November 16th, 2018
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Technology And HR Combine To Save Small Businesses Money
Business is all about profit. Without profit there is no business, so for those in charge the onus is always on the bottom line. In order to increase your profit margin there are two things that you can do, make more sales and/or cut costs.
When it comes to cutting costs, technology can play a big part. Today we are going to look at one department in particular, Human Resources, and see how incorporating HR software can help save businesses money, regardless of their size.
Software can save you space
A traditional HR department would be jam packed with paperwork, much of which would be filed away in huge metal cabinets that take up vast amounts of valuable floor space. Modern HR systems, on the other hand, help to keep things streamlined.
With the advent of the cloud and the storage capabilities that it brings, businesses can now work in a much smaller space and yet draw up the data that they need far faster than ever before. This saves on expensive office space and improves productivity in one fell swoop.
Work from anywhere
Another office related saving is the ability to operate modern HR systems from almost anywhere. Most of the latest software is now web based so remote working is generally a piece of cake, providing you have a decent enough Internet connection, of course.
Having the choice to work from anywhere can save you money, as you will not need to travel into the office unless it is absolutely necessary. When you take into account the cost of travel plus your time, the savings over the course of a year can work out to be substantial. Now multiply that figure with the amount of employees who can use the software too and you can see why the transition becomes a no-brainer for so many businesses.
Make better decisions
Businesses can survive or fail on the decisions that the owner and management team make. HR systems can help present data to you in an analytical fashion, making it easier for you to make more good decisions for your business.
Studying the data gathered by the systems over the course of time can show up patterns that could have otherwise been easily missed. Acting on these hitherto unforeseen trends can, in turn, help with things such as productivity and efficiency.
Lower the risk of human error
Even the most diligent member of staff can make an accidental error that can cause monumental problems further down the line. Using software to automate certain tasks within the HR department can go a long way to eliminating these errors altogether.
Modern systems will even double check entries for you and flag up anything that simply doesn’t look right. This ability to act as and when an error arises, as opposed to having to sift through months worth of data, can bring about huge savings in man-hours as well as lowering your stress levels considerably.
Reduces the risk of data loss
A company’s data is more valuable now than at any other time in history, so protecting that information can only be seen as a good thing. Having paper records as the only backup is reckless to say the least these days. By opting to move over to a software system, you are reducing the likelihood of total loss by events such as fire, flood and theft to almost zero.
These five reasons are just the beginning, and your HR department is only a small part of your company. Incorporating technology into your business can have a dramatic effect on your bottom line, even without making any extra sales. Why wouldn’t you want to find out more?