Why tracking and managing approvals is essential for every organisation

  • Approval Management
  • Written by Chetan K Singh

While we may value task management, approval management seldom comes to mind. Either we don’t think approval management is important, or we think it is only relevant in large enterprises, banks, or government departments. This is not the case. Here, we will discuss how approvals impact every business and how they affect a business when not managed effectively.

    What is an approval

    Giving approval is an act of approving something. For instance, if you provide a service to a client or manufacture a product to a customer’s specifications, you may seek approvals from the client/customer at various stages of the service or manufacturing process. For example, architects seek approvals from clients on drawings and products. If you’re creating an ad campaign for a client, you’ll seek approval from the client on the ad copy, graphics, and media in which ads will be published. Your juniors seek approvals from you while working on tasks.  In all For small or big organisations, numerous approvals are sought and given daily. 

    The difference between an approval and a task
    While approvals and tasks may seem like similar activities, they’re not. A task is a job or an assignment that needs to be completed. A manager assigns a task to a subordinate or a colleague; however, approval is sought from someone in authority or a client/customer. When a task is completed, it is marked as done, whereas when approval is sought, it is either approved or rejected. Hence, task management systems can’t manage approvals efficiently. 

    How approvals are managed
    98% of approvals are sought and given verbally. 1.9% of approvals are sought or given through messages or emails. An approval management application is used only for .01% of approvals. While verbal approvals are often forgotten and carry no accountability, approvals through messages and emails are difficult to retrieve and track. Businesses seek approvals through emails to keep a record and strengthen their case in case of legal disputes, but using emails for approvals doesn’t improve productivity.

    How approvals Impact your business
    Approval management is as important as task management. While both are different activities, they have a similar impact on your business or project. Untracked and poorly managed approvals delay work, directly impacting productivity and profitability. For example, if you’re seeking approval from a client, and the client doesn’t respond, your team won’t be able to proceed to the next step because you haven’t received the approval. Not getting timely approvals will delay your business activities or projects.

    How Arkchat innovation helps you manage approvals effortlessly
    Arkchat lets you track and manage approvals effortlessly through day-to-day messaging. While sending a message, you can convert it into an approval request at the click of a button. Now, you can track and manage approval requests. You also get real-time analytics about approval status, delays, and approvers’ response time. You may be aware that just as you convert messages to approval requests, you can also convert your messages to tasks. Hence, using Arkchat you can manage the entire ambit of your business operations and projects.  You derive the following benefits by using Arkchat to manage your approvals:

    Track and manage approvals of your seniors, customers, principals, and strategic partners.  
    Since you can collaborate with everyone from your internal and external teams on Arkchat, you can convert messages sent to anyone into approval requests and track these requests effortlessly. When you track your customers, principals, and strategic partners’ approvals, you’ll eliminate disputes, claims, and blame. Tracking seniors’ approvals will help achieve higher productivity and maintain corporate governance. People tend to approve faster when they know their actions are being tracked, and delays will adversely impact business. 

    Always have conversations related to approvals on record
    When converting a message to an approval request, Arkchat creates a separate message thread. All conversations related to the approval request become part of the message thread. Hence, the entire conversation is attached to the final approval when an approver gives a yes or no. Furthermore, while converting a message to an approval request, you can include concerned people so that everyone can participate in the approval-related conversations.

    Get real-time approval-related analytics
    When you convert a message to an approval request at the click of a button, that one click does it all! You get real-time analytics on total approvals, pending approvals, delayed approvals, rejections etc. You always know who is approving quickly and who’s late. You can take proactive action to avoid delayed approvals to improve the speed and productivity of your business.  

    Corporate governance

    Approvals can’t be deleted unless you delete your Arkchat account or the chat group in which approval was sought. Hence, approvals remain on record for future reference and audits. Your data remains encrypted on highly secured servers that are inaccessible even to the Arkchat team or anyone else except you and your authorised team members.

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