What Software Can Businesses Utilise to Save Costs During a Recession?
In October, the International Monetary Fund predicted that global growth would decline to 2.7% by 2023. Aside from the global financial crisis and the Covid pandemic, this would be the lowest year for the global economy since 2001. With a looming recession, many companies are turning to technology to aid them in reducing their overhead and boosting their productivity. In this article, we will uncover four different types of software which businesses, regardless of their size and industry, can implement to streamline their operations and achieve better results with lower costs.
Table of Contents
- CRM Software: What is it and How Does it Work?
- Exploring the Benefits of Using CRM Software
- Communication Software: What is it and How Does it Work?
- Exploring the Benefits of Using Communication Software
- Project Management Software: What is it and How Does it Work?
- Exploring the Benefits of Using Project Management Software
- Expense Management Software: What is it and How Does it Work?
- Exploring the Benefits of Using Expense Management Software
- Final Thoughts
CRM Software: What is it and How Does it Work?
Emerging as a critical software tool for businesses worldwide, CRM stands for "Customer Relationship Management." It refers to a software system that allows businesses to easily manage all communications and cultivate relationships with their prospects and customers.
CRM data is collected from multiple sources, including website visits, social media communications and customer service interactions, and then stored in a centralised location. This approach enables companies to obtain a holistic understanding of their customers and enhances the effectiveness of their sales, marketing, and customer support activities.
The foundation of any CRM system is workflow management and its functions are separated into two broad categories: pre-sales and post-sales. Every transaction begins with a prospective consumer lead. After a lead is generated, the CRM software will guide it through the sales process and associate it with pertinent data on conversations, reminders, documents, and messages.
Popular CRM companies in the market include Salesforce, Zoho, Hubspot, and SugarCRM. These companies offer a wide range of CRM solutions for businesses of all sizes, with features such as contact management, sales automation, marketing automation, and customer service management.
Exploring the Benefits of Using CRM Software
1. Cutting Costs
Data entry takes hours, distracting personnel from other activities, and manual data input carries risks of missing or duplicating data. If errors are not caught early, the company will pay heavily. CRM software reduces manual data input, with the data often being updated automatically, and seldom duplicated or absent. Subsequently, this reduces the business costs of eventual data errors.
Moreover, with the most effective CRM systems in place, businesses can plan forward and conduct a real-time analysis to determine which products or services are popular and invest in them accordingly. In addition, companies may adopt hyper-personalised advertising methods which will lower the overall spend on marketing activities., Implementing a CRM system yields a substantial return on investment, with an average ROI of $30.48 for every dollar spent, according to HubSpot.
2. Improving Communication
In a CRM, data from multiple channels is consolidated into a comprehensive profile of the customer or prospect. This allows all important information, including interactions with the company, to be easily accessed from one cloud-based platform location.
Hence, using a CRM system eliminates the possibility of redundant efforts and ensures that no customer interactions go unnoticed. This approach gives the entire company the opportunity to work together. In this vein, Super Office concluded that approximately 52% of companies are exploring the use of CRM technology as a means to eliminate the silo mentality between different departments within the organisation.
3. Increasing Conversion Rates
Using customer relationship management systems can also lead to an increase in revenue, because it allows sales representatives to tailor their approach and product offerings to specific customer segments. Additionally, a CRM can evaluate leads and predict the likelihood of closing a deal, enabling sales teams to prioritise their efforts and focus on the most promising opportunities.
Overall, a CRM system can significantly increase the conversion rate by as much as 300%. This is achieved by utilising features such as lead nurturing and prospect profiling, which are designed to improve the percentage of deals closed from the total number of leads generated.
4. Better Customer Service
In the current business landscape, prioritising customers' needs is crucial for achieving success and driving revenue growth. 69% of customers base their satisfaction rate on the timeliness and speed of a company's response to customer queries, according to a study by ZenDesk. As such, a CRM system is widely adopted by organisations as a means of achieving their business goals. SupperOffice concluded that 92% of businesses implement a CRM system to improve their customer service and enhance the overall customer experience.
Communication Software: What is it and How Does it Work?
Communication software, also known as Collaboration and Meeting (CAM) software, allows business teams to interact successfully with each other. Since remote work has grown more prevalent, CAM software has become even more vital for enterprises of all sizes as it enables workers to remain engaged and connected regardless of location. Typical CAM software capabilities include instant messaging, video conferencing, screen sharing, and file sharing. These features enable teams to communicate in real-time, exchange information and ideas, and collaborate on projects.
One of the most popular CAM programmes is Slack, which facilitates real-time team communication and collaboration. It contains instant chat, file sharing, and video conferencing services. Other communication softwares on the market are Google Workspace, Rocket.Chat or Microsoft Teams.
Exploring the Benefits of Using Communication Software
1. Allows Employees to Communicate More Effectively
It’s important for companies to have a platform that allows employees to work together and share information. Communication software provides a place for employees to collaborate on projects, share ideas and documents, and provide feedback.
Communication software is a great way for companies to stay connected with their employees, clients, and other stakeholders. The software helps keep everyone on the same page and allows for faster, more efficient communication.
2. Improves Employee Productivity
As a manager or business owner, you want your employees to be as productive as possible to maximise profits and grow your company. A lot of this comes down to creating an environment where people feel comfortable working and communicating with each other.
Communication software allows employees from different departments or locations around the world to communicate easily without having any barriers or delays. This means they're able to collaborate more efficiently.
3. Enhances Decision Making and Problem Solving
Communication software allows you to share information and ideas quickly, so that everyone on the team has access to the same data. This leads to more informed decisions, which means that your business will be able to take advantage of opportunities while avoiding problems before they arise.
In addition to helping with decision-making, communication software also streamlines problem-solving within organisations.
4. Helps Manage Projects More Efficiently
Communication software is a great tool for collaborating on projects, sharing files and documents, staying organised, and tracking milestones and budgets.
The ease of communication provided by this type of platform also helps eliminate unnecessary emails back and forth between team members, which streamlines workflow while reducing waste.
Project Management Software: What is it and How Does it Work?
Another software many successful firms rely on is project management software. The software supports the process of planning, executing, and monitoring the progress of a project to ensure that its objectives and goals are met.
Through project management software, companies may assign tasks and establish deadlines, ensuring that everyone on the team is informed of what must be accomplished and when. Moreover, many project management software systems, such as chat and file-sharing, include collaboration features that enable team members to connect and collaborate in real-time. Tracking progress and measuring performance is an additional benefit of project management software. These technologies give managers precise information and analytics to discover the team's strong and weak points, so they can make the necessary modifications and course corrections to remain on track and accomplish their objectives.
Monday.com is a well-known project management application that assists teams in staying organised and on schedule. Since its user-friendly design and robust capabilities make it an excellent option for organisations of all sizes and sectors. Other project management softwares on the market are Asana, Basecamp, Trello & Wrike.
Exploring the Benefits of Using Project Management Software
1. Keeps Your Business on Track
Project management software can help you keep your business on track by providing a centralised hub for all your tasks, deadlines, and other details. The software allows you to create projects, assign tasks to team members, monitor progress, and manage budgets.
2. Creates a Simple and Organised Workspace
Project management software makes it easy for everyone involved in the project to see where they stand at any given time, which is useful when working with multiple departments or people who are located remotely.
Project management software also fosters communication between team members and stakeholders through in-built messaging features, making collaboration seamless.
3. Ensures Accountability
Project management software helps you create a clear road map for your project, which ensures that everyone knows what’s expected of them and when it must be completed by. It also allows you to assign responsibilities to different team members, so they know exactly what part of the project they're responsible for.
4. Gives You Real-Time Updates
Project management software helps you see what's going on in real time, which is a huge benefit for any business. You can see how much time has been spent on different tasks and make sure that nothing is being overlooked. If there are any problems with a project and it needs to be reassigned or postponed, you'll know immediately so that you can make the right decisions about how to move forward.
5. Saves Time and Money
Project management software provides a great way for your business to save time and money. It allows team members to access the information they need without having to ask for it, thereby reducing roadblocks or time spent on communication.
It also allows employees to know what else needs attention before they begin their next task. This means they won't waste time doing something unnecessary or duplicating work already done by someone else.
Expense Management Software: What is it and How Does it Work?
Last but not least, businesses may monitor, manage, and control the spending habits of their employees with the assistance of expense management software. This software is particularly useful for companies with a remote workforce or a sales team that is travelling a lot.
An expense management software simplifies the process of expense submission, expense approval and expense reporting. Through automated enforced policies, it is possible to put restrictions in place that help reduce overspending and fraud.
ExpenseIn is a leading expense management software that streamlines the process of tracking, managing, and controlling expenses for businesses of all sizes and industries. Other expense management softwares on the market are Rydoo, Pleo, Spendesk and Webexpenses.
Exploring the Benefits of Using Expense Management Software
1. Time Savings
With the help of expense management software, businesses can diminish the time wasted on mundane admin tasks and create a happier, more productive workforce. There's no longer a need for employees to to fill out paper expense reports and chase down approvals. Everything is done automatically, which means the entire process is much faster.
2. Reducing Errors
Without a top expense management system, it's easy to misplace paper expense receipts or make mistakes when inputting data. An automated system eliminates these potential problems and reduces the chance of errors being made.
3. Improving Compliance
An expense management software can help increase compliance with expense policies. This ensures that only compliant expenses are being approved, which can save time and money in the long run.
4. Seamless Delegation
With an automated expense management system, it's easy to delegate the responsibility for approving expenses when you're out of the office. Simply route the expense reports to the appropriate supervisor, and they can take care of the rest. This ensures that expenses are still being approved in a timely manner, even when you're not around.
For a full list of all benefits of an automated expense management software read our article.
As businesses navigate the uncertain economic landscape, utilising business software can be a valuable tool to manage expenses and drive growth. With the right system in place, businesses can improve their bottom line, save costs, streamline operations and enhance customer experiences. Remember, it’s important to take your time and do your research so that you can make a confident decision.