Recruitment businesses operating at scale commonly face two major challenges: streamlining the order-to-cash process to ensure faster revenue, a nd getting their people to collectively work at peak performance and operational effectiveness.
With technology becoming more critical than ever, many leaders are faced with a crucial decision – whether to invest in a new CRM system or build a custom tech stack.
In this article we will look at the implications of these two approaches and see if adopting a platform approach can bring the best of both worlds.
The Rise of Platform Extensibility
Platform extensibility refers to the ability of a system to integrate with other software, applications, and services seamlessly. It enables the addition of new functionalities without disrupting the core system, allowing recruitment businesses to adapt quickly and at scale.
As the business grows, an extensible platform can accommodate new users and more data sets, without needing a complete overhaul. This ability to quickly add new features helps recruitment businesses stay ahead of the curve and meet the changing needs of clients and candidates.
Buy, Build or Both
The traditional benefits of simply ‘buying’ a CRM can be seen to offer ease of implementation, accessibility for global teams and cost effectiveness. But there is often a challenge in terms of the level of customisation that your business needs. In addition, you could find that you need to rely on other third-party providers to supply all of the functionality you depend on, quickly creating a complex and unwieldy technology portfolio.
Alternatively, building your own custom tech stack gives you the flexibility to have something specific to your business needs but this brings additional security risks, development time and cost, and lack innovation and support that an external provider can bring.
However, there is another way. The new Buy and Extend model offers you the flexibility and extensibility that will help your business thrive. Leveraging the power of the Microsoft Platform, you have a unique opportunity to draw the benefits of both approaches with none of the downsides with a truly Extensible Platform.
Let’s look at some of the key benefits.
The Rise of Platform Extensibility
Platform extensibility refers to the ability of a system to integrate with other software, applications, and services seamlessly. It enables the addition of new functionalities without disrupting the core system, allowing recruitment businesses to adapt quickly and at scale.
As the business grows, an extensible platform can accommodate new users and more data sets, without needing a complete overhaul. This ability to quickly add new features helps recruitment businesses stay ahead of the curve and meet the changing needs of clients and candidates.
Streamlining Order-to-Cash Processes
The order-to-cash cycle is crucial for revenue generation, and any inefficiencies can lead to delays in cash flow—a situation no business wants to find itself in. Extensible platforms can be customised with tools that automate each step of this process, from order management to billing and collection. By integrating with financial software, these platforms can provide real-time insights into cash flow, helping businesses make informed decisions and accelerate their revenue cycle.
Enhancing Operational Effectiveness
Recruitment is a people first industry. Getting a team to work at their true performance requires a strategic approach and extensible platforms can be tailored with tools for performance tracking and workflow automation. These tools can manage large data sets whilst also facilitating collaboration among team members, leading to increased productivity.
Driving Innovation and Business Growth
In the highly competitive market that is recruitment, the ability to innovate continues to be a competitive advantage. Extensible platforms enable this type of innovation, allowing businesses to leverage new technologies like AI and predictive analytics. These technologies can transform recruitment processes, providing insights into candidate behavior, market trends, and recruitment performance metrics.
Conclusion
The transformative impact of platform extensibility for enterprise recruitment cannot be ignored. It offers an opportunity to streamline processes, enhance team performance, and create innovative strategies, ultimately leading to business growth. The real transformation happens when these insights are put into action, redefining what it means to recruit at scale.
For more information on this innovative approach and the significant leap platform technology, led by Microsoft brings to the recruitment industry, please contact Mercury.
