Priority Software Ltd., a leading global provider of ERP solutions, today announced the findings of its research into productivity and process efficiency in UK businesses, surveying 650 senior decision makers (Senior Managers, C-Level and Business Owners). Data reveals that whilst the majority of business leaders rate their business as efficient, 30 per cent of those surveyed are wasting up to 65 working days per year on administrative tasks, with another 53 per cent wasting the equivalent of a working month.
Company efficiency overestimated and long term goals deferred
With an uncertain economic outlook, the UK finds itself at a crucial juncture for business. As a plethora of trade bodies, think tanks and financial analysts raise concerns on the impending exit from the EU, Priority Software’s Business Process Efficiency Index 2018 reveals business leaders are struggling to take charge of company productivity.
Personal development, growth and strategy casualties of inefficient processes
Senior decision-makers also expressed the desire to spend more time planning for the future of their businesses, time currently occupied by administrative tasks:
- 30 per cent of business leaders would spend more time on strategy and planning if they had the time.
- 28 per cent of business leaders would spend more time on personal development and self-training if they had the time.
- 28 per cent of business leaders would spend more time on growing the business if they had the time.
Spotlight: C-Level execs spend the most time in meetings
- 50 per cent of C-Level execs are spending over a quarter of the working week in meetings (more than 10 hours), whether face-to-face or on the phone.
- 28.5 per cent of C-Level execs admit to spending more than 10 hours in external phone calls each week.
- 52 per cent of C-Level execs admit to spending 5+ hours on external phone calls each week.
- Almost a third (31 per cent) of senior decision makers take a full lunch break less than once per week
Whilst working through the lunch hour might create the illusion of productivity, in reality, skipping lunch while wasting time on inefficient tasks points to poor time management, leading to an unhappier and less efficient workforce.
“If business leaders are wasting this much time on admin, it’s fair to say this problem will run right through the organization,” said Andres Richter, CEO of Priority Software. “The concern from our findings is that because of this, managers are not spending enough time on long term planning and strategy. This is unfortunate, as many administrative and logistics tasks can easily be automated using common business management software tools.
“Our advice to them would be to conduct an audit of where they’re spending their time to build an honest picture of where improvements could be made. Whether it’s deploying collaboration tools, transferring core functions into the cloud for real time progress reports or simply appraising wellbeing culture, this will put firms in a stronger position when weathering an unpredictable economic climate.”