We’ve seen how businesses can thrive when teams are flexible and open minded. From shifting to remote work to adopting flexible working hours, companies that were best equipped to adapt over the last few years were the ones that had the right strategies and business solutions technology.
While the economic downturn we’re experiencing today poses a new challenge, it’s also an opportunity for young companies to build resilience. To remain nimble and prepared, companies can take specific steps to reduce costs and optimize resources starting with innovative tools and services to lower expenses.
Here are three areas where improvements can help companies become more resilient for an unknown future:
- Cloud services
- Developer data services
- Employee analytics
Catch our tech solutions for these problem areas below.
Business tech solutions: cloud services
Cloud services keep work flowing.
While the sudden shift to remote work served as a catalyst for cloud reliance, the trend is here to stay. Analysts predict that more than 85% of organizations will embrace a cloud-first principle by 2025.
But reliance on the cloud comes at a cost. Cloud services are one of the fastest growing line items on an organization’s budget, and the increasing costs can be hard to track. More than half (57%) of IT leaders have exceeded their cloud budgets at some point. Technology solutions for business can make it easy to avoid these extra expenditures.
Leaders often lack visibility into their cloud costs. The solution? Cloud cost governance. This helps teams develop and implement budget controls. And it works by identifying areas of improvement through reporting, communication, and automation, so teams can consistently understand what they’re using and cut back on spend when possible.
Governance is a challenging initiative to tackle. But cloud cost management providers like Worklife portfolio company Vantage can transform the process into one that’s easily understood. Vantage:
- Monitors your costs
- Sends notifications
- Generates forecasts
- Provides cost-saving recommendations
This support lets you and your teams focus on revenue generation.
For example, Vantage creates an inventory of all resources that are costing your company money, monitoring, analyzing, and forecasting expenditures for each one. Dashboards also provide insights on accrued costs across your organization, providing monthly predictions based on machine-learning powered forecasting. Using a cloud cost management solution can help you keep your budget under control, so even through economic uncertainty no bill is a surprise.
Business tech solutions: developer data services
Maximum value from every byte.
Developers have to contend with multiple trends driving investment into new data architectures:
- The rapid shift to the elastic, agile public cloud
- The rise of API-first and microservices-oriented design patterns
- The explosion in semi- and unstructured object data
- The emergence of real-time “data products” as the source of sustainable competitive differentiation
The result is often applications, data, and workflows that don’t live up to their potential.
However, developer-oriented business and technology solutions can help organizations optimize their applications and cloud infrastructure. For example, Worklife company Project N is an API platform that helps companies maximize the value from every byte of their data. Their platform is purpose-built for modern applications that work with large scale data, especially semi- and unstructured data in AWS S3 and Google GCS.
Project N is still in stealth so there is only so much we can say here publicly. To request access and learn more visit xyz.projectn.co.
Business tech solutions: employee analytics
Employee analytics tools to fuel engagement.
Technology ensures business processes and development are running smoothly, but a company’s most important asset is its people. Hiring can be another costly and time-consuming task—especially in today’s competitive job marketplace. It takes companies on average 42 days to hire an employee. And the average cost to recruit and onboard an employee is $4,000 per person. Churn doesn’t just hit an organization’s budget; it can also negatively impact the productivity and morale of employees who remain at the company and are expected to pick up the slack.
Data and metrics can help by giving companies a deeper understanding of their employees, which can help with recruiting and retention. Worklife portfolio company Charthop is a people analytics solution that consolidates disparate sources of data into one platform, enabling companies to transform the way they manage and support their people through valuable insights.
People analytics isn’t the same as HR analytics, which provides insights to:
- Hiring
- Onboarding
- Employee development
People analytics goes further, giving teams’ actionable data to maximize the return on their hiring investments, before and after someone is hired.
For example, organizations can use people analytics to reduce the time to fill a role by leveraging insights that reveal how long it took to fill past roles and the skills that past hires had. This information helps speed up recruiting, helping companies find and identify the best candidates faster. Charthop’s people analytics also improve the onboarding process, measuring time-to-productivity and training-completion rates. Managers can save time and money by focusing on the onboarding tactics that are most effective.
People analytics also provide data that helps boost engagement for current employees, which can assist with retention. Charthop includes an employer net promoter score (eNPS) survey tool that can help employers gauge employee burnout, satisfaction, and motivation. By analyzing eNPS scores, leaders can better understand how engaged their teams are. This data gives them time to adjust policies or improve company culture that can enhance happiness levels before an employee decides to resign. This could look like offering career coaching as a standard perk or considering a 4 day work week.
Tech solutions can prepare your company for the future
The past few years have tested the agility of every organization. By adopting a culture of resilience, protecting valuable resources, and embracing new innovations, companies can move confidently into the future of work.
Have another tech solution for businesses that you’re excited about? We’d love to hear about it on Twitter.
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