There’s a lot of buzz around the term digital transformation (DX). As a small business, you may wonder if it’s something you need to pay attention to.
It sounds like a fancy gimmick for large corporations with big IT budgets.
However, no small business can afford to ignore digital transformation. Don’t sweep it under the rug. You’ll likely miss out on opportunities that will set your business up for success for years to come.
Research conducted by Bain & Company revealed that digital leaders more than double the performance of digital laggards in their industries. Profitability follows the same pattern – 83% of the leaders increased their margins over the same period while less than half of the laggards did so.
Companies are striving to lower the cost of hiring, improve employee satisfaction, and increase talent retention. New software and technologies are being incorporated into many HR processes. They help attract and retain talent while increasing operational efficiency.
From all-in-one HR suites to smaller-scale but more agile “point” system solutions – e.g. ones that focus on a specialized area (e.g., applicant tracking, employee engagement, – there are many software platforms on the market. Choosing the right technologies to meet the needs of your organization and optimize ROI can be quite a daunting task.
Think about a corporate performance report. Connecticut, South Carolina, Minnesota were the Top 3 performs. Wyoming, New Hampshire and New York were the Bottom 3. There were X, Y and Z trends. Revenue and profit grew A% and B% respectively. You could go on and on for pages.
Or, you could show charts like this.
It wouldn’t surprise me if this is the first sentence you read in this article. That’s because the visualization immediately captures our attention. If you’ve automated workflows with frevvo, your data is already digital. Data visualization is the best way to present your data.
In the 21st century, companies must fight to stay competitive. Yet, too many companies are overlooking the most effective way to do so — automation. Many of HR’s most important processes are time consuming, paper-based, inefficient, and costly.
In fact, According to an IDC survey,The Document Disconnect, over 80 percent of business leaders surveyed agreed that problems “arise because they have different internal systems/applications that don’t ‘talk’ to each other.” Clearly, this is an issue that needs to be solved fast.
Modernizing these HR functions will give your company a huge advantage. Since automation software is becoming necessary and more common, here are some important statistics to keep in mind as you make the switch.
In part 1 of this series, we discussed the latest trends in procurement for the 21st century. Building upon that, we’ll now highlight some modern digital procurement technologies and help you choose the right ones for your organization.
As more organizations are leveraging procurement technologies to increase operational efficiencies, reduce costs, and respond to market demand, it’s no longer an option to ignore the various digital transformation tools if you want to stay competitive and improve profit margins.
However, with the many solutions on the market, choosing the right technologies can be quite a daunting task.
To get the most of your IT budget, you should first devise a clear digital transformation strategy to guide the selection of technologies for your organization.
Here are some tools to consider based on the latest trends in procurement technologies (which we discussed in part 1 of this series):
More and more companies are trying to reduce waste in an effort to become “eco-friendly.” But, any large institution will struggle with going completely green. Even when you’re conscious and mindful, it’s easy to generate a large volume of waste in an office or building with a large group of people.
In the most recent study by the U.S. Energy Information Administration (EIA), commercial buildings were categorized and sorted in order of their energy consumption. They include, in order:
Offices (including government buildings and banks)
Mercantile buildings (stores, gas stations, malls, etc.)
Timesheet tracking has been around for years. Punch cards, clocking in and out, ID forms, paper forms, Excel – we’ve seen every variant.
But, these processes are tedious and HR departments struggle to manage them. They must organize, deal with and approve timesheets for dozens or even hundreds of employees at the same time.
In today’s business world, these old-fashioned methods are too time consuming and they waste company time. Optimize your company for the 21st century by automating long, manual processes. Timesheet management is a simple, relatively frequent, and time consuming process. It’s a perfect candidate for automation.
Through the years, we know that customers just want their data so they can use their preferred tools and methods to analyze it. As a result, our product strategy maximizes customers’ ability to push or export form and workflow submission data into other systems.
We provide a variety of connectors e.g. the SQL Database Connector, the Google Connector (Google Drive and Google Sheets), the File System Connector, the SharePoint Connector and others. While these connectors have varied capabilities , a common thread is that they can export your submission data into another system.
Talent is the most important determinant of success in the 21st century. Talent is scarce and the competition for the most in-demand skills is fierce. Retaining your best employees is harder than ever before. Attracting and retaining world-class talent has become a critical aspect of companies’ futures.
According to a Pew Research Center analysis of U.S. Census Bureau data, more than one in three working Americans are millennials; more than any other generation in the labor force. By 2030, an estimated 75% of the workforce will be millennials. In order to stay competitive, you must engage with them now.
But, what are millennials looking for in companies today? Let’s take a look at some key aspects: