All Together Now: Eliminate Siloed
Business Challenges Through a
Holistic Software Platform
Most companies require several departments in order to keep up with daily business operations. Human resources help you manage your employees, accounting keeps an eye on your finances, and your IT department is there to make sure everything works the way it should. Some of the time, these departments don't share information with other teams; this decision is so they don't have to worry about the hassle of keeping this information up-to-date across the board. However, this lack of sharing can cause major problems in your business, as there is often a lot of necessary overlap in different areas of your company. If your departments don't share information with each other, it could seriously damage the health of your business.
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One of the areas in which using a siloed business approach can be dangerous is in tracking non-physical assets. Intangible assets are one of the most common investments in business today. In fact, your company likely has more intangible assets than you do physical ones. American companies currently possess more than $8 trillion in intangible assets.
You understand the importance of tracking your physical assets. You know that you need to keep detailed records of each of your investments, their value, life cycle, and maintenance logs. But tracking intangible assets is just as important, if not more so.
Examples of non-physical or intangible assets include:
- Employee hours
- User agreements
- Software licenses
- Compliance records
- Customer Data
When you don't track intangible assets such as these, you risk a number of issues surfacing in your business. For example, if your intangible assets don't appear on a balance sheet, there's no way for you to know about the value or lifespan of these assets. This, in turn, can lead to losing out in money if your assets aren't lasting as long as they should.
Additionally, using multiple software programs to track or access intangible data makes it difficult for company departments to communicate with each other. Neglecting to share information on those assets can create errors in your data, which means your employees won't have everything they need to do their job correctly. This can lead to dissatisfied customers, subpar performance, and confusion on how to proceed.
There's an easy way to avoid these issues, and that's to use a centralized software program to track your non-physical assets. Using a SaaS makes it easy for all of your employees to access customer information, user agreements, compliance records and more, no matter what department they work in. You'll have a great insight as to what is happening in your company in real-time and you'll save your employees a lot of time and effort when it comes to communicating company information. A centralized platform reduces the need for data migration, which in turn makes your data more accurate.