- Digital transformation coupled with COVID-19 has produced increasingly complex workforce management scenarios for employers.
- CV1’s acquisition of BPT has helped in extending the offerings and produced positive results for the combined organisation.
- The current focus of CV1 remains on growth opportunities and capitalisation on the growing platform abilities.
The shift towards digitisation has occurred at an unmatchable pace with evolving needs of the employees as well as employers. One of the many doors of opportunity that opened as a result of digital transformation is the workforce compliance management getting digital.
Evolving needs of the employers
In the contemporary scenario, there is an increased need for an employer to overlook the protection of their social licence to operate as well as better manage an increasingly complex and distributed workforce.
Other problems include ensuring that the workers are skilled and credential compliant as the employer has to manage and report statutory and civil compliance.
On the other hand, employees or individuals also need to have access and control over the visibility of their sensitive information while ensuring that the credentials management systems are portable and secure.
The digital transformation coupled with the COVID-19-led work-from-home environment has led to the increasing complexity of workforce ecosystems worldwide. Moreover, the workforce has become increasingly mobile and dispersed across geographies leading to the need for enhanced vigilance in managing employees and ensuring compliance.
In the digitally driven work environment, the quantity and complexity of regulations are also increasing day by day, with more emphasis on personal privacy. This is therefore presenting challenges for employers as well as individuals.
CV1’s workforce management capabilities
In totality, all these problems indicate the need for a Credentials-based Workforce Management Solution like CV Check Limited’s (ASX:CV1) world-class proprietary online platform.
CV1 has been offering credential verification products to individuals, employers as well as industry associations, and has witnessed consistent growth over the past months.
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CV1’s platform can help build personalised credentials requirements for every application while facilitating efficient verification and secure management of workforce credentials.
This further ensures that only the people with proper credentials are assigned with relevant work. Also, this would help to ensure continued compliance with all required regulations while tracing the credential gaps within the customer ecosystem and help in effective reporting.
The strategic rationale being CV1’s latest acquisition of Bright People Technologies (BPT) is the creation of a credentials-based workforce management ability on a SaaS business model. Moreover, the coming together of the two companies would deliver the following:
Image Source: Copyright © 2021 Kalkine Media (Data Source: CV1 Presentation 25/02/21)
Subsequent to the acquisition of BPT, the umbrella of CV1’s offering also includes SaaS-based workforce management and compliance technology systems.
CV1 believes that its business is on track to achieve the strategic goals set by the board, and focus is being placed on the growth opportunities by leveraging the growing platform abilities and strategies to boost SaaS-based revenues.
The CV1 closed at AU$0.140 on 30 June 2021.