3 ways your company is wasting time

We all say “time is money,” but too often we fail to recognize the different ways our companies are losing time (and thus money!). While employee engagement, solid leadership, and strongly discouraging Facebook and Netflix use on the clock are all positive steps toward saving time and optimizing your workday, we also need to consider the ways in which the systems we use are falling short.

Below, we discuss three common ways the systems and technology we choose to establish at work might be wasting your company’s time:

Failing to automate

Adobe’s CFO Mark Garrett has recently started the process of eliminating Excel from the hiring and financial planning process, asserting that he “[doesn’t] want financial planning people spending their time importing and exporting and manipulating data” instead of focusing on “what the data is telling us.” And Garrett isn’t alone, with CFOs at companies like P.F Chang’s, ABM Industries, and Wintrust Financial Corp. making similar advances towards cutting out Excel from their financial planning, analysis, and reporting.

This change indicative of a larger problem — the reality and demands of the contemporary corporate workday are making manual and/or paper-based processes increasingly obsolete, and not just in finance. In order to avoid data silos and a significantly greater potential for human error, companies need to turn to automated, cloud-based processes. Those who don’t are perpetuating substantial and unnecessary administrative overheads.

Lack of data

If your data is siloed, otherwise difficult to access, riddled with errors, or not as comprehensive as necessary, there’s a variety of ways your company is susceptible to time loss.

Most generally, if your data isn’t up to par, then there’s a good chance that managers are either making poor decisions or taking too long to make decisions. Your data needs to be parsed, analyzed, edited, and presented quickly to leaders, managers, clients, and other stakeholders quickly and often so that the right decisions can be made in the right amount of time. If your data access isn’t conducive to today’s fast-paced corporate environment, then it’s likely your company is losing valuable time trying to find it and extract it.

Perpetuating legacy systems

Some time ago, you may have spent a substantial sum on a legacy system — but this doesn’t mean you have to continue financing something antiquated. The reality is that keeping a legacy system on life support can often incur substantial costs and require near-constant attention from your IT staff. While transitioning to new technology is no insignificant feat — and will also require money and time initially — the costs up front are well worth the smooth sailing and time saved down the road, provided you find the right fit for your company.

At the end of the day, the systems you use should promote Time Intelligence™ within your company, instead of creating additional inefficiencies.

Want to start treating time as the strategic, vital asset it is?

Watch our Time Intelligence video

Regina Mullen
ABOUT THE AUTHOR
Regina Mullen
Regina is the Workforce Management Expert & Content Marketing Associate for Replicon. Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time.
Get started today.
Set up a free trial based on your business needs. Start Free Trial

HR Technology Conference 2018: Top Takeaways

Last week, thousands gathered in Las Vegas once again for the year’s largest HR Technology Conference. Renowned corporate talent and HR analyst Josh Bersin set the tone in his opening…Read More

Global Compliance Desk – Michigan

  State: Michigan Changes in compliance are continuous and occurring around the globe. At Replicon, our goal is to make sure you’re never a step behind. Recently, there have been…Read More

Ghost Employees: Stop Losing Money to Phantom Employees

By Raj Narayanaswamy | September 11, 2018 We may still be a ways from Halloween, but some spookier lore lingers all year round—like that of the mysterious “ghost employee.” And…Read More

6 steps for fast-tracking profitability in your consulting practice

Advice aimed at entrepreneurs and small businesses tends to be heavily product-oriented, but in reality the majority of US small businesses fall under the “Professional, Scientific, Technical, and Other Services”…Read More

Consulting firms: 4 ways to improve billing & get paid on time

At the end of the day, your consulting firm relies on the assumption that a good percentage of clients will honor their payments promptly and accurately. In the professional services…Read More

5 ways to improve service delivery in your organization

In a highly competitive market, service-based businesses need to capitalize on any opportunity to set themselves apart from their (often very similar) competitors. While implementation, system details, and service management…Read More
  • Cloud
  • In The News
  • Corporate
  • Professional Services Management
  • Project and Program Management
  • Shared Services Management
  • Time and Attendance Management
  • Workforce Management
  • Customer Feature
  • Feature Update
  • Time Intelligence
  • Industry News
  • Webinar Recap
  • Global Compliance Updates
  • Chat with us
    How can we help you?