Tech plays a key role in business, especially during the pandemic when companies in all industries have had to adapt to remote work. Tech can certainly be useful and must be embraced if a business wants to find continued success, but technology can also be a major cost, especially when it seems to constantly be developing.
Fortunately, there are a handful of ways that a business can save money on tech that could make a big difference to their bottom line while ensuring that they are still benefiting from the best and latest tech. Here are a few of the best ways to save money on tech for your business.
Opt for Lesser-Known Brands
Everyone will instantly be pulled in by the major brands like Apple and Microsoft, but it is no secret that this can cost a fortune, and you are paying a lot simply for the logo. The truth is that there are actually many excellent alternatives and more affordable brands which are just as good (if not better in some cases). The key is to shop around, to read reviews, and to look at online communities like Reddit where you can often get good unbiased information.
Lease Instead of Buy
Another smart option is for businesses to lease instead of purchase new tech. Not only does this work out to be cheaper, but it also allows you to upgrade to newer technology at the ends of the lease agreement. This means that you can keep your business running on the best and latest tech without paying a fortune or having to worry about selling equipment at a much lower price. Tech is always depreciating in value, so it makes a lot more financial sense to lease instead it of buying.
I’ve been using Cloudways since January 2016 for this blog. I happily recommend Cloudways to my readers because I am a proud customer.
BYOD
You can also allow staff to use their own devices instead of providing them with equipment. This is a great way to keep costs down, encourage remote work and allow staff to use devices that they feel confident with, but it is vital that you make sure that cybersecurity is a priority as this can be an issue when staff is using their own personal devices and connecting to different networks.
This will involve having high-quality cybersecurity in place along with training your staff on how they can stay safe, avoid scams, and protect company (and personal) data.
Predictive Maintenance
Tech can be hugely helpful for any business, but it can also be temperamental, and tech that breaks down can be costly in more ways than one. You can prevent tech from breaking down with predictive maintenance, which will utilize data to tell you when technology needs to be maintained. This should keep the tech working at a high level, help to prevent downtime, and avoid any costly repairs being required.
Open-Source Software
Most businesses rely heavily on multiple different software systems, including both industry-specific software and general business software. Software licenses can also cost a fortune, especially when you have to pay for licenses for multiple devices. A great alternative is to look into open-source software, which can be free to use and often has better features than the branded systems. As with buying non-brand tech, the key is to research and look into online communities that might be able to point you in the right direction.
Buy Electric Components Online
Businesses can also make big savings by doing their own tech DIY, including buying electronic components online. When you know how to find alternate electronic components online, you can make big savings on your tech and industrial products as you can do the work yourself and find the best possible products. Cables and wires, tools and supplies, connectors, integrated circuits, and more can all easily be found online for affordable prices to help keep your tech costs down.
Look for Deals & Promotions
As with any kind of purchasing, you can always make savings by looking out for deals and promotions. There are so many sales and promotions throughout the year that it means that you should never be too far away from one, whether this is Easter, Black Friday, Cyber Monday, Christmas, New Year, or any other time. This is why it is always worth waiting a while if a product is full price, as there is a good chance that you can make savings if you simply wait a while.
Additionally, many suppliers also offer discounts for those that sign up to their mailing list, and this is always worthwhile if it can knock off a certain amount on an expensive purchase.
Sell Old Tech
If you do decide to purchase technology, then you could always sell this when looking to upgrade. Obviously, there will be a financial hit taken and you will not get back a similar amount, but it can still make a difference when looking to buy new technology and also helps to free up space for the new tech. Often, selling to startups is a good idea as they will be keen to find business tech for low costs.
Energy Efficient Tech
Another smart way to save money on your tech costs is to invest in items that are energy efficient. In addition to helping to lower your energy bills each month, this will also help to improve your green credentials, which is important for reducing your impact while also impairing your brand reputation.
These are a few of the best ways that a business can save money on tech. Tech plays a vital role in business in today’s day and age, but it can also be a huge cost and one which can be ongoing when there are so many developments happening all the time.
Fortunately, you do not always have to break the bank to afford business tech, and these are a few ways that you can make savings while still ensuring that you are getting the best technology that will help to take your business forward and compete.
