Productivity is quite a measurable thing. Enterprise performance is typically directly connected with individual productivity. For example, a worker at the car factory is able to produce 5 car parts per hour. The other worker can manufacture 7 parts per hour. The aggregated output makes the average enterprise productivity.
The measuring method of enterprise efficiency depends not only on timelines but also on context and situation since efficiency on some job roles in banking or software product development industries, for example, can be measured with the regard to a particular context.
Enterprise productivity is very important as it facilitates economic growth not only of workers and business but also of a whole nation. Technology and innovation are considered the main driving forces of efficiency. Let’s take a closer look at these and other factors affecting larger output.
Factors affecting enterprise productivity
Factors that influence the efficiency of an organization may include human aspects, software, and equipment factors, and factors related to the operational processes. Below is more detailed information on each of the factors:
Investing in new technology and implementing it within an organization, business owners can gain competitive advantage much faster than if they stayed satisfied with what they had. Advanced software systems provide many opportunities both to employees and customers or consumers of goods.
Having a robust system in place, you can organize all workflows in one place, monitor and measure different processes, share data, and get instant feedback from clients. ERP and CRM systems are the best solutions to ensure higher enterprise productivity.
2. Investments in advanced skills
The evolution of new technologies caused the need to acquire experts in a certain range of business domains. Thus, companies search for specific skills to implement artificial intelligence, Big Data, or blockchain technology, for instance. Besides, the appearance of new technology and automation caused the emergence of new professions which should be taken into account by enterprises that strive to improve efficiency.
3. Regular training of employees
While your employees undergo onboarding and training at the entry-level stages of their jobs you can use this time to improve efficiency by introducing to your workers how your systems function and identifying the main challenges you have.
4. Effective resources use
By organizing everything nice and neat, you will be able to give your employees the impression that their work is stress-free. Effective management of human resources, supply chains, assets can be ensured by good enterprise-grade software.
Ways to increase productivity
There are lots of ways to enhance efficiency in the workplace. We gathered the key methods that can help you. Check these out:
Regular business analysis and audit
Conduct in-depth and detailed business analysis on a regular basis to identify challenges your organization faces. Such analysis and audit can also provide comprehensive insights of business performance, identify new operational and process opportunities.
Implementing new technology solutions
Modern technology solutions provide many advantages like remote access to the company’s data (cloud solutions), automation (artificial intelligence and machine learning), better customer interaction (chatbots, voice assistants, social CRM). All these innovations can bring your company to a competitive edge.
Making changes in the production process
Reinventing the production process can help you increase enterprise productivity. Implementing new equipment or applying changes in the supply chain will definitely cause corresponding changes in production.
Acquiring new skills and expertise
To reduce asset intensity without sacrificing products or services quality, enterprises can use outsourcing or contract manufacturing. By outsourcing your projects to dedicated teams, for example, you can acquire developers with specific expertise and unique skills.
Enhancing cost effectiveness and customer interaction
If you improve customer interaction, you will be able to hear your customers’ needs and provide services or products that they really need. Conducting in-depth market analysis will help understand and optimize product profitability while driving consumer behavior will create a strong value chain.
Software is the most powerful tool to increase productivity
Organizing knowledge and data flows
Enterprise-grade software like ERP, EIM, CRM, HRM and other can easily organize data flows, streamline and automate business processes.
Automating business processes
Technology-enabled transformation of different processes inside and outside enterprises can improve productivity. With proper automation tools in place, companies will be able to reduce manual and routine tasks and provide employees with powerful management capabilities.
Improving coordination among teams
By introducing new software such as project management solutions or time-tracking apps, you can reduce the time for different operational processes and enhance coordination among departments. Shorter time for completing various tasks means that more work can be done.
Establishing a personalized approach to customers
Marketing and customer relations software solutions allow analyzing big data and identifying the real needs of ccustomers. This ability of technology helps to create personalized offerings to consumers and improve communication with clients.
Reducing costs for operational processes
Probably, the main objective of any digital transformation is to reduce operational costs. As a result of any technology implementation, companies get a more advanced system that helps not only reduce administrative costs but also improve efficiency.
If you made up your mind to introduce a new enterprise-grade software choose between a custom-designed system and an out-of-the-box solution. Both have the core features and functionalities but differ in customization capabilities and cost. Bespoke software can be developed with regard to your requirements and provide you with unique features needed to manage purely your company’s processes. However, this type of applications is much more expensive than a premade solution.