Think about how your distributed workforce operates on any one day. Your collaboration software keeps you connected with people at home and in the office.
What if you leveraged the same platform to build the foundation of a global workforce? You already have the means to communicate. You can now reduce some of your costs by bringing in people from different locations and losing the overhead costs generated by maintaining an office.
This is only one scenario in which technology enhances your business processes while opening up a new avenue for reducing costs and spurring financial recovery strategies.
Seventy-nine percent of organisations that have begun their digital transformation are still in the early stages.
Business process automation assists financial recovery strategies
Business process automation leverages technology to reduce the number of repetitive tasks your staff complete every day. Operating costs associated with such tasks become a significant drain on resources. Business process automation reduces these costs by automating tasks that you previously paid a full-time staff member to complete.
Businesses of any size or type can leverage business process automation for repetitive, manual data entry, order processing or financial reporting. Automating specific processes saves time and money and allows staff to focus on more meaningful tasks.
Automation also reduces the error rate. Errors in business-critical information become costly mistakes, so reducing these in the short term can result in long-term savings.
Business process automation supports scalability. Automating business processes can improve efficiency and increase your capacity to handle more transactions or customers. As a result, your company can grow without the stress of scaling tedious tasks that do not scale with demand.
Automation allows you to maintain business resilience in future by enabling you to adapt and sustain business processes when opportunities or challenges in the market arise.
Business process automation also can improve the employee experience by reducing the amount of tedious work and increasing the amount of meaningful work. In fact, 80% of organisations surveyed by Deloitte cited that Robotic Process Automation (RPA) led to a happier workforce.
Leverage the power of global talent pools powered by technology
Global talent pools have opened up as people become comfortable working from home, and businesses adopt virtual work.
Technology makes it easier for you to stay connected with people working from different locations. With video conferencing and other collaboration tools, you can keep everyone on the same page and ensure everyone is working towards the same goals.
In addition, access to global talent pools is also a method of reducing costs across your business. Technology enables you to connect with people from remote locations or other countries, where you can engage talent at lower costs.
Access to global talent makes it easier for you to cover skill gaps. You compete with other businesses looking for talent when you only draw from local talent pools. Wages may be higher for positions if there are not enough professionals for those skills.
More than finding cheaper talent, you need to find the right talent. Let’s say you hire a candidate because they were the best pick in your area. That person may not deliver the results the business needs. Finding someone from the global talent pool that meets your specific needs will deliver better financial returns to the business.
Business continuity supports financial recovery strategies
Business continuity is your ability to continue conducting business as usual in a disaster. It is your capacity to resume critical operations within a predetermined timeframe and protect business data.
Implementing a sound business continuity plan is essential to protect your business from potential financial damage. A plan ensures that your company will keep functioning in the event of a disaster, which minimises the amount of financial damage you might suffer.
Some technologies that improve operations while ensuring business continuity include:
- Communication technology ensures your team can connect and collaborate no matter the circumstances or their location.
- Cloud computing is one technology that assists with business continuity and changes how your business operates during a disaster. By storing data and applications off-site, your business can continue functioning in the event of a disaster. The cloud also allows you to access critical information from any location, making it an essential tool for continuity planning.
- Cyber security is also an important aspect to consider as the threat landscape increases. You will need robust response plans in the event of a ransomware attack or data breach.
- Managed IT services can guide you on business continuity by implementing the necessary technologies to keep operations running smoothly.
Innovate to stay ahead of your competitors
Thanks to advances in big data analytics, cognitive computing, and the Internet of Things (IoT), technology can accelerate innovation. You can test new product ideas with customer data in the financial, healthcare, insurance, energy and other sectors.
Technology delivers a competitive advantage in the following ways:
- Real-time insights: The right technology solutions can flag issues within your business so you can respond quickly.
- Sophisticated reporting: Software with robust reporting functions deliver insights on your services and spending. So you can change services if they are not working or optimise costs to mitigate overspending.
- Agility: Technology has also allowed businesses to become more agile and efficient in their operations. This improved agility can be particularly beneficial during difficult economic times when companies need to make quick decisions to stay afloat.
- Distributed working: When you have staff available from multiple locations or time zones, they can operate outside your business hours and cater to your clients’ needs.
Gartner predicts that IT spending for devices will increase by 14% this year, and spending on enterprise software will increase by 10.8% to provide innovative solutions to their teams.
How Wyntec supports IT-powered financial recovery
Wyntec can enable technology-powered recovery by combining our knowledge of your sector and business with our technical expertise. Our goal is to create solutions that increase your ability to grow and sustain profits.