The global pandemic that began in 2020 led many companies to identify ways to cut operational costs as a means of survival. Unfortunately for many, that included human capital along with thwarted plans for technology expansions in their organization. While technology always has a price tag, it can also play a pivotal role in creating lean and efficient processes.
Here are three areas of business where technology can create efficiencies.
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Project Management
Managing projects efficiently is critical for on-time delivery, as well as on-budget delivery. Project management allows organizations to create a work breakdown structure that takes larger projects and breaks them out into a list of action items that need to be completed. A project management system will additionally allow your organization to create a budget, establish timelines, and prevent unnecessary delays, all while handling the manual tasks for you. Visibility is a key component of efficiency in an organization. A project management system allows for complete visibility to an organization for the tracking of completed tasks and any variances between the plan and actual timeline. Deviations from budget can also be managed through a project management system as it allows for actual time and material costs to be calculated. Project management systems allow for real time, corrective actions, and ensured project profitability.
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Dashboard and Metrics
It is vital for any organization to have awareness to how they are performing. To create efficiencies in your organization you must be able to measure your performance against an established benchmark. Establishing appropriate Key Performance Indicators (KPIs) for each business function is the first step in this process. Knowing the overall company KPIs is also critical to the establishment of metrics for an organization. A company must have metrics that reveal the overall health of the business to ensure they are on the right track, and key metrics will give that visibility. Dashboards allow organizations to improve their awareness to how well the company is doing. Additionally, dashboards allow individual team members to see how their actions are impacting the overall performance of the company.
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Inventory Management
Knowing what items you have, what quantity you have on hand, and their value is imperative to the overall health of your organization. An inventory management system will allow you to run a more efficient warehouse by ensuring you have the appropriate stock levels on your shelves. Technology, such as bar code systems, allow ease of use and scalability for companies at every level. A technology solution will eliminate redundant tasks and manual errors.
Backcross Solutions excels in creating scalable solutions that grow your business in a dynamic market landscape. Having an organization like Backcross on your team allows you to focus on your goals while knowing you have the right people and systems in place to achieve them.