How Global Mobility Software Can Produce ROI for your Program
Investing in global mobility software is the solution to simplifying processes, saving money, increasing efficiency, and empowering employees to focus on high-value tasks.
The movement of key employees substantially impacts a company’s overall performance, as having key talent in the right places is essential for any mobile, multi-national organization’s continued growth. As they experience ongoing international workforce development, many organizations depend on global mobility software to ensure their programs run smoothly.
In addition to supporting the growth of mobile workforces, global mobility software integration can significantly lower expenses through automation, increased efficiency, and error reduction. Considering larger mobility programs may carry a price tag in the hundreds of millions, the cost savings produced by global mobility software implementation are a welcome relief to program budgets.
Most organizations recognize that implementing global mobility management software is a worthwhile investment for their mobility program’s continued success and expansion. However, as with all shrewd business decisions, the potential return on investment needs to be considered when weighing whether or not to implement global mobility software. Will the benefits to your mobility program outweigh the expenditure, and how will those benefits present themselves?
Embracing automation reduces operational costs and increases profit
Global mobility automation could save your company money by simplifying complicated, disparate processes and reducing the required time and labor previously spent on manual tasks. Automation lessens the need for repetitive administrative work and allows your employees to focus on high-value duties instead of sinking time into repetitive manual processes.
According to an IDC study, operational inefficiency can cost businesses up to 20-30% of their yearly revenue. Automation eliminates deviation and ensures that the best result is consistent and requires minimal effort. Implementing automation in your global mobility program promotes efficient task management and minimizes errors, meaning you’ll waste less time and money on fixing preventable issues.
Ineo’s TechSuite global mobility software solutions offer fully integrated, customizable workflow automation that incorporates your company’s existing applications to meet the needs of your global, regional and internal mobility departments.
For example, TechSuite enables you to automate stakeholder communications with system-generated letters and emails to eliminate duplicate entries, maximize efficiency, and keep your staff and mobile workforce informed and up-to-date. TechSuite also offers bespoke workflows to create seamless expense processing, payroll reporting, and global compensation reconciliation.
The opportunity for a return on your investment in modernizing your mobility program with global mobility software is clear, as businesses that automated processes reduced operational costs by 10% and increased profits by 8%.
Global mobility software prevents pricey cost estimation mistakes
When calculating relocation and assignment costs, inconstant factors such as host-country tax obligations and relocation supply chain instabilities affect estimate accuracy. These numbers fluctuate, which can cause costly errors due to miscalculations based on generalizations and outdated information. Your program risks expensive misestimates of short- and long-term budgets and financial forecasts without current and accurate data.
Global mobility software platforms equipped with a cost estimation feature can create policy-driven estimates based on precise, ever-current multi-national data. Your mobility program will see a return on investment in improved cost management, enhanced budgeting, and minimized risk of unforeseen assignment and relocation costs.
Relocation and assignment cost estimation is also a time-consuming manual task that’s vulnerable to expensive data-entry errors. However, global mobility software can perform accurate cost estimations in no time flat. With relocation and assignment cost estimation calculators, your team can generate in-house compensation, benefit, expense, and tax estimates for each assignment, removing the need for outsourced estimation providers.
Bringing previously outsourced services in-house can bolster your mobility program’s budget
Outsourcing global mobility services, such as assignment accounting and payroll, can consume a considerable percentage of your mobility program’s allotment. In addition to being costly, outsourcing may have limited scalability and higher turn-around times instead of utilizing in-house program solutions.
Global mobility software empowers your employees to quickly and accurately facilitate end-to-end assignment administration without third-party providers. The financial and administrative benefits of implementing global mobility software mean you can reallocate funds you’ve previously utilized on outsourced services towards improving other areas of your mobility program, such as talent development and expansion.
Global mobility software can protect you from preventable noncompliance risks
Implementing global mobility software is a worthwhile investment in its ability to help your organization reduce expensive risk exposures and remain program and regulatory compliant. For example, Ineo’s TechSuite global mobility software features robust tax solutions to provide seamless processing and reporting to payroll for compliance requirements. With accurate multi-national data collection, collation, tracking, and reporting, TechSuite’s mobility expense management features guarantee that your program will be consistently tax and policy compliant.
Global mobility software should also provide data storage methods that prioritize GDPR compliance. Ineo’s GDPR-minded data storage methods ensure your valuable program information is thoroughly and reliably safeguarded, making it a worthwhile investment in program security. With TechSuite, you can confidently store and manage your program’s information without worrying about the damaging consequences of noncompliance.
Our global mobility software delivers solutions that realize the most significant possible return on your investment
Implementing a holistic global mobility management software platform presents significant opportunities for ROI, from reducing relocation expenses to more precise assignment cost estimations. Contact our industry experts today to learn how our TechSuite software solutions can help your mobility program achieve the greatest return on your investment.