Did you know that 30 percent of a company’s revenue is wasted due to inefficiency?
Well, now you do. Productivity is more than just an important asset for any company; it is imperative, and it has a direct effect on not just an employee’s time, but also on the company’s bottom line. In this post, we will discuss the biggest problem companies face that cost time and money.
The Definition Of Process Inefficiency
You would be surprised at how many companies fail to understand this topic.
With a tremendous amount of time spent on poorly-executed workflows, the idea of process inefficiency is a simple one after all: it is the amount of time and effort put toward achieving a business objective. There is a formula you can use: value of outputs / value of inputs X 100.
If the number is below 100%, you are wasting time and money. When this is performed correctly, i.e. by utilizing organization and simplicity, your company can avoid problems based on outdated methods such as the ever-daunting Excel spreadsheet, standardized CRMs, and manual data entry.
The Hidden Costs Of Inefficiency
According to a study by IDC Research, almost one-fourth of an employee’s day is spent on inefficient processes. This will scare you, so we suggest you sit down before reading the following: around 42 minutes a day are spent handling unnecessary administrative tasks; 28 minutes per day are spent in meeting rooms that, suffice to say, result in wasted time; and 26 minutes are wasted due to outdated processes.
Manual administration costs time, which costs money, and this leads to inefficiency.
Technology Exists, So Why Aren’t We Using It?
Furthermore, a study by OnePoll found that 48 percent of employees felt that the use of better technology would allow for an increase in productivity. With more than a fair share of companies still relying on spreadsheets, failing to communicate, and manually updating data, it is without question a necessity to start automating the process with cost-effective, albeit, time-based tools.
Fun story: in January of 1995, a Fidelity employee negated the “minus” sign in their spreadsheet’s revenue projections. This led to a deficit: rather than $1.3 billion having been spent, the bottom line came out to $2.6 billion – which was off by a long shot. This happens more often than one may think.
At TemPro, we work with many business owners who have similar stories, and that is why even the standard CRM and PM programs are not always the best to use. They lack customization – a facet we offer.
Routine Is The Enemy
You may be wondering why these statistics are so far-gone. The answer is simple: many companies are stuck in routine. If Excel spreadsheets and standardized CRM systems have worked in the past, then why change it? Well, this is the antithesis of human psychology: we have to adapt or perish, and just like natural selection proposes, if you do not change with the times, you will fall behind. This is not to say that every company is failing to work with what they have. At TemPro, we have seen everything from success stories to complete flops. However, if there is a better way to do things, why not try it?
How To Automate Your Workflows
Now, a moment to discuss the current thought you are pondering: “We use a CRM or PM program like Monday or Asana.” Yes, these are great, but they fail to address the broader issue: every company and industry is different, and that is why customization is needed. When you work with a platform that has generic templates without the ability to toy with the backend, you may succeed, but what does this really do to help you? When you think about it, most of these systems are just an advanced Excel spreadsheet.
This is not just our opinion; many feel the exact same way. There are either too few, or too many, variables to work with, and at the end of the day, wouldn’t you love a solution that offered the ability to take a CRM and alter its components – specific to your industry or your business? Well, TemPro offers dozens of templates that do just that: they give you control over your systems, and this reduces your inefficiency issues by providing a well-structured means to adapt each template to your needs.
Take Us Up On Our Offer!
We hope this has shown you the flaws of working with outdated tactics, but where do we go from here? We suggest you head to our template library or to contact us for a customized system. They are affordable, and fully customizable once purchased, and you can even cross-sell them to others! For now, take care!
