5 Ways Small and Medium-Sized Businesses Can Reduce IT Costs

Digital transformation is often the innovator that underpins success. Technology drives higher profit margins, internal efficiencies, improved customer service, as well as better products and services. All of these give small and medium-sized businesses a competitive edge.

According to Gartner’s latest forecast, worldwide IT spending is projected to total $4.5 trillion in 2022, an increase of 5.1 percent from 2021, and the largest year-over-year jump in more than 10 years.

A company’s IT spend is a fine balance. Investment must be made to ensure the organization remains efficient and competitive, but, at the same time, IT spend can’t be a money pit if the business is to remain profitable. 

In this blog, we look at five easy ways small and medium-sized businesses in Ontario can reduce IT costs without compromising their competitiveness. 

Office supplies - such as scanners, printers, computers and phone systems - can be incredibly expensive. To optimize the ROI you receive from your office technology, it’s important that you focus on maximizing their usage and extending their lifespan. 

To ensure you get maximize the ROI you get from your office supplies, consider these tips:

• Choose the right office supplies for the unique needs of your organization.
• Repair existing equipment instead of replacing it.
• Proactively monitor your office supplies for their performance, and then take steps to ensure they are running seamlessly. 
• Know how long your warranties last so you can replace equipment if needed. 

Does your business still use on-site storage and hardware? This can be expensive, time-consuming for your IT department and difficult to successfully manage. Cloud computing can help your business streamlining operations and reduce IT costs. 

When your business moves to a cloud-based IT infrastructure, you can reduce costs associated with maintenance, IT support, staffing and security. All of these things are handled by the cloud services provider for a regular and consistent monthly fee, which is often based on the number of users you have.

Operating the wrong phone system not only negatively impacts your internal and external communication, it also results in excess spending for your business and inefficient, time-consuming processes for your employees. 

To avoid overspending on their phone lines, many organizations are benefitting from the transition to VoIP (Voice over Internet Protocol) phone systems. VoIP is significantly more cost-effective and efficient to run than a traditional phone system. 

Choose the Right VoIP System with OT Group’s Four-Step Process. 

Printers in the office can be taken for granted by employees - after all, it’s just paper and ink, right? 

Surprisingly, inefficient printing practices can cost a business a significant amount of money. The average employees’ printing habits cost a company $725 per year. If your business has just 10 employees, your organization could be losing a staggering $7,250 from its bottom line each year from inefficient printing practices. 

Your company can significantly reduce these printing costs by creating a best practices guide for its employees, buying or renting the right printer for your specific requirements, using mobile print release technology to cut down the number of wasted prints, as well as making proactive steps to cut down your colour printing costs. 

In today’s market, particularly when considering the workforce shortage and the ‘Great Resignation’, it’s incredibly difficult to find qualified professionals with the skill you need to maintain and evolve your IT department. When you do find the right workers, they’re incredibly expensive due to the fierce competition within the industry.

Outsourcing your IT solutions to a third-party expert in your local area can help you reduce IT costs and enhance your overall IT strategy. Partnering with an outsourced IT solutions expert will give you access to predictable monthly pricing, specialized expertise, reduce your company’s downtime and give your team more time to focus on the core competencies that truly drive growth.

Want to learn more? Get in touch with OT Group today. Our team of IT solutions and IT office supply experts would love to help you grow your business.