In today’s world, speed is everything. Consumers are willing to prioritize short delivery times over quality due to how similar products may be. This instant way of living is not limited in the world of business to only consumers but has steadily made its way into all sizes of businesses. Raw materials are simply an Amazon search away.
With technology’s effect on time and efficiency, it is critical for management to experiment on cutting down on lag time between approving decisions and accessing decisions which affect the workflow process. Today, one can claim that the best start to this effort is through pre-debited company cards. Here are four ways this important piece of plastic helps the workflow process.
Raises Employee Autonomy
Some decisions require a board of directors while some decisions require one individual who is confident enough in the decision that must be made. If companies implement the pre-debited card strategy, employee autonomy levels can increase. By giving this individual, who would preferably be in charge of other employees, an increased range of minor decisions that can be made, management is able to increase this employees’ independence that can cohesively work with the rest of the firm. This implementation of increased responsibility can serve to motivate employees to strive for such positions as there is an associated level of importance. This also serves as a motivating factor for the current position holder. This also establishes a level of mutual trust between employee and employer which is an important factor in any business.
Speeds up the Decision-making Chain
Authorizations, approvals, reviews and eventually feedback are all key components before decisions can be made. However, when management is faced with doing this process daily for a multitude of decisions, some are unfortunately sidelined and may seem irrelevant. This is especially common when management clutches the neck of every financial move that is made within the company.
Unbeknownst at times, management unfortunately foregoes what seems minor at first but actually plays a critical role in production. With a pre-debited card specified individuals should be able to bypass this hurdle. Therefore, more decisions can be made in a timely manner and decreases on the lag between decisions made. This reduces idle time as employees await response from an already busy higher command chain.
Allows Proper Analysis of Budget Allocation
Budgets, like any part of finance, are calculated projections of how money should be spent. This does not mean that these projections are without fault. At times, management fails to sit with employees who interact daily with the financial realities of the job. This results in underestimated values and even a false understanding of what is worth spending money on. With pre debited company cards, an opportunity to sit with the employees that may use these cards can be found. Employees are given an opportunity to use their expertise to assist budget makers on what amount of money they may need for the financial period. It also gives specific insight to each sector of the firm and how money is spent individually. This can expose inefficiency or need for revamped budget analysis. This aids the workflow process by eliminating the need to constantly be reimbursing sectors when money is needed. While this may truly never be eliminated as unforeseen circumstances occur, it does aid the workflow process by decreasing the frequency of inadequate funds.
Allows room for employee’s expertise growth
As previously stated, employee expertise assists budget makers with their predictions. By bestowing responsibilities on to key decision-making employees within the firm, a certain level of training is required when making financial moves. Therefore, this is an opportunity for management to increase the skillset of readily available employees. The firm and workflow improve due to the increased availability of qualified staff. Employees who are then put in charge of the pre-debited card are able to make the most financially sound decisions with regards to spending. Their expertise comes into play when they can identify the best quality products at the most affordable costs.
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