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The 3 Most Common Causes of Business Inefficiency And How Technology Can Fix Them

Posted on 7th September 2020 by FinXL

No two businesses are the same. Yet many are plagued by the same problems that lead to inefficiency and wasted potential. They can result in lost time, lost revenue, or just become energy sapping and impact staff morale. 

In the midst of the COVID-19 pandemic, it is more important than ever to try and find solutions to these inefficiencies. Businesses are already being tested and have a greater need to cut costs and stay competitive so they can come emerge from the pandemic in good shape.

Luckily, technology solutions are increasingly offering a path to overcome the most common business hurdles. In this article we’ll take a look at three of the most common problems and how technology can help you kiss them goodbye.

The Top 3 Causes

Siloing

When departments work independently of one another, without taking advantage of overlaps and synergies, a huge amount of resources are wasted. Removing siloes improves the flow of information and skills between departments and also improves the cohesiveness and morale of the entire organisation.

The tech solution - one of the best ways to break down silos is to put in place a common system of records. These refer to an ISRS (information storage and retrieval systems) or customer system of records such as a CRM. They can also extend to IT or financial systems. Everyone in the company can then access and share the same information, systems and processes.

Drowning In Paper

An overreliance on dated paper-based systems is still surprisingly common in many businesses. Whether you’re still filling out authorisation forms, invoices, expense claims or completing payroll by hand, they are slow and frustrating ways to get things done. Many offices are now completely paper free and with the environmental and financial reasons to back it up, it’s hard to argue that offices need any paper-based processes at all.

The tech solution - thanks to digital forms, e-signatures, collaboration software, videoconferencing, and online portals, essentially every task can be completed online. Ensuring this transformation occurs comes down to senior staff implementing the necessary changes in procedures at every level. Going digital is one of the best ways to complete a step change in efficiency improvement.

Remote Working Challenges

With so many people now working from home, having many or all of your staff working remotely can be extremely trying if not well managed. Even before COVID-19, an increasing number of staff were working remotely one or two days a week in search of an improved work-life balance. But to make this all work, communication channels are key.

The tech solution - with the right communications platforms and processes in place, there’s no reason why a manager cannot manage an entire team remotely. By using common communication and collaboration platforms such as Slack or Trello in coordination with regular Zoom meetings when needed, staff can feel connected and share ideas efficiently.

A Final Word

At the end of the day, there are many ways in which your operational efficiency can be improved. But some require far more effort, cost, and disruption to achieve than others. However, thanks to recent technology developments, there’s no excuse not to tackle the low hanging fruit that provides the biggest efficiency boosts at the lowest cost. By digitising your processes and breaking down the silos within your company, you’ll not only provide efficiency but also enhance the working experiences of all staff.

Technology can’t provide the solution to all problems, you ultimately need great staff to actually perform the tasks and make great decisions. But by utilising technologies when they make the most sense, you are freeing up your human and capital resources to be better allocated to more value generating actions. By making the most of remote working and collaboration platforms, you are broadening the potential talent pool that can contribute to your company’s success.

For more information on how you can improve your business efficiency or boost your access to talent, talk to FinXL.