready to make 2017 the most productive and profitable year for your business.