Do you know why most businesses don’t succeed?
Your answer might be the inability to generate a high-profit margin, right?
Wrong!
The truth is, they are not properly focusing on core business operations and technological advancements that help a company grow.
Focusing on core business operations (CBO) is compulsory for growth, but adopting high-level technology at the time of starting your business is just a waste of money. At the initial stage, you should adopt only necessary automated tools like recruitment, employee tracking systems, automated salary calculation tools, attendance and leave tracking, etc.
What is a Core Business Operation?
Core business operations are the primary areas that a company focus on. They are a set of functions, processes, and capabilities that provide value to your business and its various functions.
The core business operations are sales, marketing, designing, manufacturing, finance/accounting, human resources, etc.
The word ‘core’ itself suggests the necessity and importance of these functions, which means these can never be neglected for a business to survive in a highly competitive market.
For example, some organizations do not have a human resource department, but they are working on employee retention, talent management, performance management, etc.- all of which are critical to improving employee productivity and increasing your firm’s profitability.
What is the Importance of Combining Core Business Operations and Technology to Manage the Workforce Effectively?
As we all know, nowadays, it’s so important for organizations to find ways to become tech-savvy. A strong focus on adopting new technology, however, does not mean that you can overlook core business operations. Both are equally important for improving employees’ performance and controlling their activities.
The chart below shows the increase in use of technology in the workplace:
Image: Source
Technology drastically changes each operation of a business and eliminates unnecessary waste like use of pen and paper. The following shows the importance of combining CBO and technology to manage the activities of employees:
Accurate and Quick
It is undebatable that technological tools are faster and more accurate than manual methods. If an organization implements technical gadgets in CBOs, they can benefit by increasing accuracy in the employee management process.
Suppose we are talking about the human resource department, which helps an organization to control the activities of employees and retain them longer-term on the working premises. They use automated tools like attendance biometric devices, performance analysis tools like KPIs, payroll calculation software, etc. to manage them effectively.
Encourage Innovation and Creativity
Technology and CBOs enhance creativity and innovation in the workplace. Each organization increases their sales by marketing their products on different social media platforms, but not enough organizations get creative and use truly effective social marketing tactics or other promotional tactics. Think outside the box and use technological advancements to analyze market trends and the likes and dislikes of customers to boost the growth of the marketing and sales department.
Coordination in Between Employees and Employer
The management team, with the help of the internet and various software platforms, increases the level of coordination between employers and employees as well as the employee-to-employee communication. Coordination was really challenging in previous years, but now, with the proper mixture of CBO and technology, it is possible to link the two areas with each other without the mess.
Uniformity and Consistency
It is the dream of every company’s owner to see their business in a positive, long term position for growth, and for that, consistency is a must. Operations must be consistent so that employees understand how to perform their core duties and what is expected of them. Marketing messaging should also be consistent to avoid brand confusion.
Boost Working Efficiency
Technological enhancement increases employee engagement and allows them to work smartly. The operation and production department, with the help of automated AI (Artificial Intelligence) devices, can perform their tasks faster and much more efficiently than manual operation tactics. An employee can complete their task effectively with minimal effort and that is how technological advancement boosts working efficiency.
Increases Profit
You can use the joining of CBOs and technological enhancement as a business growth strategy. Using a proper mixture of both, you can earn more profit by spending less cost and time. As we discussed above, it improves working efficiency, directly boosting the profitability of the business.
Communication And Collaboration
The arrival of smartphones, chatting applications, social media, etc. has changed the way we communicate. The modernized organization also changed the way core business operations communicate and collaborate.
Communication and collaboration between the human resource department and accounting department, for example, are necessary regarding employee’s salary, their traveling expenses, and much more.
They used to talk face to face, but nowadays, various software helps them to do it faster and easier. For instance, Microsoft Teams allow departments to talk with each other easily and without any physical disturbance and also keep the chat secure.
Security Of Confidential Data
The safety and security of data is essential for all companies. The finance and accounting department, for example, needs more protection to keep the confidential data of a business secure to avoid any potential PR nightmares occurring due to a data breach.
Technological advancement allows them to track necessary documents in a single database or in the cloud longer term. It keeps the files until the concerned authority deletes the folder from the central system.
Moreover, while deleting the files, it asks for a fingerprint, face recognition, or password. So, if anyone thinks about stealing the data, they need the password, and if he/she enters the wrong password two or three times, the top management authority gets a notification. That is how a mixture of advanced technology and CBO secures the confidential data of businesses.
Concluding Comments
The combination of core business operations and technology streamlines each process in the workplace. It allows each department to complete their task smoothly and collaborate with each other effectively.
Each process of the business depends on the others working properly, as we know, and this is why the collaboration of all the core business operations is essential for the growth of a firm.
Technological advancement helps businesses to grow like never before and CBOs support the business to manage each process. Both are equally essential for a business and both can work together for better efficiency.
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Data is the ultimate fuel to sustain current era’s people management.
Data is critically important, Sharon. Your business needs to leverage data and understand what the insights mean to achieve real growth.
HR operations play a pivotal part in every organization. But with resources spread thin, it is hard to keep up. HR software solutions optimizes the daily HR tasks, making their operations visible on an integrated platform and automating tasks.
Hi Sharon, thanks for reading! HR tasks can be challenging for organizations, especially small businesses and startups. Findings technology and other ways to simplify and optimize HR processes is definitely important!