Traditionally businesses have always considered how to maximise shareholder value, and maximise their bottom line – their profit. However business in the 21st century has begun to evolve, with company’s looking at maximising stakeholder value, not just shareholder value. Businesses have begun to acknowledge that the true success of a company and honest achievements of its mission is fulfilled by considering all stakeholders, not simply the shareholders.
Therefore, in the pursuit to maximise the value for all stakeholders, Resource management software can play a critical part. It is something that most people overlook and fail to realise, however resource management influences the value created for customers, employees, managers, shareholders, along with the broader community and environment.
How is this so? Let’s explain it section by section:
Enhanced value for management
Resource management software makes management significantly simpler. Automating a company’s resource management processes shaves off large amounts of time that would be wasted in collecting the data, analysing, arranging and presenting it. It reduces the stress that managers experience in having to deal with such large amounts of information that can often become confusing. It also improves the overall communication of the company’s resources, by presenting resource plans and data in a way that is simple yet powerful to understand. Time saved, stress avoided, and valuable decision-making information received, all bring big ticks for senior management.
Enhanced value for employees
Resource management software enables a company to acknowledge and nurture an employee’s requests and unique talents. It allows for managers to search and allocate staff based on their experience, training and qualifications, their career aspirations, desires, and it also plans based on their leave. When employees are given work they desire, and feel that their skills and talents are being acknowledged and utilised, they experience increased levels of empowerment which leads to increased productivity and hence increased output.
Enhanced value for customers
When the internal staff and management of a business experience increased value and satisfaction, this is naturally passed on to the quality of goods, services and customers. Products tend to be created with more thought, and services provided with more care. Furthermore, Resource management software allows for a better allocation of employees to the relevant product, client or job, where having the right staff member will improve the creativity, quality and often quantity of the product.
Enhanced value for shareholders
Enhanced value for management, employees and customers all lead to an improved bottom line, resource management services and as a result enhance value for the shareholders. This is because by managers improving their efficiency and avoiding stress, increases their productivity. Similarly staff being allocated to jobs that empower them and utilise their unique skills, also increases productivity and output. Finally improved value for customers leads to increased reputation, word of mouth branding, and higher sales which lead to a larger revenue, without the additional expenses. All these combined maximise a company’s profits and thus their shareholders wealth.
Enhanced value for the environment and broader society
Finally, a big part of Resource management software is improving efficiency, which doesn’t only limit itself to human resources, but also holds relevant for non human resources such as rooms, paper, machinery etc. In today’s world that is grappling with immense issues of environmental damage, it is important for us to minimise our ecological footprint. Hence resource management software that improves the management of our human and non human resources plays a vital role in how to make the most of a company’s existing resources, and minimising waste and impact on our environment.
One such resource management software that enhances stakeholder value is SAVIOM Resource Management Software, which intuitively engages a variety of stakeholder and maximises value for them in unique ways. Users of this software have seen significant improvements in the satisfaction, productivity and empowerment of its staff and customers.