The value of investing in technology
If you are in a services industry your staff is your greatest asset, but at the same time it is also your greatest overhead, and your greatest liability. Investing in technology is one of the most effective ways of reducing both the liability and the overhead.
To crunch some numbers for a minute: a staff member on a £30,000 salary is costing you somewhere between £40 and £50 to employ or 75p / minute, depending on your other overheads.
If you have 20 people earning an average of £30k per year each, and you invest £4000 in technology that will save each member of staff 5 minutes a day, you will recover your investment in a little over 10 weeks. Not only that, but your people will be able to do their job better, which means happier staff, and happier clients.
Seven top tips for generating value
- Use Solid State Drives (SSDs) – both in your servers and your workstations. They are significantly faster, use a fraction of the power, and are less prone to hardware failure
- Use collaborative tools – SharePoint Online, Skype for Business, Google Apps, Huddle, Slack, Trello: there’s a tool out there that’s right for your business for desktop sharing and working on documents together. Your travel time and costs will go down, and it’s better for the environment.
- Make it an objective – Ask each of your staff members to identify complex, repetitive tasks in their role, and find ways to automate them.
- Stop thinking of technology as a necessity – it’s an opportunity to generate revenue. If you’re replacing your systems because you have to then you’ve already wasted a fortune by delaying.
- Stay current – Your software vendors are investing heavily in R & D to stay competitive in their field. This means every update makes it easier and faster to do your job.
- Get trained up – Make sure your staff knows how to get the best out of your systems, whether this is through formal training or sharing knowledge within your organisation. Start a wiki or knowledge base, or set up a process for sharing hot tips and how-to guides.
- Two screens are better than one – Adding a second LED screen to your users’ workstations is an extremely affordable way of getting an immediate boost in productivity. Studies have indicated increases ranging from 7% to 50% – particularly for tasks involving comparing documents or cutting and pasting. Sceptical about studies? Try asking someone who currently uses two screens whether they would like to go back to one.
To talk to us about how small investments in technology can make a big difference to your business, call us on 020 7043 7044 or email us firstname.lastname@example.org.