If you’re an investor or a stockholder in a particular company, whether the company is making money or not is most likely of value to you. If it does make money, your investment creeps up in value in the form of either a dividend or stock appreciation. If it doesn’t, you lose money yourself.
For a company to make money, aside from revenues and profits from product sales, services, intellectual property, etc., it should also know how to streamline its operations and cut down on unnecessary costs. More often than not, streamlining entails workforce reduction, merging of similar operations into one department or facility, effective workflow management, and so on.
Workflow management – what it’s about
Workflow – is a sequence of chronological steps carried out to arrive at a pre-determined end result.
Google has this service called Google Tasks that’s highly effective in managing individual tasks, given its interoperability with other Google services like Gmail and Google Calendar. Your tasks can also be shared with other users if you so please. Google Tasks’ primary goal is, as you probably have already gathered, is to increase an individual’s level of productivity.
In the business setting, managing the tasks of a team comprised of several individual members can become a little complicated, which is why specialized software called workflow management solutions may be warranted. Workflow management solutions, by and large, are deployed by a company to simplify and increase the effectiveness of an existing workflow.
Utilizing such a solution is one way to save on thousands of manned hours, which consequently results in the company’s overall expense reduction.
Workflow management – how to make more money and cut down on costs
If you’re new to the idea of workflow automation, here are five ways your company can make more money by cutting down on costs:
Automation of routine tasks results in speedier execution. Speed means more done in less time, and no more calling for overtime. Time is gold, remember?
When tasks are done right the first time, the flow of operations becomes swift and seamless. No time is wasted redoing generally routine stuff. Targets are met, as a result, and more work can be taken on.
- Real-time visibility
Once tasks are delegated, aside from the tasks they currently are working on, team members have a clear picture into the next set of tasks they need to individually undertake. They even get to see what other members are doing, the overall status of the project, and so on. The manager, in turn, knows whether or not expectations will be met and whether adjustments are needed to be made.
- Team collaboration
Cliché as it may sound, collaboration is what keeps team spirit from unraveling. When a team understands its goals, knows how it fits into the big picture, recognizes who to go to for workflow questions and clarifications, there’s no stopping it from meeting or exceeding its targets.
In this time and age where the fast generally make more money, like a runner without the excess baggage, keeping a lean structure with just the right ingredients, can help your company contain needless costs. Properly managing your workflow, among other things, can spell the difference between a gainer and a loser.
Maricel is a blogger and freelancer currently writing web content for Comindware, a workflow management software provider.
Image | Source