Profitability is inseparably linked to optimization. Businesses thrive when they optimize resources to the maximum. However, optimization comes with streamlining the processes. Enterprises have to ensure that the various business processes overlap, use common resources, or allow employee cross-over.
Here are seven ways to ensure profitability by optimizing resources, workforce, and using smart strategies.
- Evolution of business process: Constant evolution is important to ensure organic growth and expansion. With time, you may have to abandon old practices which were successful in the beginning. The key is to identify what works best for your business. For example, in the digital age, newspapers and magazines have realized that long-term sustainability is with web presence. Therefore, any print media of repute can be found online, while some have abandoned printing on paper altogether.
- Flexible, scalable, and reliable technology: Technology is one investment which will always pay. Enterprises should ensure that they buy technology most suited to their needs. A robust technology solution ensures efficiency and increased productivity. For example, in contact centers, auto dialing has increased efficiency by over 75% in comparison to manual dialing.
- Leverage technologies that reduce TCO and improve BPE: Technologies like Software as a Service (SaaS) and Platform as a Service (PaaS) can reduce ownership and management costs which weigh heavily on businesses. Leveraging well-architected frameworks like SOA can alleviate the need for a dedicated development staff and build an optimized workforce.
- Innovative technologies for a better future: To ensure increased productivity and simplified operations, employ innovative technology that provides visibility into daily operations and future roadblocks. Ensure that your technology solution is in tune to your business vision. Innovate on your products and services in harmony with the technology. When you harness the innovation that technology has to offer, you will benefit with a great product.
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Unified technology platform and application collaboration for better productivity: Businesses are fragmented into various processes or verticals but technology as a platform can unify each department by setting up a collaborative working environment for employees. Unifying processes also helps save considerable costs as a collaborative environment gives a clear picture of operational status across the business. It also provides a high return on technology investment because disparate systems and software creates compatibility issues.
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Monitoring, measuring, and fine tuning business metrics: Analyzing business metrics ensures that your company is heading the right way in the right momentum. In a competitive market it is important to be aware of other businesses and fine tuning your business practices and metrics will give you a sustained advantage over them.
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Customer retention is more critical than new customer acquisition: It is easier to retain existing customers, drive a significant advantage to them, and grow from there. This is because businesses sometimes cannot afford to undergo the learning curve and upfront investment behind a new customer acquisition. You can have competitive advantage in the market by focusing on higher productivity and better enabling the resources.
Identifying changing business needs according to different business verticals is essential for business growth. Employing technology that is robust and scalable ensures that you do not fall short of achieving your business objectives. Optimization is key. Invest smart and you shall see increased revenue.
