17 Reasons Women Make Great Leaders
Gender shouldn’t determine an individual’s leadership abilities.
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Your company has likely already invested a lot of money in its project time tracking platform, especially if you’re currently using an on-premise system. However, in the wake of the COVID-19 pandemic and shifting trends, you might be discovering that in an increasingly remote workforce, an on-prem legacy system isn’t working for you. But hey, the money’s already been spent, so what can you do?
Once your company has spent money that can’t be recovered, it’s common to see people going to incredible lengths to make that purchase work successfully. And when you’ve invested even more than dollars — like time, energy, and brainpower — into making a decision, you’re even more likely to bend over backwards to avoid feeling like your investment has been a waste. This is the Sunk Cost Fallacy, often referred to colloquially as “throwing good money after bad.” Often, when resources are tied up in forcing a poor purchase into an adequate result, emotions run high and logic goes out the window. Instead, we need to turn the Sunk Cost Fallacy on its head and focus on making sound economic choices that spend good money…on good results.
They say you have to spend money to make money, but that’s far easier said than done. However, when you find a solution that’s the right fit for your business, you’ll find the truth in that old adage. Digital transformation, in the form of a SaaS (software as a service) time tracking platform, will ultimately lead to cost savings, time savings, headache savings, and a bigger boost to your bottom line. When you make the switch to a SaaS system from on-premise tracking, you’ll see more accurate reporting, quicker approvals and validations, and reduced costing and billing errors…all leading to more revenue generated.
How do you know your business is ready for a digital transformation in the form of SaaS? Here’s how:
As businesses lean into lean operations, you might find your company doesn’t have the IT staff or the hardware to support an on-premise system the way it used to. Legacy systems require on-site management and dedicated hardware to operate as they should. If downsizing or outsourcing has reduced your staff, or the pandemic has taken them off-site, even the smallest hiccup in an on-prem system can have far-reaching impacts. A SaaS solution eliminates these concerns, as everything is managed by the software provider remotely. Plus, with cloud-based access, employees can track time from anywhere, on any device, without the need for licensed software installation on dedicated machines.
On-premise systems take time to install, time to license, time to update, and time to maintain. That all adds up to a lot of time. Beyond that, there’s the onboarding process of learning and implementing a new technology across many teams at varying comfort levels. SaaS solutions eliminate much of these concerns, offering quick setup and almost instantaneous implementation. Plus, they’re designed for easy adoption and usage, so your employees can access the program on the device they’re most comfortable with and get started with almost no learning curve.
It’s a remote world out there, and your employees are working, and tracking time, from a variety of locations. Rather than depending on them to log hours in an on-prem system days or even weeks after they’ve completed them, SaaS systems allow users to track time instantly from their phones. Some services also offer features like GPS tracking and geofencing to automatically track employees and make reporting as simple as swiping their phone. The ease of use applies to managers and supervisors as well, who can approve hours and send validations in real time, wherever they are.
On-premise solutions come with a big up-front cost, but that isn’t all. Ongoing fees for support, license renewals, and maintenance can add up quickly, making that one-time investment a major ongoing expense. SaaS systems offer a subscription-based solution, usually paid monthly. While paying month after month may seem counterintuitive, the real benefit is that subscription fees for SaaS systems are all-inclusive, so you never have to worry about added expenses or surprise fees. This also makes it easy to switch providers if you didn’t find a right fit the first time — something that isn’t so simple when you’ve invested a huge chunk of money in the up-front startup costs for on-prem solutions.
On-premise systems do come with some benefits, but they also come with a lot of hassles, including regular updating, maintenance, and troubleshooting and repairs when things go wrong. Switching to a SaaS solution reduces the need for downtime because all technical issues are handled in the cloud. This eliminates the need for dedicated IT staff, and frees up your existing team to deal with more pressing problems. You’ll thereby increase your efficiency and keep your time tracking and billing accurate and up to date, without the risk of a shutdown.
If your company is ready to enter the digital era, there’s never been a better time. There are a wide variety of SaaS options available to fit every use case and business need. But to ensure a smooth transition, you’ll need to do a little legwork early on.
Is 2021 the year your company will make the digital transformation? It certainly can be with knowledge of the benefits of SaaS versus on-prem systems and these tips on how to identify your readiness.
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