According to market research firm IDC, companies lose 20 to 30 per cent in revenue every year due to inefficiencies. This is due in large part to siloed systems and overly complicated processes.
But, rather than address these issues, several businesses continue to ‘make do’ with the same systems and processes because of misconceptions about change. Thankfully, it’s easier than you think.
Streamline payroll and accounting
With printed checks for payroll and accounts, it’s possible to save a great deal of time and resources. What’s more, you’ll reduce data entry errors and increase protection against fraud.
Not only is it incredibly easy to pay vendors and suppliers with greater accuracy and accountability, you can also enjoy the utmost security. The latest features include a coating to block tampering attempts and heat sensitive icons to prevent photocopying.
You can also move to a system in which you only print paperwork where absolutely necessary. Moving as close to paperless as you can is great for the environment and for the amount you spend on paper, ink and storage.
Automate more tasks
“Business automation is not just a luxury; it is a necessity in today’s competitive environment,” says Sathvik Tantry of FormSwift. “Automating monotonous tasks saves your employees time and allows them to do more productive tasks that require critical thinking or a human touch.”
Although a lot depends on what you automate, this could be quite an expensive endeavor for some businesses. However, if you look to the long-term with efficiency goals in mind, it will be well worthwhile.
Utilise task management software
Task management software is specifically designed to help teams work better together and more efficiently. With collaborative applications, you can track each individual’s progress and ensure everyone stays on task.
This is becoming the go-to method of communication for several high-profile organisations. When compared with alternatives like email, which requires constant back and forth, task management software makes a lot more sense.
Encourage face-to-face communication
While task management software can overcome many office-based challenges, it doesn’t compare with face-to-face conversation when attempting to improve efficiency. Therefore, actively encourage your employees to talk with each other and nurture the flow of information.
“Skype, Google Chat and other online communication tools are always helpful when trying to shoot over a quick message to your colleagues,” says Miles Jennings of Recruiter. “However, face-to-face interaction really speeds up the process of solving a problem, answering a question, or getting something important clarified.”
Outsource your IT
In order to understand the ever-changing nature of IT, you need to live and breathe the industry on a daily basis. This can be difficult and often impossible in-house, which is why many organisations decide to outsource their IT.
Along with increasing the efficiency of IT systems and infrastructure, you also stand to benefit from reduced operational costs, better support, and enhanced security of confidential information.
Create the right culture
Increasing the efficiency of business processes isn’t always down to the way you do something. A lot of the time, it is dependent on your organisation’s long-term objectives, such as creating a high performance culture. If you want to be successful, you need to think and act like a successful business.
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