6 Ways Technology Increases Productivity and Profitability

Whether you’re an entrepreneur, a CEO, a manager, or some other member of the executive staff, you probably spend loads of time looking for ways to increase productivity in your workplace. A productive and efficient team ultimately leads to higher profitability. Who doesn’t want that?

Thankfully, we live in a time where productivity enhancements are much more straightforward than they used to be. There are dozens of productivity based software solutions, hacks, and more available on the market.

Utilizing the available tools can massively increase your company’s productivity. From comprehensive CRMs like salesforce, to in-depth data analysis, to project management suites and more, let’s take a look at six ways technology is currently increasing productivity in the workplace.

Number One: Improved Communication

Communicating through different departments remains a major productivity hiccup for most companies. Statistics show that small companies lose hundreds of thousands of dollars each year because of miscommunications. Thanks to new technology, employee and department communication has never been easier.

Now, it’s simple to start a group message chain and instant message back and forth. Platforms like Slack were created with this type of streamlined communication in mind. Platforms like these eliminate the need to email back and forth and help keep things running smoothly. When people have questions, they can get them answered immediately, versus waiting for an email or callback from another employee.

Number Two: Simplifying Project Management

Improve project management, and productivity almost always follows. Today, there are simple platforms dedicated to project management. Things like Basecamp, ActiveCollab, and others come to mind. Help your team organize projects from beginning to end, in a platform created for efficient project management.

Often, these platforms also promote collaboration, which statistically is a critical component in increasing profitability. You don’t always have to use an existing platform. If you have the budget, you can have one designed and created specifically for your company’s needs.

Number Three: Containing Customer Relations

Customer relations used to require many disconnected systems. You had invoices in one place and customer information in another. The sales pipeline was somewhere else. The marketing team had their own place. It was disorganized and ineffective.

Today, there are comprehensive CRMs, or customer relationship management systems, that are built specifically for managing the entire customer experience. Salesforce is the leader in the CRM class. It’s used by Fortune 500 companies and small businesses alike. If you want to increase productivity by increasing access and streamlining the customer pipeline, Salesforce is the way to do it.

However, quick tip here, if you choose Salesforce as your CRM, you’ll need to hire Salesforce consultants to make sure that everything is set up correctly.

Number Four: Go Paperless

This one may seem obvious, but a large number of companies still waste precious time with pen and paper practices. For instance, sharing files. For an employee to share a document with another, it takes, however long to walk across the building to deliver that document.

However, with online and cloud file sharing, document sharing is instant. Another example here is document signing. It’s the same principle. If you work in accounting, and you need someone from the c-suite to sign a paper, let’s say it takes ten minutes to walk to and from the c-suite.

This means you spend twenty minutes to get a document signed, when electronic signatures are a thing now. There are several ways to go paperless that save time and increases productivity. Plus, as a bonus, it saves the trees.

Number Five: Streamlined and Simplified Accounting

There are numerous regulations when it comes to payroll and taxes. If your accounting team is still operating in the stone ages, you’re killing their productivity. You’re also leaving yourself open to some serious legal issues.

There are robust accounting technologies that help navigate payroll and taxes. These solutions not only make their lives easier and their workdays more productive, but they help ensure that the company is staying compliant and getting all the profit and refunds they deserve.

Number Six: Data analytics

Big data and data analytics is a massive topic, one that would take an entire article to cover. However, it’s worth mentioning here because data analytics have revolutionized productivity. Big data allows companies to look inside their business and see what’s working and what isn’t. In other words, it enables decision-makers to see what’s wasting the company’s time and money.

Data analytics require several tech solutions, and a particular set of skills, so if you don’t have someone on your team who is acquainted with big data, then look into analytics consulting. The investment into data analytics will not only increase your team’s productivity, but your company’s profitability as well.

Utilize Technology to Increase Productivity

These six solutions are just a few of the ways that technology can increase productivity in your organization. Don’t be afraid of adopting new tech and trying new software solutions. These advancements were created to increase profitability and productivity. Don’t wait to start taking advantage of new tech in your company.