How can I optimise back-office operations?
For many years, back-end operational processing was something of a forgotten function, overshadowed by more obviously ‘interesting’ areas such as sales and marketing. But the fact is, a business can only be as good as the processes that allow it to deliver goods or services.
Without that vital aspect of delivery, the relationship with the customer is lost. Without delivery, the work undertaken to engage, persuade and convert a lead to a customer becomes wasted.
With this in mind, forward-thinking businesses are focusing on their back-office operations as a powerhouse of business success.
This means completely rethinking the way that entire organisations are managed. For example, many still use spreadsheets, disparate data sources and outdated methods such as time and motion studies to attempt to drive forward operational excellence.
But these approaches simply don’t allow modern businesses to function as they should. For example, key issues that emerge are:
- Siloed information that only gives snapshots of performance in discrete teams and functions rather than an intuitive operations-wide view
- Data that isn’t up to date
- Delivery data that doesn’t track the right things – only historical performance rather than quality or ultimate outcomes. For example, tick box reporting simply measures the basics rather than providing management insights for more intelligent resource allocation and planning against business priorities
- One-way management – driven by reports that do nothing to engage employees and encourage high performance
A better alternative
The good news is that modern digital solutions offer businesses of all sizes the opportunity to re-engineer their back-office operations completely.
They can transform into an efficient, high-performing and intelligent set of functions that deliver tangible value and support responsive, intelligent management at every turn. Often cloud-deployed for cost and software update advantages (not to mention security benefits) these solutions provide:
- Lower operating costs to the business through greater efficiencies.
- Better data gathering, in real-time and with the ability to analyse and draw rich insights for better decision making.
- A high degree of automation which frees up employee time for more value-adding, strategic tasks.
- Fewer operational management errors.
- Better compliance with regulations and business standards.
- A more empowered, engaged and high performing workforce which can evidence its inputs for performance-related pay and other incentives.
- Happier customers who enjoy a more reliable, streamlined, efficient and hassle-free service.
An example in action: Soldo came up with a smarter solution.
Let’s look at a practical example as to how a back-office optimisation system such as Soldo works within a specific function; in this case, the finance team.
Soldo is an integrated back-end management solution that combines essential financial management benefits into an integrated digital solution: an administrative web console for managers, prepaid business cards to facilitate expenses and a mobile app for easy receipt uploading and record keeping.
These tools are used by financial management teams to set budgets in advance, oversee financial transactions as they occur and extract raw data into rich insights that provide MI for decision making.
Together, these intuitive yet powerful tools slash hours of manual administration and reporting out of the equation and free up valuable business time for the tasks that really matter. Learn more about one of the best small business debit cards here.
Three of the key benefits that this solution can offer are:
Expense management time: The time and resource required to manage, process and correct employee expenses claims can be significant.
Furthermore, it provides an opportunity cost to the business where skilled finance team members are spending excess time on a low-value internal process, rather than applying their skills and talents to more strategic issues within the business.
Removal of surprises at month-end: Good financial management is made so much easier when the finance team isn’t presented with last-minute surprises that they need to reconcile at short notice.
A spend management platform such as Soldo allows businesses to set their own rules, limits and tracking data in real-time so that intra-month adjustments can be made as required, and so that no end-of-month panics occur.
Rich data: Data forecasting becomes easy with a dashboard providing real-time data. The Soldo back-office solution allows business managers to isolate the data that they need to make effective decisions; looking up expense category or individual employee data which can be exported for further analysis and insights.
Find out more
To find out more about how Soldo can help your business operations towards greater efficiency, why not visit us HERE.
We would be delighted to show you how the Soldo software can help your business to run more efficiently and give you a sense of the instant benefits that you can enjoy with our proven, easy to deploy and affordable back-end expense management solution.