Workflow management is essential to make the best use of its resources and yield results that contribute to profitability. It is money that matters at the end of the day. Be it small or big; businesses require a structure that allows a smooth streamline of workflow.
Operating resources for the business involve certain costs. Needless to say, that there is always some loss involve in both resources and money during the operations. That is why workflow management is essential, even before starting any job, to get the best value of resources. This ultimately benefits a company by showing positive figures on its balance sheet at the end of the year. Here, you will learn how enhanced workflow management can save your company millions each year. Are you ready? Let’s get into it!
What is workflow management
Workflow management is when all the business tasks are defined and communicated as a goal. These goals are then coordinated between departments for an uninterrupted process to ensure desired results. Planning and managing all sets of tasks is a proactive approach for any company. It’s a process of giving a clear idea to employees that what results are expected by them through a certain set of responsibilities.
Why is it important
Managing workflow is ultimately aimed to achieve the desired results for your set goals. This is what keeps anyone motivated to pass through a dull and repetitive process. It is like showing destiny or reward to your employees and ask them to approach it in the best possible.
Just like salesforce, which is motivated towards the income and commission, they are offered on sales; more sales mean more money to them. Business owners are interested in revenues; that’s why they hire managers to carry out the procedural work. An HR is not interested in sorting CV to find the best person for a job, but the best candidate is all he is looking for. This breakdown of work is the small goal to reach the Vision of the company.
How enhanced workflow management can save your company millions each year
For instance, with the hit of COVID, 19, when people were restricted to their houses for maintaining social distance as a preventive measure, most of the business needed to be operated from home or remotely. This entirely changed the way we work, many businesses collapsed, and others were trying harder to at least survive.
It was a crucial time when enhanced workflow management was needed to recover from incurred losses and generates profits. This enhancement was made possible through atomization and other tactics.
Some Stats during the year 2021 shows remarkable figures for revenue, i.e., Around 417% increase in revenue and 14.5% increase in sales productivity. Similarly, Cisco Systems saved $270 million through the eradication of 75000 calls per month. Some researches illustrate that 20-30% of the cost can be saved by eliminating inefficiencies. Let’s discuss how to Manage workflow to help save a company save millions.
- Business process transformation
The infusion of atomization in business has changed and transformed business processes and methodology. The transformation from manual to automation help introduced innovation and allows optimum use of resources.
What were the criteria for finding the right people for a job? Is it the same today? No, we now have different websites, i.e., a virtual marketplace where business owners can easily find human and other required resources to carry out their work operations with the required expertise at a market-compatible cost.
- Eliminating inefficiency
According to the Telegraph, workplace distractions, including mobile phone notifications and gossips, tend to waste 60 thousand working hours on monthly basis waste. These distraction costs a hefty amount of time, decrease in the quality of work, and most importantly deteriorates morale of employees towards their goals. Maintaining discipline during working hours in a company and limiting the use of gadgets can save a company from these wastages.
- Increasing productivity through communication
One of the biggest advantages of enhanced workflow management is that of decreased communication Gap. This greatly helps several departments for keeping control over their operations and communicate progress to their clients and upper management in more effective ways. The practice of communicating work responsibilities before initiating any project is an effective way to reduce error and the clarity of goals. This includes bringing the department to sit together for a meeting to plan the execution of work. It creates synergy, and the process is expedited towards results and saves a lot of time from malfunctioning.
- Reducing high-costing human labor and error
Human errors are common, and at most places, they are unavoidable, which may go a long way with a stream of workflow and may cause irreparable financial losses. A better-communicated workforce tends to make less or no errors during the execution of work. One of the hassles is repetitive and manual work. By reducing them through automation is an efficient way to save costs in terms of time. Employees can then pour their efforts into more productive work ideas and services to be offered to the client and for the diversification of business for further expansion.
- Going green
This is an eco-friendly way of reducing cost and saving your employees from the hassle of digging through papers. Atomization of work has already helped us in managing lots of paperwork, allowing us to retrieve required data in real-time. This saves lots of paper costs and time involves in shuffling them.
- Accuracy and process optimization
Machines are obedient; they do whatever they are told to; obviously, artificial intelligence has its perks and cons. Still, the accuracy provided to them can’t be ignored towards the financial benefits of any business.
- Transparency and real-time solutions to clients
How do you find introducing yourself with the same company on every call? On the contrary, what about making a call to your banker or electricity provider, etc., and they address you directly by name? You feel connected and that you are getting attention in person. You don’t need to provide them with your details or history because their database is already handling it. This way, you are directly headed towards the purpose of your call or meeting, human labor, and time saved! The other unavoidable thing is that today’s client is more informed about the alternative options available in the market. Your client can easily compare those alternative options along with price and switching cost. Offering transparency to the client is one most attractive values in keeping and increasing them.
- Added value
Getting what you paid for is outdated; people look for additional value to their money. This is one of the most effective ways today for any business to attract people, i.e., business. In the market, when there are multiple options available to customers, it’s a value-added service by any business. Apart from core business products and services, integrated workflow management enables a company to offer another perk to the client in addition to the paid price. Getting a mobile phone for the price is usual but receiving a sim card for free is something that makes the client happy and may result in bringing new ones on spreading word of mouth.
- Working remotely
Not all your resources are assigned fixed workstations at the office, i.e., they work remotely to carry their operations well. They often include customer service representatives, salespeople, market researchers, etc. Such staff cost you more in terms of transportation allowance etc., but these can be managed in a cost-effective way, including outsourcing, third-party hires, etc.
When you organize a framework of workflow to be followed, any glitches within the system are easy to identify. The timely realization of any occurred hurdle and them be handled and defused from causing any wastage of cost. Correspondingly, when employees are aware of an optimized check and balance system, it contributes to their work duties more responsibly.
- Better decision making
Organized workflow management is easy to access details, i.e., how much inventory is required, number of the workforce at different tasks assigned, the progress of work, clientele details, etc. This makes it easy for top management to have healthier control over their business and the cost involved at each stage. A well-equipped business owner is always at a better place to make a sound decision for expanding business and diversifying it at a better revenue.
Today’s highly challenging market required specialized products and services. This calls for the need for a breakdown of work operation into departments and related workforce. Enhanced workflow management can save your company millions each year by properly channelizing the workforce and resources involved in the business. This is essential to bring more revenues to business as compared to the cost incurred for hiring those resources.
This management and integration of your resources will result in less wastage that causes more than operation cost. Eliminated inefficiencies, accountable employees, transparency in clientele services, timely decision corrective measures, etc., all together contribute towards generating more profits and revenues for businesses.
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