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

Top 5 Mobile Timesheets On the Go to Make You More Productive in 2022

Time tracking software is the backbone of every company when it comes to recording time and attendance as well as project management. The demand for such software is always increasing…Read More

How can Large Service Organizations Maximize Resource Utilization to Drive Higher Project Profitability

Large services organizations are facing several challenges in their business. On one hand, they need to maintain a flexible hybrid workplace that supports collaborations and can bridge the gap and…Read More

The Impact of Brexit on The Working Time Directives

TLNT | OCTOBER 13, 2021 By Lakshmi Raj, Co-founder and co-CEO at Replicon On the 1st January 2021, when the UK officially left the European Union, they gained the power…Read More

Demystifying the millennial workforce: 5 tips from Trunk Club’s Andrew Anderson Devine

Time magazine labels the millennial generation the “most threatening and exciting generation,” infamous for “narcissism [and] its effect: entitlement.” In the workplace, the perception of the millennial workforce is no…Read More

Time and Attendance Orientation Guide

In a growing business, the day will eventually come when managing time and attendance on paper becomes both inefficient and risky, especially when trying to balance things like overtime, paid…Read More

Using shared services? These five technologies are a must

As organizations continue to scrutinize operating costs and look for areas to drive efficiencies, shared services centers (SSCs) are a no-brainer. The concept of a multi-function SSC has been around…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Enterprise Time Tracking
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others