Businesses constantly look for novel approaches to stay competitive, effective, and, most crucially, profitable. In particular, amid difficult economic times, the new push towards technology and virtual employment presents a tantalizing answer. Here’s a look at how technology and virtual employees can help businesses save a lot of money.
1. Lower Overhead Costs
A decrease in overhead expenses is one of the most obvious advantages of using virtual employees. Rent, utilities, equipment, and other costs for traditional office locations are significant. According to Business News Daily, allowing employees to work remotely can result in annual savings of $11,000 for each person who telecommutes 50% of the time or more. This aspect alone is a strong argument in favor of businesses adopting the remote working model, especially SMEs.
2. Boosted Productivity
It’s a widespread misconception that remote workers are less productive. This misconception is disproved by a Business News Daily article that reveals that many remote workers report improved productivity levels. Many workers find it easier to concentrate on tasks with fewer interruptions and the comfort of their own area, which directly correlates to improved productivity and, in the end, savings for the company.
3. Reduced Employee-Related Expenses
Businesses spend a lot of money on employee-related costs outside of office space, like meals, transportation costs, and recreational amenities. These supplemental costs are drastically decreased by switching to virtual personnel. According to the Business.com report, when these ancillary costs are taken into account, businesses can save an average of $4,000 annually on each totally remote employee.
4. Leveraging Modern Technology for Cost Savings
Businesses now have a wide range of tools at their disposal thanks to the development of digital technology, all of which are intended to increase efficiency and cut costs. The potential is enormous, ranging from advanced analytics tools that provide real-time insights to make informed decisions to cloud storage solutions that eliminate the need for physical storage spaces and hardware.
In particular, according to the 2020 In(Sight) Report employees believe they can forego 240 hours of work with the use of automation. Businesses can save on time as well as labor costs through automization.
5. Enhanced Business Continuity
The recent worldwide pandemic has made the value of business continuity more apparent than ever. With the correct technology and virtual workers, firms can function normally even amid unplanned outages. This not only prevents potential lost revenue but also enhances the company’s reputation as a dependable one in the industry.
The Bottom Line
A flexible, adaptive strategy is necessary given the uncertainty-filled nature of today’s business environment. Businesses wishing to save expenses without sacrificing quality can learn how technology and virtual employees can help in this endeavor.Approach hiring the best virtual employee with a reliable team on your side by trusting Managed Outsourced Virtual Employees or MOVE. Contact us for more information.