How Businesses Use Tech to Cut Costs

Ravindra Ambegaonkar
Author : Ravindra Ambegaonkar
September 27, 2021
2 Minutes Read
  
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    Key Takeaways :

    • The main goal of every business operation has been to earn a profit. For blacksmiths and cobblers in the Middle Ages, animal groomers and fabric weavers in the 1800s, to today's software developers and aeronautical engineering firms, when income exceeds expenses for a given time period, the organization survives.

    • In construction, for example, drone fleets can do many jobs that would be too costly or too dangerous for humans. Inspecting bridges and tall buildings are just two common uses.

    For centuries, the main goal of every business operation has been to earn a profit. For blacksmiths and cobblers in the Middle Ages, animal groomers and fabric weavers in the 1800s, to today's software developers and aeronautical engineering firms, when income exceeds expenses for a given time period, the organization survives. That age-old principle is still at work in some of the highest of high-tech systems used by corporations today. From drones equipped with HD video equipment to virtual reality glasses that help owners envision an unfinished construction project, technologically smart devices, systems, and programs are now at the heart of what it means to be competitive and financially successful. Here are some of the most relevant ways that businesses reduce costs, and thus ramp up profits, by employing cutting edge technology.

    Drones

    Drones are finally emerging as one of the biggest cost saving devices in every realm of the commercial world. Their uses are expanding rapidly and companies who manufacture the devices are experiencing a golden age of sorts. In construction, for example, drone fleets can do many jobs that would be too costly or too dangerous for humans. Inspecting bridges and tall buildings are just two common uses. Likewise, in manufacturing and security fields, drone devices of varying sophistication help managers gain plant-wide views of daily operations, spot potential problems, and more. Security companies have been incorporating the flying cameras into nearly every aspect of surveillance as a way to enhance on the ground, human eyes.

    Fleet Management Software

    Fleet management software has been around for more than two decades, but the latest versions are smarter, more cost-effective, and more accurate than ever before. Entrepreneurs in dozens of major industries use GPS tracking for fleet management chores of all kinds. That way, owners can focus on more people intensive tasks like customer retention and business development. If you operate a company that uses any number of vehicles, tracking your fleet of trucks can be utterly time consuming without the help of software products that incorporate GPS capability.

    Virtual Reality

    Known to the public primarily as a gaming device, VR tech has advanced so much in the past five years that even institutional investors are taking notice. Applications are unlimited, especially in fields like sales and construction. Home shoppers can now do virtual walking tours of dozens of properties from the comfort of their own living rooms. Auto industry dealers have begun offering VR test drives. And, in construction, designers and engineers can literally walk through their creations while all the concepts are still on paper and not a single brick has been laid.

    3D Printing

    A decade ago, 3D printing was not in wide scale use in businesses, with the exception of design, engineering, and a few scientific applications. Nowadays, lower costs and higher efficiencies have propelled 3D into the front of the technological lineup of systems and processes that companies love to use. Builders, for instance, no longer have to wait weeks for special parts to be machined off-site. Instead, they can print prototypes on-site, test them, and decide whether to move ahead with larger production batches.

    Tags building cost | cost management | cost estimation | Business Plan | Business Finances | construction costs

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