Business owners and managers know that productivity—working efficiently and effectively towards a specific goal—is key to their success. But how do you measure productivity? The answer is more complex than you might think.
When measuring productivity, you compare how many goods or services your business produces with how much time and resources it takes to produce those goods or services. A comparison of this magnitude requires a robust business management tool for storing, analyzing, and reporting on the productivity data you gather.
The cloud ERP solution provides a central repository for company-wide data, not only connecting your business end-to-end but also providing insights into:
- Utilization of your business resources
- How you can improve your business processes and workflows
- Communication and collaboration between your team members
The cloud enables modern ERP solutions to deliver all this while providing the reporting capabilities you need to assess your productivity and convey that information to all stakeholders.
So, how can using a cloud ERP solution help your business track and measure productivity?
Measuring productivity requires understanding how you use your resources. Your resources range from tangible items, like product components and available capital, to intangible assets, such as the skills and talents of your employees.
When you use the cloud, you can see exactly which resources are being used and when. As a result, resources are allocated optimally to maximize their potential while reducing waste.
Every small business owner or manager can attest to the joy of seeing their business grow. Growth, however, is not without complications. You need to ensure that your business processes and workflows can accommodate your heightened and evolving requirements when you gain new customers, for instance.
A cloud ERP solution can help you identify inefficiencies or bottlenecks in your current workflows based on real-time data. Using this information, you can determine strategic solutions, such as automating manual processes and standardizing disorderly procedures, to create a more streamlined, efficient, and productive business.
Measuring employee productivity is crucial. Zippia research shows that the average worker is productive for less than three hours a day (or 33 percent of an eight-hour workday). There are several factors that contribute to unproductive behavior, including stress, business inefficiencies, and general distractions. According to Zippia, the average employee is distracted every three minutes and needs 23 minutes and 15 seconds to refocus on their tasks.
Factors that lead to productivity drops harm your business as well as your employees. However, this cycle can be broken. Collaboration and communication processes between team members are improved by cloud ERP solutions, which will help increase productivity.
ERP solutions store and synchronize data from across the organization, and each member of the team has access to the same information based on their permissions. With current, accurate information and the ability to communicate via the ERP solution, they can collaborate easily on company-wide and cross-departmental projects, better understand their own roles and those of others, and coordinate actions accordingly.
A cloud ERP solution also provides multidimensional and customized reporting functionality, enabling you to make data-driven decisions based on your business’s needs. Identifying and fixing current issues is easier when you report on productivity, regardless of the size of the team or individual contributor. Furthermore, it helps you avoid problems by predicting and preventing them before they happen.
Cloud ERP solutions can boost your company’s productivity by helping you manage resources efficiently, streamline processes, increase communication between team members, and report on productivity metrics. Increasing efficiency, reducing costs, and improving employee engagement will ultimately boost your overall productivity and help you provide exceptional customer service.
Acumatica Cloud ERP can help you track productivity and improve performance with a modern cloud ERP system. This user-friendly, affordable business management software is designed to meet your company’s needs now and in the future. With it, you can measure overall productivity, create a data-driven performance improvement plan, and support today’s and tomorrow’s productivity initiatives.
Please contact our experts if you would like to learn more. We look forward to answering your questions and scheduling a demonstration for you.