Small and medium enterprises (SMEs) may have limited resources, but this doesn’t mean they cannot make efficient use of these resources. Whether the resource is time, manpower or capital, there are some crucial steps to help optimize these resources, which can significantly lower costs, improve productivity and morale, and increase returns.
- Using the latest equipment and apps
It may seem like an expensive outlay, but investing in new equipment is just that – an investment. The latest multi-function printers and customised apps can help businesses to be more efficient, saving both time and money, and reducing operational costs.
- Automating workflows
Automating internal processes is common in big businesses. Nowadays, new technologies are making automation much easier today than it used to be and therefore more accessible to the SME market. Automating tedious processes in particular, such as invoicing for purchase and sales are probably the first things you can automate. Ledger accounting entries are also easy to automate, so are payroll processing tasks. Workflow automation frees up valuable time, and reduces human errors from activities such as data entry and documentation. Xerox & Kofax partners can make use of customised apps and tailored solutions to streamline operations through every department of the business.
- Using effective document management systems
Having an effective document management solution further boosts efficiency of the business. The range of solutions, particularly the integration of Microsoft SharePoint, Kofax Capture and Xerox’s ConnectKey, allow you to scan, organize and store documents in a secure way. This saves time on tedious paperwork as well as reducing the human error factor that is associated with these mundane tasks. In addition to this, the mobile and cloud solutions allow for remote working and access, allowing greater freedom, accessibility and mobility.
It’s astounding how much time and money can be saved with these simple changes to the way of working. The time saved from workflow automation alone can add up to thousands of dollars each year, in fact Forrester carried out a study of workflow automation, and identified that savings could be to the tune of 176% ROI over three years. For a small business, this is particularly significant.
As the entrepreneurial capital of the Middle East, Dubai’s recently introduced SME classification is likely to make it easier to find financing and get more support for SMEs, at the same time then, it is important for SMEs in Dubai to seriously consider incorporating new technologies in order to boost efficiency and increase profitability in 2017.