Dock 365 is committed to providing you with tools and information you can use to take your business to the next level. At Dock 365, we believe that success and knowledge go hand in hand. Our goal is to ensure that all companies have access to information they can use to be more efficient and effective. Make sure to follow and subscribe to our blog for insights into the latest business solutions, trends, and practices.
Is your contract management process making favorable returns as you think? Do you find any bottlenecks that may affect the contract process at the very bottom line?
Every business requires an automated contract management system to track significant milestones in their business contract deals. An efficient automated contract management system detaches all manual processes to centralize your document repository and thereby boost workflow efficiency. If you are not yet familiar with the optimization ways for a better contract management system for your organization, don’t worry! Here is our next blog, where we have explained the 3 specific ways to boost your contract management software.
In every organization, new and emerging plans turn out to be obsolete or undermined if it is met with rising risks. Such unresolved external or internal risks get escalated in a timely manner and seriously hit the productivity and profit goals of an organization.
Why now is the time to digitalize your contract management?
A company's performance is synonymous with its employees'. Industry giants have witnessed their profits grow annually as they invested more into boosting their employee performance management processes and productivity. Facebook's per-employee profits, based on last year's profit of $16 billion divided by their number of employees, made $634,694 per employee. Another example is Apple who made $48.3 billion last year, and had an average per-employee earning of $393,097. Microsoft raked in $21.2 billion in 2018, which comes out to $171,000 per employee.
In the wake of the average employee turnover rate increasing, companies are looking for ways they can boost employee engagement. According to a 2019 Bureau of Labor Statistics (BLS) report, the annual average turnover rate in the U.S. is 44.3%. This increased amount of turnover in companies costs around $82,580 roughly 20 employees leave a company.
Every company recognizes the need for a skilled workforce, but that doesn’t mean they always invest the necessary resources , like an LMS, into building one. Beyond the initial training to prepare an employee for a position, many employers don’t offer training opportunities. In 1995, the average employee only received 11 hours of training per year as opposed to the average worker receiving 2.5 weeks of training in 1979. As of 2011, only 1 in 5 workers report receiving on the job training at all. Of this number, many aren’t receiving effective training.
One of the biggest puzzles that employers face is figuring out how to manage customer relationships and CRM. There are no one-size-fits-all solutions to each customer interaction. You must be reactive and adaptive to maintain good relations. We know that building strong customer relationships can be difficult and time-consuming. An efficient CRM can effectively streamline the customer relationship processes.