Operational efficiency is one of the critical traits of successful businesses. However, improving efficiency is more than just a one-and-done initiative. To be truly efficient, these businesses embed efficient practices in their day-to-day operations.
As we enter 2023, we look at five key habits of efficient businesses to adopt for business success.
Top 5 Efficient Business Practices
1. Processes at Centerstage:
One of the key things that efficient organisations do is focus on end-to-end improvement. They work to bring in efficiencies at the process level itself for sustainable results. Quick fixes enable small-scale efficiency, whereas measures at the process level, such as removing non-value-adding activities, analysing process time and cost, identifying automation opportunities, etc., result in a substantial increase in efficiency.
2. Continuous Improvement:
Setting and forgetting is the biggest mistake most organisations make. Efficient businesses stay a step ahead and look for opportunities for continual improvement. They have defined rules and mechanisms to encourage looking for areas of improvement and emphasise building a culture of Continuous Improvement.
3. Collaborative Culture:
Effective companies consciously work collaboratively towards defined organisational objectives and prevent the silos mentality from creeping into the system. They ensure to engage employees till the top-down level. For this, firstly, they have a defined process to allow everyone on the staff, right from frontline employees to SMEs, to suggest changes in the existing systems. In addition, there is a solid approval system to review and approve those changes. This defined process ensures that employees feel connected to the key goals and objectives.
Furthermore, a common trait of efficient organisations is their focus on understanding the importance of change management, as any initiative is only as successful as the employees following it.
4. Defined KPIs:
Clarity in roles and responsibilities and determined KPIs are vital to ensure employees perform to their maximum potential. Providing visibility into responsibilities at the task level makes employees aware of expectations from their role and removes any ambiguity or inefficiencies that may result in decreased productivity. Efficient businesses focus on providing complete clarity on day-to-day tasks to employees. It ensures that employees remain productive, whether operating from a remote setup or in-office premises, boosting employee morale and work satisfaction. Also, one can ensure that employee efforts are aligned with the overall organisational goals.
5. Measurable goals and progress tracking:
Most organisations make several plans and strategies but fail to get the implementation right. Truly efficient businesses keep close track of implementation with defined goals at the start of the project and measure the progress. Start small, think big is what they practice. They start with smaller goals and keep moving to the larger business goals as they move forward.
Achieving Efficiency With BPM
From streamlining processes to laying out procedures, Business Process Management (BPM) is a game changer in achieving operational efficiency.
Choosing a cloud-based software, such as PRIME BPM, can help you remove non-value-adding activities, such as double handling and rework, and analyse how much money and time is wasted performing these activities. Powerful collaboration features, an inbuilt RACI matrix to define team roles and responsibilities, and a centralised repository of procedures are other key features that result in substantial efficiency gains.
Explore the full range of efficiency improvement features included in PRIME BPM, get access to PRIME BPM Premium at Zero Cost.
