Businesses in the U.S. lose an estimated $450-$550 billion a year due to poor management, with aspects such as lack of clear mission, poor time management, and failure to engage employees some of the biggest contributors to this problem. The easy answer to reduce your losses is to take one of two options: either reducing your operational costs, or finding ways to boost your revenue. The latter is the ideal option, but it involves more than thinking up new products or services to entice customers. Rather, it is centered on creating a customer-driven strategy that includes identifiable long and short-term goals, the use of tools and business process apps to automate and streamline processes and view digital dashboards, and identifying emerging technologies that can help you achieve flexible goals as they arise.
Creating A Customer-Driven Strategy
In highly competitive industries, focusing on the needs of your target market will give you a measurable edge over the competition. To determine the extent to which you are achieving this target, you need to keep track of your NPS (Net Promoter Score). The latter tracks the percentage of clients who are likely to recommend your brand to those who are not likely to do so. There are various ways to do this, including sending out surveys (via email/in-app widget), asking customers to provide reasons for their scores, and following up both satisfied and unsatisfied customers so you can reduce the impact of negative NPSs.
Using The Right Tools And Dashboards
BPM apps are tolls that permit businesses to manage, automate and improve on recurrent business processes. These apps allow you to customize specific fields to your needs, determine workflow, and set role-based access. There are many apps and tools that can aid with these processes. For projects involving various employees working in a variety of locations, mobile time tracking apps are specifically created to help users track time on projects from anywhere – whether they are on-site with a client or abroad at a meeting. These apps allow managers to carry out a wide variety of functions – including creating expense entries and time and expense sheets. Their digital dashboard aggregates data from various sources and confirms completed and pending tasks.
Identifying Emerging Technologies
Emerging technologies aimed at streamlining processes, aiding with marketing and branding, and analyzing data can help companies adapt to micro- and macro-developments in their industry. Technological changes should not be resisted because they are complex or require an investment; rather, their potential for return should be investigated to enable your company to access crucial information that can set a much clearer path in terms of goals and strategies. Just a few technologies already making workflows more seamless and secure include cloud computing, artificial intelligence and blockchain.
In order to boost your profits and stand the test of time, a company must give due importance to customer-driven strategies, business process/time tracking tools, and emerging technologies. All these aspects demand time and investment, but they are required if you are to survive the micro- and macro-changes most businesses go through in their lifetime. To discover which tools are most useful for your company, connect with subject matter experts and rely on the specialized knowledge of your own team to commence a data-driven, technologically savvy strategy whose success you can measure every step of the way.