Streamlining costs and increasing workforce productivity are golden words to CEOs, shareholders and other senior executives. And, in an era of market fluctuations and shrinking profits, chief decision makers need effective tools, to help them meet the demands of today’s face-paced business landscape.

In an article titled “Want To Reduce Business Costs? Here Are 10 Areas To Start With”
by Michael Evans on forbes.com it reads in part;

“One way to avoid this situation is to reduce and control non-strategic costs. Through technology and the emergence of the outsourcing industry, companies can reduce costs, increase efficiencies, and increase profits to be in a better position to deal with the inevitable cyclical economic downturn.”

We chose 5 of out of the 10 that’s listed in the article:

Manufacturing
“The economics have changed substantially between producing goods in China and in the United States. A recent study indicated that offshore manufacturing companies are looking at a 15 to 20 percent average wage increases and will reach wage parity with the United States by 2017. Energy costs outside the country are growing quickly as conversions from coal to natural gas are implemented in China.

Finance and Accounting
The cloud simplifies outsourcing of accounting and makes cost reductions easier and to achieve. This makes a lot of sense if you are having to scale up, or if you do not have accountants on staff to improve reporting or make sure you are GAAP compliant.

Human Resources
A Professional Employee Organization (PEO) can help process your payroll and offer your employees a better offering of benefits. In addition, by pooling with other companies through a PEO, you can get significant pooling discounts on the cost of benefits.

Social Marketing
Your website, social networking, and LinkedIn usage can save you enormous sums for marketing your company. Look at the outbound marketing costs and see what you can substitute.

Selling to the right customer
Smart firms will not only rid themselves of loss-making customers but, by mapping the on-boarding sales prospect process, incorporate activities and incentives for salespeople to bring only profit-producing customers on board. Whether you are reducing the selling cost or diverting resources to attain more profitable sales, you are moving to increase the cash and the profitability of the firm.”

To read the article in its entirety, go to forbes.com. Reducing business costs is not rocket science if the right approach is taken; for example, ATS workforce management solution provides proven, comprehensive time and attendance capabilities which take your company beyond manual time sheets or antiquated punch clocks. And, with ATS TimeWork OnDemand you can streamline key business processes and gain the real-time visibility and efficiency you need to run, grow your business and, at the same time, streamline costs.

To learn more, you can register for our webinar “How To Use Time And Attendance Effectively With Big Data”  on Friday, August 14th at 1:00pm eastern. To download a demonstration, go to our website, and, to reach us by phone call; 1.866.294.2467.