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.”
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:
96% of business leaders believe technology helps drive organizational efficiency.
53% of those with ‘tech-driven’ efficiency programs are ‘very confident’ of success…
…in comparison to 14% of leaders who regard themselves as ‘tech-hesitant’.
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?
Of those, 56% said they would spend the time recharging their batteries, rather than on work.
Among those who choosing to reinvest the time in their business instead, most said they would spend the time on their own personal development, the development needs of other staff members, and streamlining business processes.
Only around a third would spend the time investigating new prospects.
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?