As accountants and business advisers, we could wax lyrical about the benefits of streamlining business processes. In fact, we published an entire eBook on the subject.
From increased productivity to better time management, here are the top five benefits of streamlining business processes.
It increases employee productivity
There’s nothing worse than wasting your team’s talent on menial, repetitive tasks, especially when you can use technology. So, why not free up your employee’s time and streamline some business processes?
As your team won’t be bogged down by unnecessary tasks, you’ll find them accomplishing more meaningful work throughout the day — work that will help drive your business further, rather than keep it at a standstill.
In our eBook, we discuss monitoring how long it takes for your team to complete certain tasks. With this in mind, why not use time tracking tools to measure how long it takes employees to complete certain tasks? If you’re not happy with the result, working out how to streamline your processes will help.
It leads to better communication
Communication is key. Without a streamlined link between you and your managers and employees, you won’t be able to coordinate as efficiently.
But with streamlined communication channels, there will be less room for interpretation, meaning everyone will know exactly how to carry out their role.
Streamlining will also make things clear and direct and, in turn, help your operations run more smoothly.
This will be especially useful if you work out a quicker way to communicate with people external to the business, such as suppliers, as this is a common cause of bottlenecks in business.
It mitigates and prevents errors
Before streamlining and automating work processes, you may have found yourself stumbling across errors in your team’s work. It happens — everyone makes mistakes. But if you introduce digital automation to your processes, this risk is significantly reduced.
Having a software programme run any necessary calculations or reconcile your data cuts the chances of human error. For example, if you had a member of staff copying figures from one spreadsheet to another, there’s always the possibility of a stray nought here or an incorrect sum there.
Artificial intelligence can also check documents and spot errors, saving you a lot of time and effort correcting them after the mistake is noticed — and before it causes a huge problem for the business.
It helps you make better decisions
Streamlining your business processes can also give you stronger control over your organisation.
For example, if you integrate technology into your everyday operations to streamline processes, you’ll then have greater insight into your spending and allow you to make informed decisions, as financial figures are easier to access and make sense of.
It saves you time, too
We’ve touched upon saving your employee’s time and allocating it to higher-value work, but what about your time?
By streamlining your internal processes, you’re essentially cutting down on the time needed to train new employees. This means it’ll be much easier for you to bring on new staff, get them ready to perform their role and integrate them into your team.
And of course, by streamlining the work you need to do as the business owner, like financial management and planning, you can do more in less time to make your business a resounding success.