5 Ways to Get Your Business Running More Efficiently | Getting your business off the ground is only half the battle. Keeping processes running efficiently makes sure that your margins stay in the black. That’s easier said than done in turbulent economic times. Thankfully, modern technology is up to the challenge, with multiple powerful solutions to business efficiency problems. Here are five new technologies that can help streamline your company.
- Order Management Systems
An order management system (OMS) is a software package used to enter and process customer orders. OMS software is used across many different industries and can integrate multiple useful modules such as sourcing and inventory available to promise (ATP). A service order management system, for example, could make a major difference in the efficiency of your logistics by orchestrating customer orders throughout the process of purchase, from shipping and billing to fulfillment. If you’re struggling with keeping track of a large volume of complex orders, this software could expedite and simplify the process.
- Project Management Software
Project management software refers to a suite of digital tools that help bring workers together on major projects, the same as a Kanban tool will help optimize processes. It consolidates the roles of spreadsheets, team meetings and status evaluations into one at-a-glance program. Thanks to cloud computing, programs like Basecamp are available as smartphone apps and can facilitate coordination and communication between and within teams. Message boards, group chats and shared document folders are especially handy now that more workers than ever are operating remotely or on flexible schedules. Budget tracking is yet another useful component of many project management systems, so if you have a gut feeling that there might be project cost overruns draining the coffers but you can’t identify the source of the inefficiency, this tech might be just what you need.
- Employee Engagement Apps
The enthusiasm gap among workers is staggering. In fact, research shows that employee enthusiasm dips by 22% after the first few weeks on the job. The same study revealed that 52% didn’t even think that employers invest in the quality of the workplace experience. Certainly, business owners have a long way to go in creating workplaces that nurture human development, but online tools can help make social environments at work healthier. Apps like Energage and Bonfyre allow employees to network and create a culture of their own. They also come loaded with quick surveys that employers can use to gauge job satisfaction and possible areas for improvement. In other words, the key is and always has been communication, and digital tools like this just help to facilitate it.
- Augmented Reality
Augmented reality (AR) technology seems like science fiction; so much so that many entrepreneurs who should be taking advantage of it to boost their business aren’t doing so. Like any heads-up display, AR tech layers useful data overtop real-world perceptual information. Google Glass is one of the most well-known examples. There are two main benefits to this for businesses: First, AR systems aid in training by crafting more realistic simulations of work experience, which has been shown to increase skill retention. Second, by putting data about equipment status and identified environmental dangers literally in front of a worker’s eyes, the workplace becomes safer.
- Blockchain Encryption
Blockchain technology has gone from buzzed-about to nearly essential over the course of the past decade. Blockchain is basically a digital ledger of transactions. Data is stored in blocks which are then chained together, making it virtually impossible to hack or otherwise tamper with. The greatest value of the technology has been in ensuring the security of online financial transactions. It aids supply chains too since it can automate and digitize documents, helping entities like shippers, customs and ports manage their books with complete precision. In short, the real benefit of blockchain is building trust in business transactions, which makes the entire business world function more smoothly.
Streamlining your operation is never easy, but there are plenty of innovations that can help you make the most of your resources. Always keep your business up to date with the latest tools and stay ahead of the game.