Paper offices are a thing of the past. Companies have now replaced their paper trails with digital technology to enhance their business transactions and processes. Working online or digitally is more efficient, as it can speed up communication and completion of everyday tasks.
The UK government is encouraging companies to swap to digital by introducing the Making Tax Digital initiative. This means all VAT tax returns must be submitted digitally, in an aim to reduce the billions lost in tax every year.
Making Tax Digital means companies need comprehensive and compliant software to help them record and submit their tax returns. But more than just recording tax, the correct software can also significantly improve other business processes.
Software is developed and adapted for a range of industries. For example, claims management systems software is designed for the claims management market. Being designed specifically for this market means the software has features that are beneficial for companies operating in this industry.
If there are areas of your business that need improving, the right software could be the solution. What business processes can software help your company?
The Role of Software for Companies
Software can streamline workflow to help efficiency and offer a better experience to customers and clients. There is a vast variety of software available for different needs and requirements.
What Is Claims Management Software?
Claims management software is an example of one software helping a handful of companies to succeed. Claims software is designed for companies that deal with any type of compensation claims, including personal injury, mis-sold PPI, mortgages, and flight delays.
This type of software has been vital for PPI claims companies as they gear up for the August 2019 deadline. Crucially, however, the best claims software can be customised and adapted for businesses and individuals dealing with claims. This includes payday loan claims, which in recent years have increased dramatically — so much so that Wonga’s collapse into administration was due to an influx of new claims.
Claims management software also allows companies to create template letters to suit each type of claim, automatically update clients on the status of their case and send invoices when a claim is complete.
All of these features enable a business to work more efficiently and give customers the best experience.
How Can Software Improve Your Business Processes?
No matter what your business, finding the right software can enhance your business processes. Start by reviewing your operations and highlighting which areas need improvement. Can you install software to help with a specific issue?
Here are some of the common features of software that can improve how your business operates:
- Automation — Taking away the need for manual communication can be a huge time and money saver. Whether you need to send invoices or chase other companies for information, automating these methods of communication can significantly help business processes, allowing you and your employees to focus on other important tasks that cannot be automated.
- Financial forecasts — Effective software can project financial estimations for the company. This can be extremely helpful for claims companies, for example, which operate on a no-win, no-fee basis.
- Data protection — Keeping customer data safe is of the utmost importance for every business. Software should put data protection as a top priority and add appropriate layers of encryption to keep all information secure. If you’ve recently experienced a data breach, software is one way to prevent it from happening again in the future. Data breaches can be incredibly costly, both from a financial perspective and in terms of how others perceive your business.
There are lots of different types of software out there to help your business flourish — finding the right one can be difficult but will significantly improve your workflow.