How to Reduce Costs and Improve Performance

Updated on April 27, 2023

If implemented properly, digital and technology solutions can improve your business performance, even in the short term.

Of course, performance is a complex issue and it may be useful to review your business strategy and support your decisions with the right data, by analysing your break-even point. However, one of the lasting solutions is automation.

Automating administrative processes and repetitive tasks and better exploiting data can reduce operating costs over the long term and improve responsiveness, productivity and performance.

Step by step

SMEs, like the larger organizations, have as much to gain from this digital shift. The transformation must be gradual and well thought out from the very start in order to achieve the most significant short-and long-term improvements .

Proper planning and reflection are the key to digital initiatives. It is recommended that organizations work in phases and start by determining the most important ones for their ongoing operations and competitiveness.

The results of a digital initiative must be measurable in the short term but also be integrated into a long-term vision to ensure that the organization’s real needs and objectives are being met.

Automating repetitive tasks and optimizing processes

Automating administrative processes (or Robotic Process Automation (RPA)) and some repetitive tasks must be phased in based on your organization’s situation. Over the short-and long-term, automation will:

Improve the interconnectivity

A process automation platform helps improve the interconnectivity of your various applications. Integrating technology into processes increases your monitoring capabilities by giving you the ability to leverage your data.

Identify the most successful scenarios

An automated solution that incorporates machine learning can help you quickly detect processing anomalies, extract items from an invoice even in multiple document structures, and identify the most successful sales forecasting scenarios.

Manage complex workflows

With the right digital transformation, you can better coordinate between your different departments and manage information and sometimes very complex workflows.

Lower costs, improved productivity

This will increase production and decision-making speed based on accurate data. The risk of errors is greatly reduced. You lose less time during operations, resulting in lower costs and greatly improved productivity.

Optimize your financial performance

When your applications interact with each other, your operational and financial data are interconnected and provide more accurate and timely insight, allowing you to optimize your resources.

With cross-organizational data, performance can be analyzed by product, by client or even by order, allowing you to adjust your business strategy and resources to focus on areas with the greatest benefit.

Making cash management easier

The pandemic has weakened the finances of some companies, and many have become aware of the importance of their organizational structure and the technology used to maintain sufficient liquidity and optimize their management. Several platforms are available to meet these needs. An adapted management platform has many advantages. It can:

Something for every industry

Companies in all sectors can benefit from technology and digital transformation at their scale to meet their business objectives. Examples include:

Manufacturing

Optimize production by defining the best sequencing according to the capacity of the organization’s human and material resources.

Construction

Maximize asset and project management at each step, from project development to delivery.

Agriculture

Use drones to forecast and increase yields and reduce production costs.

Tourism

Create efficient and attractive online service platforms and immersive experiences by using artificial intelligence and the Internet of things (IoT).

We suggest that you take this questionnaire in order to properly assess your needs. You will know which aspect to focus on first and be able to measure your level of preparedness by comparing your progress with that of other organizations in your sector.

Of course, at any time, you can contact our team of experts who can assist you in your analysis and developing your action plan.