Innovation and efficiency don’t often work well together. In fact, innovation is a known disruptor such as when a smaller, more creative company rises to overtake and, in some cases, destroy the older, more established market leader.
Digital transformations continue to drive these market conditions, including every company’s appetite for adopting an agile business model. Agility empowers a business to move and grow with continuous technological innovation while keeping efficiency top of mind.
Agility allows businesses to outperform competition and stay ahead of customer needs and dynamic trends. For instance, agile companies are already growing revenue at a 37% faster rate than their counterparts. But this starts with leveraging the right technology for your business.
Here are ways to leverage technology for improved agility and, thus, efficiency.
Upgrade Your Equipment
Employee efficiency relies on the right tools and updated equipment for work. By ensuring your systems are up to date, you allow your employees to focus on more significant and value-added organizational issues. For instance, slow networks hinder operations speed, which, in turn, affects productivity.
Assess your hardware, workstations, software applications, and other equipment. Replace any obsolete equipment and ensure all available updates have been installed. Most apps include update documentation, so look for new trending features. Partner with reliable cloud service providers to maximize your investment.
Adopt Cloud Solutions
Most business leaders admit that moving to a cloud solution is more agile. There’s no need to purchase new hardware or upgrade your IT infrastructure if your company uses cloud solutions.
Cloud solutions allow you to seamlessly update your systems and processes or determine where new integrations may fit to enhance your business efficiency.
Sage Intacct accounting helps CFOs to easily track the company finances.
Cloud-based software solutions empower more businesses to quickly adapt to changing landscapes at lower costs and a reduced time frame. If you are still using on-premise legacy systems, it’s time to adopt a cloud solution.
Get Unified Communication Tools
Due to the rise in hybrid and remote work environments, organization efficiency stands in jeopardy without a unified communication system that allows employees to communicate and collaborate in real-time.
A cloud-based unified communication tool allows users to communicate with a specific person or group of employees privately to:
- send instant messages
- share files instantly
- provide video conferences, calls, or meeting capabilities
- allow users to sync calendars
You can also check staff availability or save video calls for later reference ensuring your organization has active participation and collaboration across all channels. The bottom line is that unified communication channels enhance teamwork and productivity, enhancing efficiency.
Adopt a Cloud-Based ERP
Automation is vital for business productivity. Companies require automation and 360-degree visibility across the organization’s footprint to improve efficiency. With an Enterprise Resource Planning (ERP) solution, every aspect of your business is appropriately managed: an ERP will help you manage inventory, accounting, project, warehouse, and supply chain processes.
Your cloud ERP provides employees with easy access to up-to-date business information. A single source of truth brings new insight into customer or process pain points before they become unmanageable. Data accessibility promotes better decision-making while reducing the silos that isolate information between departments. Additionally, cloud-based ERP solutions provide a central data storage unit, which reduces unnecessary data entry and manual workarounds.
Implement Time Tracking And Management Software
Time is an essential business asset. Time tracking software can break down employee work schedules and help assess organizational performance. Company management can identify the most productive employees, uncover costly waste, and assign deadlines to reduce idling among employees.
Time tracking software is essential for making business decisions that increase productivity and efficiency. By studying your organizational performance based on time of day, you can improve business functions during the most profitable hours of the day.
Invest in Security Systems
Cybercrime will continue to rise with the increasing adoption of digital technology in businesses. A security breach can cost you a significant amount of business revenue. Since human error is the cause of most breaches, educating your workforce in being cyber aware and keeping your system safe is a top priority.
Privacy options and security protection are vital factors to consider for your business. Invest in malware software to protect your business processes from cyberattacks, use firewalls, high-quality password managers, and reliable VPNs. The more secure your business operations are, the more efficiently your operations will run.
Here are 4 impactful cybersecurity steps you should perform:
- Implement Identity and Access Management System
- Keep Systems and Software Updated (Automated)
- Create Cyber-aware Workforce
- Perform Regular Backups (Automated)
Technology Improves Efficiency
Leverage technology to solidify your position and in the future. Look around your industry for the technological tools you can use to enhance productivity in your organization. Find creative ways to use technology, but understand you don’t need every technology innovation.
Instead, choose the technology that will truly enhance your business.
Businesses who implement Enterprise Resource Planning (ERP) into their business approach have the right idea. Sage Intacct accounting software is the most in-demand financial management ERP software available, ideal for improving accounting and financing processes efficiency.
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