Digital Disruption & BoardRoom

Digital Disruption

Digital Disruption & BoardRoom

Digital Disruption

We inhabit a world that is being upended by digital innovation. Organisations that have embraced digital technology are insinuating themselves into established industries and have caused sleepless nights for leaders of pioneering firms who are confounded about the response to the emerging developments.

Many view the phrase ‘digital disruption’ as a negative one and mistake it as an attack on their business and current way of life.

Really, it is only negative for those who choose to ignore or try to fight it. Those who accept it often find that it can benefit their business in various ways and enhance their growth.

What is Digital Disruption?

Digital disruption is a transformation that is caused by emerging digital technologies and business models. These innovative new technologies and models can impact the value of existing products and services offered in the industry. Hence the term ‘disruption’ is used, as the emergence of these new digital products, services and businesses revolutionised the current market and resulted in the need for re-evaluation of traditional market practices. Below are some examples of some technologies or services that have drastically changed the way we work.

Video streaming took the entertainment industry completely by surprise. Rapidly rising as a low-cost alternative for a select few internet-savvy audiences to watch shows, to eventually driving the cable industry and video rental stores into the ground. Netflix has become the largest subscription video provider in the US, outstripping cable and satellite.

Ride sharing companies like Uber and Grab have transformed and all but replaced the taxi industry as the preferred commuting choice in a significant number of countries, leaving traditional cab companies trailing in the dust as they try to match the convenience & affordability of ride sharing.

How has Digital Disruption Impacted BoardRoom?

The corporate services industry has been slow to ride the wave of digital disruption, but this does not mean it’s not happening. At BoardRoom we have been shaping the industry for years from the introduction of technology solutions like Employee Share Plans and Virtual AGMs to internal initiatives like eradicating the use of paper in our offices. By closely watching the signs as we have been, has allowed us to get ahead of the game and work with the flow rather than against it. Not only does this prevent the wave of digital disruption from driving our successes out of relevancy, it can also lead to further growth and new opportunities.

Digital disruption typically marks changes in consumer needs and therefore working with the tide allows BoardRoom to fulfil these emerging needs, keeping existing customers happy and most importantly, opening opportunities for new customers to discover what they need from our brand.

BoardRoom Embraces Digital Disruption

With the future in mind, BoardRoom has consistently been investing in the adoption of new ideas and technology to ensure that our clients and staff are well-equipped with the optimal tools for success. The nature of the Professional Services industry is the expectation of efficiency and security, both of which centre our decisions on what services we intend to roll out, and what enhances we can make to existing service offerings.

We have successfully launched several popular services as listed below in anticipation of increased demand:

Flowchart Digital Disruption

Virtual Meeting Services: This service ensured that clients can continue to host shareholder meetings with little to no disruption should there be an inability to host meetings physically.

Electronic-polling: To reduce human error and time spent on manually counting votes, we partnered with Lumi to offer electronic-polling services for optimising meetings.

Employee Share Plans: Customisation was the keyword when considering how best to assist our clients in their employee equity plans, leading to our customisable Employee Share Plan services with an intuitive branded employee portal.

Cloud-Based HRMS SaaS: Ignite was launched with the goal of empowering clients through enhanced security and customisation options to curate the ideal payroll solution for their workforce.

We have come a long way to build BoardRoom as a brand that is ahead of the game and I intend to continue to uphold our value of driving innovation through technology. Through our steadfast dedication to predicting and preparation for the future, the fruits of our labour can be observed in the results produced and through satisfaction of our clients.

 

Insights by Group Chief Technology Officer, Kelvin Wong

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Why your Business Needs a Payroll Health Check

Why your Business Needs a Payroll Health Check

Why your Business Needs a Payroll Health Check

Why your Business Needs a Payroll Health Check

Just like human beings, businesses require regular check-ups on their processes and systems to ensure that any potential risks are promptly dealt with before any issues escalate. One such system prone to going unchecked is payroll. A regular payroll health check helps to identify and prevent the possible risks that can be resolved before they become a serious problem.

Payroll is the backbone to most companies: essential yet unnoticed, often overshadowed by revenue-generating operational and business units. Generally, low efficiency of payroll can divert precious resources in a business. This can result in the Human Resources (“HR”) department appearing as a cost centre when in reality, an efficient HR team can value add much more to a company’s growth.

We’ll explore how payroll inefficiency can cost businesses and why a health check of current systems can assist in more efficient business planning.

Effects of Payroll Inefficiency

As a business, payroll processes are often determined and then untouched for years, the mindset of “if it isn’t broke, don’t fix it” can be prevalent. In addition to this, many companies use legacy payroll systems that don’t offer the wealth of benefits technology has enabled in this space. However, as companies continue to grow and mature, what works for a small business is not necessarily suitable for larger organisations, or for those who are expanding overseas.

Some pain points of payroll that might surface as a company grows are:

  • Resource Strain – Time and talent are wasted on tedious administrative tasks instead of business generating activities such as talent management, employee engagement and strategic planning. As the business grows, the resulting increase in administrative tasks can lead to a greater burden on the HR team.
  • Compliance Risks Leading to Potential Penalties – Constantly evolving and vast differences in rules between countries can result in the difficulty of complying with legal requirements. For example; in multi-state countries like China, there are distinct sets of laws governing wage, employee tax and insurance that are specific to the respective province. HR teams need to have an in-depth awareness of the various regulation differences per state and stay up to date with the changes. This can cause an increase in workload and open your company up to risk for non-compliance.
  • Inconsistency of Reporting – Different countries might use diverse templates which could lead to unnecessary frustrations when analysing data across various offices.

A prompt & regular payroll health check could uncover if your current practices are costing your business valuable time and resources.

Benefits of a Payroll Health check

A payroll health check is an assessment that should ideally be conducted by independent payroll experts to identify key risks and potential problems in a company’s payroll practices.

A professionally executed payroll health check can help to:

  • Garner an independent assessment on how your payroll can be better managed
  • Analyse what your business’s payroll is costing your company
  • Identify a high-level payroll process flow
  • Ascertain the payroll issues exposing your business to risk
  • Tailor payroll solutions to your specific needs
  • Address your concerns about payroll

Like any other health check-ups, delaying them will make the recovery process longer and more painful than necessary. Catch any risks early and engage a payroll health check right now!

BoardRoom is currently running a 100% FREE health check to help you maximise the efficiency of your payroll, sign up here now for this exclusive offer before it expires!

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