Heads-up CFOs: You Drive Digital Transformation

April 29, 2020 - minute read

The process of investing in and adapting to new technology remains an overwhelming though necessary change for many hourly workforce employers. After all, it’s not always clear how certain digital tools are going to affect your business.

However, across the hourly workforce sector, digital transformation has quickly become the driving force behind operational success and industry competition. In fact, 34% of companies have already undergone a digital transformation and two-thirds plan to incorporate digital transformation at the center of their corporate strategy this year.

Without adapting to the modern digital landscape, your business faces more liabilities than ever before. You sacrifice operational efficiency, relevance to competitors and potential employees, and the ability to track time and labor metrics for improving your operation. But whose job is it to initiate and oversee this journey for your business, and what will the impact be? Research shows that if you are the Chief Financial Officer (CFO) of your company, it’s you.

How CFOs Drive Digital Change

The role of CFO has evolved over the years and now, whether strategically or organically, has become the champion of digital transformation. As the CFO of your company, you oversee the collaboration between IT and HR. You witness all the moving parts: especially the inefficiencies impacting your financial and operational success.

Even more powerful, your role allows you the ideal position to identify where the financial savings will start to come from over the next several years of digital transformation. From there, you can directly re-invest into your operation to:

  • boost the different metrics
  • tighten compliance
  • confidently expand the size of your operation.

So, whether you are looking for a way to outshine competitors or simply prioritize cost savings for the security of your business – your actions as CFO are critical to executing successful advancements for your company. 

The Impact of Digital Workforce Management on Time and Labor

Regardless of industry, it’s clear that modern technology is an asset for impacting time and labor and for optimizing your hourly workforce. Consider these additional benefits of automated workforce management software:

  • Streamlines processes for increased cost-savings, speed, and efficiency
  • Improves customer and client satisfaction by improving communication and transparency
  • Increases flexibility or alerts for spur of the moment problems such as scheduling mishaps
  • Helps tighten compliance and lowers liability (missed punches, overtime, and manager-changed timecards)
  • Empowers your employees by helping them become more proficient on a day-to-day basis

Whether you are transitioning from manual processes to automated processes, or upgrading your current technology to better serve your unique hourly workforce needs, digital transformation is guaranteed to boost cost savings competitively.

Transform Your Workforce with EPAY’s HCM Analytics

There are plenty of ways to go about achieving digital transformation. Whether you are focused on applicant tracking, onboarding, payroll, time and labor, or integrating them all together into one seamless system – EPAY’s Human Capital Management platform is here to help. Our automated tools prioritize superior workforce management and cost efficiency for obstacles unique to the hourly workforce sector.

HCM Analytics is just one of these powerful tools. It provides live insights on your operation’s strengths and weaknesses and translates them into at-a-glance graphics and interactive visuals. Interested in turnover metrics? Our system identifies turnover rates, reasons for leaving, and average tenure for each of your worksites and supervisors. Interested in KPIs related to recruiting, overtime, or labor budgets? We’ve got all those and more.

Once your business gains access to these sorts of reports and live metrics, you will no longer need to worry about inaccurate information, excessive administrative costs (a prime culprit for low ROI), or unnecessary compliance missteps. Our software has already saved CFOs like you more than $209 billion dollars.

Register for a live demo of our HCM system, or check out our webinar on EPAY Analytics today!

Filed Under: Workforce Management Analytics