Are you struggling with streamlining business processes? Or wondering how you can increase business productivity?
You’ve come to the right place to find out best cap table planning.
Thanks to advancements in technology, we now have access to digital tools that allow us to do more in our work days than ever before. These tools increase business efficiency, employee productivity, and enable the smooth-running of all business processes. They make communication more efficient, facilitate the application of business practices across a wider audience, and allow businesses to sell software development services online.
So, digital tools have many advantages.
But knowing which digital tool works for which department is a whole new challenge in itself. So, to make your life easier, in this article we’re going to describe how you can utilize digital tools and where you can use them.
Let’s get into it!
Why Is Business Productivity Essential?
Business productivity is essential because it can have an enormous impact on all business processes. It allows businesses to efficiently meet their obligations to suppliers, employees, customers, and the government while remaining competitive.
In other words, business productivity allows businesses to provide their employees with the tools they need to be able to perform their jobs both efficiently and timely.
Here are some advantages of business productivity:
- Higher Profitability – When businesses operate productively, making the best use of their resources, they spend less time on tasks and use less labor to produce products/services. This reduces costs and increases profits. In fact, according to GoRemotely, employees who work productively can contribute to a 21% increase in profits.
- Decreased Operational Costs – When employees become more productive, they perform more work in less time, reducing the need for investing in a greater number of employees, which decreases operational costs.
- Increased Customer Satisfaction – When business processes become efficient and operate without any disruption, customers receive the share of attention they want, allowing them to remain satisfied for longer.
- Optimized Resources – In productive businesses, resources are used to their full potential. This includes staff, workflow systems, time, and capital.
5 Ways You Can Use Digital Tools to Increase Business Productivity
According to FinancesOnline, adopting digital tools can improve operational efficiency by 40%, improve product quality by 26%, reduce development costs by 24%, and introduce 21% new revenue streams—all of which have a massive impact on productivity.
And businesses have noticed this. So, from CRM systems and chatbots to time-tracking and project management software, businesses use a variety of digital tools to increase business productivity.
Here are some ways you could incorporate digital tools into your operations to increase business productivity:
1. Use Cloud Technology for File Sharing
Have you ever collaborated on projects with colleagues, only to end up with multiple versions of documents that don’t match? Not only is this annoying, but it also decreases efficiency and increases overhead costs. In fact, according to a Huddle survey, more than 15% of employees are frustrated with this aspect of collaborative working.
However, this can now be changed.
By using cloud platforms like Google Drive, Dropbox, Microsoft OneDrive, Filecloud, and more, you can not only work simultaneously with your colleagues but also make improvements, share files, reduce costs, save time, improve accessibility, and increase file security at the same time.
2. Utilize Customer Relationship Management Systems to Manage Customers
According to Microsoft, more than 90% of Americans consider customer service as a factor when deciding whether to do business with a company, and Salesforce Research says that around 89% consumers are likely to purchase another product from a company after a positive customer service experience.
This shows that the value of customer service cannot be overstated. So, having great CRM software is not only important for business profitability, productivity, and success but also for customer satisfaction.
So, businesses can start using software like Salesforce, Zoho, and Insightly to automate and provide better customer service, increase sales, improve customer retention, and increase business productivity.
3. Start Using Project Management Tools to Create Efficient Workflows
Have you ever been bombarded by messages from your clients asking you why your project was late yet again? Have you been trying to track your employee’s progress to no avail?
You’re not alone. To put it into perspective, according to Hive, for every billion invested in the U.S., more than $122 million was wasted due to inefficient project management practices. And what’s more, around 50% of managers indicated that their projects often failed to achieve their goals.
Thus, not only do inefficient project management practices decrease business efficiency and productivity but also reduce profitability, which can land businesses in debt.
So, by using project management software like Wrike, Zoho Projects, Trello, Asana, and more, you not only improve team collaboration and employee productivity but also optimize resource management, improve planning and scheduling, and deliver projects on time.
4. Set Up a Central Communication System for Efficient Communication
Doesn’t constantly writing and answering emails revolving around small queries get tiresome? Do you often have a burning question that needs to be answered right now but often isn’t because of inefficient communication?
The thing is, many businesses don’t have a central communication hub where employees can ask and answer questions quickly and efficiently. This lack not only decreases efficiency and productivity but can also allow some details to slip through cracks, so employees often find it difficult to keep up-to-date with everything that’s going on.
So, by setting up a centralized communication system, businesses can ensure that all their employees are on the same page, reduce inconsistencies, improve time management, increase transparency, plan efficiently, increase employee engagement, and make sure everyone has access to relevant information.
5. Use Invoice Generators to Reduce Invoice Errors
Manual invoicing processes often run the risk of human errors and redundancies. It can also take hours to collect the data needed to create a manual invoice. So, this is where invoicing software comes in.
Rather than collating all data and then having accounting create an invoice, businesses should just use a check stub maker or an invoice generator, such as Pay Stubs Now, PayPal Online Invoicing, and more. These generators not only enable business owners and accountants to keep track of all transactions but also make billing and recording keeping automatic.