In 2019, workplace efficiency increased by 1.2% in the US, the Bureau of Labor Statistics tells us.
Specifically, total hours worked grew by 1.2% and total output saw a 2.4% increase. The likely reason behind this impressive improvement in business productivity? The widespread adoption of cutting-edge workplace technology. Smart tech tools, including time tracking software, concentration tools, digital dictation, document collaboration tools, and invoice and accounting software can help ensure you stay productive and manage your business as efficiently as possible.
Time tracking software
Time tracking software allows you to manage projects with greater accuracy. It essentially lets you track and manage employee time, expenses, and resources — all in one place. In particular, time tracking experts at Journyx say one of the biggest benefits of this software is that it helps you better understand the true cost of your projects. IT projects typically go 45% over budget, 7% over time, and therefore only deliver 56% of their estimated profits. With time and project tracking software, however, you can track past projects, important data, and budget milestones to more accurately predict the cost of future ones. Changes to your project can be made accordingly and the risk of overspending or losing profit is therefore reduced.
Employees spend an average of 30-40% of their internet activity on non-work-related activities, which costs businesses a staggering $63 billion every year. Most of this time is spent online shopping, on social media, and streaming media content. Most employers don’t want to completely restrict employee internet use, and fortunately, temporary focus tools can be implemented to eradicate internet distractions and boost concentration and productivity. With Self-Control (for Mac) or Freedom, for example, you can block the internet for however long you want to set aside to complete a task. Freedom gives you back access if you reboot your computer, while Self-Control forces you to wait until your time’s up. Alternatively, Stay focusd is another handy tool that lets you block specific areas of a website, while being able to access other areas you may need for work. However, it also gives you the option to block the entire internet or restrict your access to a select few essential sites.
Whether you’re on the road or in the office, digital dictation tools can be a great productivity booster no matter the industry you’re in — we all talk faster than we type, after all. Speech recognition software specifically designed for business use can cleverly recognize your individual speech patterns. It then works with dictation technology to effortlessly allow you to enter text in a document just by using your voice — no keyboards needed! Digital dictation can therefore make virtually any computer task simpler and quicker to perform. It also helps you streamline your workflow and create a paperless office, which in turn can save on resources and cut down on expenses.
Document collaboration tools
Using a document collaboration tool is a surefire way to improve your workflow, foster teamwork, and boost productivity. When emails are typically used to collaborate on work, it’s not always clear if you’re actually working on the most recent document. Fortunately, online collaboration tools allow you to see you’re working on the most current version of a file. You’re also able to easily view the most recent edits made to the document, be notified once a change is made, and tag team members so they can review the changes. In turn, this keeps everyone on the same page and reduces confusion. Additionally, document collaboration tools improve efficiency by minimizing the need for arranging and holding countless meetings to review workflows and documents. In fact, unproductive meetings cost businesses $37 billion per year in the US. With this technology, however, you simply make the necessary changes to the document, send an update to your team, and have them give their feedback and comments.
Invoice and accounting software
Manually managing invoices, receipts, and bills can be a huge time suck and source of stress. With invoice and accounting software, however, you can create and store all your financial data neatly in one place. In particular, Neat and QuickBooks Online are cloud-based applications that allow you to access your data from any device. They also seamlessly integrate with other cloud technology. Accounting software saves time; you’re saved from entering the same information each time you compose an invoice. Once you’ve created a record for your clients or employees, all you have to do is select their information from a drop-down menu. It’s also a more accurate way of accounting since errors are minimized as you’re not continually re-entering the same data. Additionally, calculations are performed for you by the software to ensure you’re given correct and precise data on every type of transaction.
Investing in useful tech tools is a great way to boost workplace productivity and ensure efficient management. Time tracking software, concentration tools, digital dictation, document collaboration tools, and invoice and accounting software are some of the latest technologies designed to make running your business easier than ever.