Everyday technology is evolving and improving, making the lives of many easier to navigate and more efficient. Businesses, corporation, and small businesses have all be able to reap the benefits of recent technological advancements. This has increased revenue and streamlined processes. While technology can often eliminate jobs allowing the company to save a bundle of money annually on staffing costs, there are still many positive aspects to how business continues to thrive regardless of the economic climate. This article will explore some tech solutions to improving corporate governance.
Board Portals. A board portal is a platform that can be accessed online or offline. It is typically utilized by executives and other high-profile leaders within a corporation. In addition, administrative staff members can easily access files and make needed edits on documents in a fast manner. In fact, administrative staff members can make edits in real-time so that the document is then instantly available to be used.
Monitor performance. Many companies are moving towards streamlining HR processes to save money on personnel and keep better track of employee paid time off, benefits, and performance. Performance can be monitored annually or more often depending on the company preference. This can be done in the form of evaluations or employee performance plans that can be accessed by both the employee and the supervisor at any given time.
Accounting. New online platforms have been created so that executive leadership can keep track of expenditures and revenue numbers from their smartphone. No longer does a CEO need to wait for a period of time before the accountant can crunch numbers and provide an updated excel file. With the use of cloud services and software platforms, this information is readily available whether you are in the office or traveling all over the world.
Communication. The ability to communicate with staff members from a remote location is a huge perk. Working remotely can save a company a great deal of money on overhead expenditures. By allowing employees to work from home, you can spend less on providing office space, supplies, and utilities to make the space functional. If you have staff that can easily do their work from home, perhaps consider allowing them to work remotely so that you can save some money and improve employee morale. Communication with these employees can still occur through email, google chats, conference calls, or go to meeting face to face sessions.
Training. Technology has advanced training mechanisms for companies in a vast array of topics. For example, many corporations are requiring their employees to complete online trainings about cyber security, sexual harassment policies, and other policy changes that are pertinent to the organization. The ability to offer training online saves time and stress on the HR staff as they no longer have to manage the logistics of training every employee.
Perhaps one of the greatest solutions to improving corporate governance is by utilizing a board portal or cloud service. While this is a great idea, it does take time and research to determine if this service will work for your business. Note that understanding board portals is imperative before signing a binding contract for service.