One of the most important jobs that management is tasked with is reducing the risks that the company faces on a regular basis. No matter how nimble the current system operates, it can be improved by using today’s ever-evolving technology. Those managers who skimp on upgrading to new technology, which helps ferret out these risks, could find themselves unprepared for if or when unexpected risks become problems. The following methods are just a sample of how technology can help your business reduce the risks that it faces.
1. Loss of Profit
This, of course, is the linchpin that holds the entire operation together. Increasing profits is the number one goal of any business. Using technology and robust reporting systems to pinpoint areas of concern shines the spotlight on those practices. Inconsistencies in record keeping, for example, could point to fraudulent activity generated by employees, vendors or both. A more common approach, however, is to use technology, such as iOFFICE's IWMS software, to ferret out non-profitable activities such as when a space is not be utilized in the best manner or when an employee's talents are not being fully explored.
Security is a hot button issue for many businesses, and for good reason. A failure to keep sensitive information secure could result in company secrets being divulged to the wrong people. In the past, this meant occurrences like lost disks or stolen laptops, which could lead to the downfall of a business. Today, however, technology helps ensure that only the right people can access the information they need to effectively perform their jobs. From providing unique access codes to keeping information secure using the cloud, technology makes it more difficult for both accidents and purposely malicious behavior to occur.
Access to financial and operational information is a touchy subject for many businesses. On the one hand, certain people need to have instant access to such data, in order to make the crucial decisions that affect the well-being of the company. On the other hand, providing such access needs to be limited to those members of the management team that are imperative to the smooth operations of the business. Using cloud-based technology enables key players within the business to access real-time information instantly, from across the globe and, as mentioned previously, security for your information can be tightly monitored, even in the cloud-based format And, since Wi-Fi is the only requirement, employees can gain access to relevant information from virtually any device.
4. Inefficient Use of Time
A profitable business demands that its employees target their energies into tasks that provide the company with the highest rate of return. But many Facilities managers find themselves focusing much of their attention on the nuts and bolts, which takes away from projects that increase the organization’s bottom line. Today’s technology helps create transparency within the company, streamlining processes, for the most efficient use of employee energy.
5. Out-of-Control Expenses
In order to keep profits maximized, the budget must be scrutinized closely. Critical expenses, however, cannot be hobbled by such mundane occurrences like inventory reports that generate false numbers. This is a common occurrence when there is no continuity or communication between departments or the paperwork they file. Use of the latest technology, such as a facility management software, significantly streamlines this process and gives a clearer view to where many expenditures are occurring.
The process of reducing risk relies on the development of one set of protocols for all departments, allowing for quick and effortless sharing of information. FMs need to access other tools to effectively manage their team. Thankfully, there are now numerous business apps available to make the facilities manager's job more streamlined and effective. Technology ensure that each team member has the ability to make decisions based on the most relevant, up-to-date data and reporting, enabling inconsistencies and issues to be identified and addressed immediately.
Editor's Note: This blog post was originally published in September 2014 and has been updated for accuracy and relevance