How outdated ways of working are costing your business money

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In today’s digital economy, businesses are under more pressure than ever to do more with less. They are expected to increase productivity without compromising quality while keeping employees and customers happy. However, our Chaos Theory research shows that managers are struggling to work smarter – and businesses are paying a high price for it.

Although employees have access to technologies designed to make them more connected and boost productivity, one in five of all projects run late and 14% run over budget. What’s more, half of managers are taking on tasks outside of their main role, leaving them less time to make sure that their team is working together effectively, further increasing the risk of missed deadlines and overspent budgets. Ultimately, inefficient ways of working cost project managers – and businesses – almost three hours a week, equating to more than 20 working days a year.

In order to catch up, managers work on their days off. Consequently they struggle with work-related stress which, in the worst case scenario, can lead to them being signed off by their doctor for weeks or even months, meaning that the business could face further inefficiencies and delays.

In this scenario how can businesses get rid of the chaos and improve their bottom line?

The key is using the latest technologies to boost employee engagement and pave the way for smarter ways of working. Businesses should eliminate complex internal processes that waste billable time – such as communication silos and over-reliance on e-mail – and increase transparency. This will allow them to become more agile and competitive.

Increasing transparency will empower businesses to avoid unnecessary spending by immediately identifying the areas that sap resources and potential failings before they impact on customers.

By equipping their always connected, distributed teams with the right tools, businesses will be able to get things done on time and within budget, achieve their goals and improve their revenue.

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Check out our latest whitepaper to find out more about how your business can get rid of inefficient ways of working.

Download: The cost of collaboration inefficiencies

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