How to Increase Your Bottom Line with Technology

PostedOn: 2016-04-20 11:23:59

Global enterprises have, for many years, managed human resources, inventory, manufacturing, shipping, and other business functions with complicated enterprise resource planning (ERP) systems. In recent years, that technology has become more effective and more affordable for small and mid-sized businesses with smaller technology budgets.

Members of the management at small and mid-size businesses now realize that such technology can contribute to the bottom line in many ways.

Here’s how to increase your bottom line with technology:

Inventory Management

Inventory systems contribute to the bottom line in many ways. By ordering materials more efficiently, tracking inventory location and usage, and identifying movement bottlenecks in production areas, good inventory control saves you time, money, and effort. You'll spend less time searching for tools and materials, fulfill orders more quickly, plan orders more efficiently, and improve customer service.

Bar-coding Technology

Bar-coding materials and finished goods improve accuracy in management materials and shipment tracking. Freight carriers and delivery services utilize bar-coded labels for tracking packages through their businesses; you can use the same functionality with your in-house inventory. Doing so will improve your materials management and reduce loss.

Communications

Service automation systems can vastly improve the effectiveness of a field service workforce. Dispatchers have visibility of technician locations at their fingertips and can send the personnel best suited to handle a job to service calls. Technicians have insight as to how often the customer has called for service, what work other technicians completed, and even which parts were used on prior calls.

These are only a few examples of the myriad ways technology can contribute to an increased bottom line. Software and hardware technologies are advancing at a rapid pace, making imagination the only limiting factor in adapting technology to business needs.