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According to a report by resource management company Planview, inefficiency and duplication are the biggest business time wasters.

Where do these inefficiencies in the workplace happen, and how can they be dealt with?

Identifying inefficient working practices

According to the research, the chief cause of workday time wasting is inefficient processes (44%). Unnecessary paperwork overload (43%) and meetings (41%) are close behind. Other contributing factors are poor communication and travel time.

These efficiencies affect not just employees but customers too, Loudhouse found, potentially leading to retention issues.

Maria Nordborg, Director of Projectplace Customer Experience at Planview says productivity losses aren’t just a problem for managers. “Both employees and customers are likely to be the ones who suffer as a result of inefficient working methods.”

 

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Technology is key to more efficient working

Loudhouse’s research saw that companies without tech-driven productivity strategies struggle most. Planview concluded that ‘technology is key to maximizing organizational performance.’

According to the results of the study:

However, only 40% believe it’s easy to measure a return on investment both before and after investing in new technology. Most companies see ROI in terms of productivity and efficiency gains, rather than financial ones.

The report saw that those business leaders who are most in touch with their IT departments are better able to identify and judge ROI potential.

Among the leaders with high levels of IT support, 63% claim it’s easy to determine value for money both before and after technology investment. Among those with mid to low levels of IT support, this figure drops to just 29%.

Giving businesses more time

The same businesses were asked what they would do if they could be given back that time. How would they spend an additional 30 minutes every day?

It can be easy to get stuck in a rut and carry on doing things in a certain way because you’ve always done them that way. But could you change any of these processes – and are using technology its to full advantage?

Our online accountants can also help to make sure your business finances are as efficient as possible. Call the team on 020 3355 4047, or ask for a free call back

About The Author

Kara Copple

An experienced business and finance writer, sometimes moonlighting as a fiction writer and blogger.

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