Efficiency and scalability are the driving forces behind the success of emerging businesses. As the demands intensify, there’s one powerful ally: Automation.
Automation has become the holy grail for emerging businesses seeking to streamline their processes and achieve operational excellence. From repetitive tasks to integrating intelligent systems, innovative automation hacks hold the key to unlocking the full potential of emerging businesses.
But here are the facts: Only 10-15% of SMEs in India have adopted HR automation, according to a report by KPMG. In fact, less than 40% of SMEs in India use any form of HR technology at all.
While automation can help streamline candidate sourcing, reduces screening time, eliminates payroll errors, and empowers HR professionals to take on strategic responsibilities, the first step for SMEs to enhance their talent processes is to embrace HR tech solutions.
Here are some of the areas where automation can be leveraged for emerging businesses:
Intelligent Resource Management
Technology today offers emerging business an enhanced visibility into resource allocation and utilisation, providing insightful data on project health to optimise profitability and minimise leakages. By efficiently distributing resources among various divisions and utilising industry-specific resource needs, HR technology ensures balanced allocation.
With real-time information on upcoming sales opportunities, project status, and resource allocation, businesses can predict resource demand and plan hiring strategically. For example, Keka’s comprehensive dashboard can be used by businesses to optimise resource utilisation, improve profit margins, and effectively manage skills and track performance on projects using the 'search by skill' feature. The platform centralises resource allocation through workflows, simplifying the process for hiring and active opportunity requests.
Automated Talent Management
A unified platform that consolidates all employee-related data, including documents, performance evaluations, and pay slips, providing businesses with a single source of readily accessible employee information, can greatly help emerging businesses accelerate their talent management practices.
With streamlined hiring processes, HR technology facilitates recruitment via seamless requisition raising and employee onboarding. Automated feedback forms enable businesses to gather valuable insights on project status and identify new opportunities, while comprehensive performance views help managers measure employee performance and identify areas for improvement.
HR technology also empowers businesses to identify employees with diverse skill sets, enabling better resource allocation and fostering a culture of continuous learning.
Forecasting Analytics Automation
With the ability to analyse processes, monitor risk areas, track KPIs, and plan for the future through real-time dashboards, businesses can make informed decisions and drive success.
By consolidating critical information on sales opportunities, project status, and resource utilisation, businesses can confidently forecast growth and align their strategies with market demands. For example, Keka's comprehensive view of project, resource, and financial data allows businesses to assess project health and measure profitability at different levels, facilitating strategic decision-making and enhancing overall performance.
With HR Technology, the approval process for timesheets is automated and efficient. Today’s software can create an approval chain with multiple levels of approvers, empowering managers to review and approve or reject timesheets submitted by employees. This streamlined workflow ensures accurate timesheet management and eliminates manual approval processes.
For example, Keka's dynamic timesheet software captures revenue generated for each ongoing project, enabling businesses to track billable hours and calculate project-specific revenue. The software even allows for the generation of invoices based on billable hours, streamlining the billing process. This holistic snapshot enables businesses to make informed decisions and plan for future projects effectively.
Automation capabilities hold immense potential for emerging companies seeking to streamline their operations, enhance efficiency, and drive growth. As emerging companies navigate the competitive landscape, harnessing the power of automation becomes a strategic imperative for staying agile, scalable, and ahead of the curve. By leveraging automation capabilities, emerging companies can position themselves for success and pave the way for sustainable growth in today's dynamic business environment.