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Key Ways in Which Technology Can Impact Profitability

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Key Ways in Which Technology Can Impact Profitability

For as long as anyone can remember, it has been said that one of the main ways in which a business can grow their bottom line is to cut costs. Cost efficiency and reducing operational costs has been such a huge focus that many businesses have missed the boat when it comes to the advantages technology has to offer. In fact, 21st Century organizations are only starting to understand how important it is to familiarize themselves with some of the ways in which technology can be used to grow their company.

Unfortunately, many are not current with their understanding of how to use technology to their advantage. Perhaps understanding these key ways in which technology can impact profitability will motivate more businesses to explore the benefits of moving forward into the realm of hi-tech business innovations.

Simplifying Processes

No matter what you do within a business environment, there will be a process for completing tasks. Defining those processes is often a difficult task for administrators, which is why there is often a lack of uniformity within an organization. Before you can expect your staff to do anything, they need to know what they are doing and why. There needs to be a standardized way of accomplishing tasks which boils down to identifying and simplifying processes no matter how trivial they seem.

To accomplish this, a model first needs to be generated so that the process can be outlined before being deployed throughout your organization. It needs to be set out in black and white so that it can be standardized, resulting in processes that are easy to follow. BPM software enables businesses to create models of each and every process and function within their company. From there, processes can be deployed, measured, and modified if needed.

A New Look at Automation

When we think of automation in a business, we typically tend to think in terms of the manufacturing process. We think of tasks which are automated to reduce human labor. However, IT has made it possible to automate many routine tasks that were often time-consuming because of the redundancy of effort.

Take, for example, the employee who wants to take a vacation. That employee would fill out a form, hand it to a supervisor who would then communicate with HR. Someone within Human Resources would look at the workload vs. available labor and make a decision whether or not that person could be spared at that time of year. From there, the decision would be handed back down the chain through human channels and if the request had to be modified, it would begin all over again.

Time and Cost Effective Solutions

With BPM software, a form can be designed that is deployed throughout channels either in the Cloud or locally on a computer and each time the appropriate department completes a task it is automatically deployed to the next person in the chain. Can you imagine the sheer number of manpower hours to be saved this way? And, it all began with building a process model in BPM software, testing that model and then putting it live within an ERP (Enterprise Resource Planning) platform.

The savings in time and cost are astounding and made possible because of technology. Any business not investigating the impact technology can have on their bottom line must not be looking to thrive in today’s hi-tech world.

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