5 Cost-Saving Initiatives for Office Managers
Since an office manager oversees a number of operations, it often falls on them to not just ensure that their company gets the most out of their investments, technology, and employee performance, but also implement cost-saving initiatives throughout the organization
Here are five of the best ones business leaders should consider for their company, spanning from software to everyday best practices.
Take a look at one client’s cost-saving success story—check out Document Management System Case Study: Espinoza’s Leather Company.
1. Take Advantage of RPA to Increase Productivity
From scheduling and planning to ensuring business operations run smoothly—among others—office managers have their hands full. What if they could use tech to cut costs as well as expedite these responsibilities?
Automation can help businesses reduce labor and increase productivity, which leads to higher ROI. Robotic process automation (RPA) is one application of this technology that uses artificial intelligence (AI) and machine learning algorithms to perform repetitive, high-volume tasks.
With RPA, office managers can do away with many of the tedious tasks that would otherwise take their staff or themselves too much time. Software robots can help office managers handle various jobs, such as:
- Extracting information from invoices
- Sending automated communications
- Submitting reports to executives
- Inventory processing
This allows for more time to perform thought-intensive tasks. Companies that take advantage of this cost-saving initiative will have to invest less in the future hiring staff to complete duties that RPA can easily accomplish.
Related Blog: 7 Uses of Robotic Process Automation (RPA) for SMBs
2. Reevaluate Your Subscriptions to Reduce Expenses
A business signs up to so many subscriptions to try or take advantage of different platforms, it’s hard to keep up with all of them. Taking a look at all your business subscriptions to see which ones your organization is no longer capitalizing on will help you save a substantial amount of money.
The current subscription model for businesses charges per user monthly. This means the price will be exponentially higher for companies with many employees. For example, if your business uses an online project management platform, it could cost $15 per user per month. A company with 100 employees would pay $1,500 per month or $18K per year for a platform with a single service.
When you take into account how many online platforms a business is subscribed to, the expenses quickly add up. Consider reviewing all the services your business has signed up for over the years and examining which ones provide ROI or facilitate operations, or which ones include users who shouldn’t be there.
Office managers can make the most of their budget with a single robust solution that can handle tasks that would otherwise require several online services. An enterprise resource planning system (ERP), for instance, can take care of various business needs such as:
- Integrating business platforms and data into one location
- Creating higher visibility and connectivity between departments
- Using KPIs to improve productivity and progress
- Easily scaling along with a growing business
- Providing data-backed reports so leaders can make better decisions
Related Video: ERP Demo for Managers
3. Change Printer Settings to Save on Print Spend
An astounding 45% of the paper printed in an office ends up in the trash at the end of each work day. This fact means that not only are most offices environmentally unsustainable, but also that they are wasting a lot of funds on unnecessary printing.
What can office managers do to decrease this waste?
Printing environments depend on the industry and size of a business, but small changes can be applied to any machine that will prevent wasteful printing behaviors. Your staff may be printing documents they need without reviewing settings, for instance, so a printer can be programmed to only print in black-and-white whenever color is not 100% necessary.
Limiting the number of copies per machine and instating the double-sided printing feature can help your business reduce paper and print costs. If your organization uses a number of machines, consolidating them into one high-volume device will also reduce energy and maintenance costs.
Consider using a managed print service provider who can help your business achieve these savings as well as monitor, maintain, and evaluate all your printers so that you have more resources to focus on organizational responsibilities.
Related Blog: 6 Managed Print Services Benefits for SMBs
4. Use a Document Management System to Save Time
If your organization is still using paper files stored in dozens of cumbersome file cabinets, then consider a document management software as one of the best cost-saving initiatives for office managers. Not only will it help your team eliminate the need to spend precious time finding documents, it will also help your company minimize wasteful spending.
Up to 95% of corporate information exists on paper. A document management system helps you digitize paper-based processes and create visibility over workflows.
This technology allows you to perform previously manual processes much faster, and because it is done by a software program, human error is eliminated. Take advantage of a document management system if you wish to:
- Instantly reach documents and files while keeping them organized
- Encrypt data so that bad actors have no access to sensitive company information
- Access different versions created by team members
- Automate data extraction by scanning paper invoices to automatically save the relevant information in the system
Different teams can take advantage of this solution. Departments with document-heavy tasks, such as accounts payable, will particularly benefit from it.
“This new technology cuts the time to process certain payments in half. It removes that extra workload.” -Jessica McClain, Accounts Payable Lead, Impact Networking
5. Partner with an MSP to Eliminate the Need of In-House Staff
If all the solutions above sound valuable to your organization, yet implementing them seems like a daunting task, consider partnering with a managed service provider (MSP).
It might sound counterproductive, but hiring an MSP partner is significantly less expensive than employing in-house IT, project management, and print technician teams.
When looking for the right MSP partner for your organization, be sure to check that their services are reliable, led by a team of experts, and offer transparency. Finding a reliable MSP means you will receive services from an experienced team while your needs are considered.
The best cost-saving initiatives for office managers include RPA, ERPs, document management solutions, subscription reevaluation, and an MSP partnership.
Although it might seem counterintuitive, investing in technology will create higher ROI for your organization in the form of saved time, reduced hiring, and increased productivity.
If your current team can implement these solutions, your company should definitely take advantage of them whenever possible. Otherwise, partnering with an MSP can help you address those needs while your organization continues to serve its customers.
If you want to learn how one company achieved higher sales, easier access to data, 50% time reduction in time spent on customer communications, and more, download Impact’s Document Management System Case Study with Espinoza’s Leather Company.