These 3 technologies will save you money


Let's face it: it's hard to keep up with the pace (and price) of new technologies. Business owners are facing dam of new technologiesall promising groundbreaking results. Getting lost in the hype can take a long time, but good investments will pay dividends that will largely offset their costs.

Advances in technology offer the potential to make processes more efficient and effective, from cloud computing for scalable processing power to green technologies that reduce energy consumption and reduce electricity bills. And with the advent of artificial intelligence, many tedious processes can be outsourced to software. Not only will this work be done with a higher degree of accuracy, but valuable human resources will be released to pursue more urgent goals.

Thoughtful and intelligent investments in such innovations can contribute to the success of almost any type of business. To save time and resources, the following three technologies, in particular, are worth exploring.

1. Reduce waste with inventory management technology.

According to Wasp Barcode, a staggering 43 percent small businesses do not follow their inventory or are stuck using obsolete manual methods to do so. In the end, these companies lack essential data to make informed decisions. Large retailers, who have long relied on Big Data to optimize their inventory, are beginning to push their efforts to the next level. Target, Walmart and Lowe's are now test the use of robots to analyze store shelves and further automate their inventory management processes.

Information technology consultants such as Pariveda Solutions, a strategic services and IT consulting firm, can build real-time, multi-channel inventory management systems. In one case, Pariveda helped a global packaging company with five separate inventory tracking systems save several million dollars a year by creating an integrated inventory solution. With efficient inventory management, businesses can increase the efficiency of their resources to maximize profits and minimize warehouse investments.

2. Ensure security and savings with cybersecurity investments.

Protecting a business from cybercrime is an expensive undertaking and research conducted by the Ponemon Institute suggests that a medium-sized business is a victim of around 130 successful cyberattacks in one year. Unsurprisingly, repairing the damage caused by these attacks is costly – nearly $ 12 million on average – even though these organizations must also spend huge sums to protect themselves from many other unsuccessful attacks.

Companies with a limited budget for cyber defense, they must focus their efforts on the most effective means of protection, namely the deployment of security intelligence systems. These systems will protect valuable data while generating average savings of more than $ 2 million compared to other defense systems such as perimeter controls or automated rule management.

3. Intensify customer service efforts with AI robots.

The millennium generation is leading the charge towards automated customer service, and IBM reports that 65 percent from among them prefer this form of interaction rather than talking to live agents. This is good news for businesses, because conversation robots can adapt to all requests.

Custom bot creation can be performed with AI agency partners. IV.AI, for example, uses the AI ​​to help companies such as Netflix and Sony to increase their revenues while reducing their costs. IV.AI has also worked with Aeromexico to automate a technology 96 percent customer service requests. according to Vince Lynch, CEO, "Conversational Artificial Intelligence is a" whisperer-client "that can meet the needs and emotions of buyers with minimal human intervention.

Technology is rarely an easy-to-use method for solving business dilemmas – most often, it requires a significant learning curve. But when users overcome this obstacle and become familiar with new technologies, their lives generally become easier and more efficient. Especially when businesses have well-defined processes, it can be difficult to do business and make investments that do not seem essential. In many cases, however, the benefits will far outweigh the costs – it's only a matter of time.

Brad Anderson

Brad Anderson

Editor-in-Chief at ReadWrite

Brad is the editor who oversees the content of ReadWrite.com. Previously, he worked as a publisher at PayPal and Crunchbase. You can reach him at Brad at readwrite.com.