Any savvy entrepreneur knows investing in technology is necessary to compete in today’s growing digital marketplace.

Not having the right tools can lower your company’s potential productivity while keeping you behind the competition. However, shrinking departmental budgets need smart decision-making about where to use the money that’s available.

While the challenge for start-ups and small businesses is the cost associated with many modern-day tech solutions, there are a few must-haves that are affordable while offering an enormous return on investment.

If you’re a business owner or department manager, don’t shy away from investing in technology due to the potential price tag.

3 Smart Tech Investments to Streamline Operations

In fact, you can stay competitive with some of the4se low-cost, smart investments. Here are three places where the investment is well worth it.

1. E-signature Software

An electronic signature is an easy and secure way to sign any document, including purchase orders, contracts, compliance paperwork, NDAs, invoices, and more.

Instead of tracking down signatures and dealing with the delays that often result, you can sign and request signatures easily with a few simple clicks.

Considering the growing number of remote workers both nationally and globally, it’s wise to invest in e-signature software through a third-party provider like Sign.

Since e-signature software expedites documents, automates processes, and improves workflows, you’ll save valuable time and money while keeping important legal data secure online.

2. Cloud Computing

If you aren’t already taking advantage of the agility that clouds computing and data storage offer, do it now. This technology has changed the way businesses operate and share information and will become an enormous asset to your workforce.

From exchanging files and communicating on project milestones to storing data and completing onboarding procedures, cloud computing offers many benefits that your business needs to grow and thrive.

Since it allows your employees to access work-related files from anywhere, as long as they have access to the internet, you’ll no longer have to worry about them being at a brick-and-mortar location to access the company’s servers.

Added to that, with advances in safety protocols and two-factor authentication, you can prioritize data security while streamlining employee workflows through various free or low-cost solutions.

3. Transcription Software

Regardless of industry, at some point in daily operations, someone will need a meeting or phone call transcribed. Processes also need to be documented, and having information available in written form is here to stay.

Many businesses use third-party transcription services to complete these tasks, with questionable results. These services tend to be either expensive or unreliable, and there’s rarely an in-between option. Or, the task gets assigned to an employee or freelancer, resulting in many hours of labor and adding to operating costs.

If you or your employees spend a lot of time creating memos, conducting interviews, and attending meetings, transcription software will streamline the process.

It’s an inexpensive tech investment that will pay for itself many times over by automating workflows, documenting processes, and contributing to faster exchanges of information.

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