There’s no denying it: data is king. In today’s data-driven business landscape, maintaining accurate and organised systems of record is crucial for making informed decisions, ensuring compliance, and enhancing overall operational efficiency, among other benefits.
While financial systems of record are by the most common type, there are three equally crucial records that every business should also be keeping.
1. A SaaS system of record
A SaaS system of record serves as a repository for all software-related data, tracking information like user access, licences, subscription renewals, and performance metrics. As SaaS optimisation company Vertice explains: “This record can take many forms — some make use of a collaborative spreadsheet, while others prefer to use a dedicated piece of software to automate the process in real time.”
Having a SaaS system of record enables you to:
- Document all software subscriptions and licences
- Maintain a centralised list of user accounts and their access levels
- Monitor software usage to identify underutilised or redundant applications
- Keep track of subscription renewal dates to avoid unexpected interruptions
- Establish a protocol for adding or removing software applications in your tech stack
By maintaining a comprehensive SaaS system of record, your business can make informed decisions about which software solutions are truly adding value and which may need to be replaced or scaled back.
2. A HR system of record
Your workforce is the beating heart of your organisation, and an efficient human resources (HR) system of record is essential for managing your employees. HR systems maintain records on each member of staff, covering data like their personal information, employment history, performance evaluations, benefits, and training.
Having a robust HR system of record ensures that you can:
- Manage employee information securely and in compliance with privacy regulations
- Streamline the onboarding and offboarding process
- Evaluate employee performance, track achievements, and identify areas for improvement
- Manage payroll and benefits effectively
- Ensure compliance with labour laws and regulations
The data within your HR system of record is invaluable for making strategic HR decisions, ensuring your workforce is both productive and engaged, and maintaining compliance with the law.
3. An operating system of record
An operating system of record encompasses all the processes and procedures that drive your business. It tracks various aspects of your operations, including your inventory, supply chain, production processes, and service delivery. This system provides a comprehensive view of how your business functions on a day-to-day basis.
Maintaining an operating system of record allows you to:
- Optimise inventory levels and reduce holding costs
- Improve supply chain efficiency and reduce lead times
- Monitor production and service delivery to identify bottlenecks and inefficiencies
- Ensure quality control and compliance with industry standards
- Enhance customer satisfaction by delivering products and services on time and with consistent quality
All in all, running an effective operating system of record enables your business to streamline operations, reduce costs, and deliver better products and services to your customers.