Why productivity and data analysis go hand in hand
In the maelstrom of business news and comment that has surrounded Brexit and the appointment of Theresa May and the impact they’ll have on the British economy, two reports really stood out for me this week.
The first, from Mu Sigma, a provider of decision science and big data analytics solutions highlighted how enterprises are failing to use analytics effectively. The company’s state of nation report showed that most companies that do gather data don’t actually know what to do with it. Nor do they use data to find ways of improving business outcomes.
The second report, this time from the Office for National Statistics (ONS), revealed that UK productivity has continued to stagnate. Output per hour for the first quarter of 2016 has increased by a paltry 0.5 compared with quarter four in 2015. The UK infamously received the accolade of having the lowest productivity in the G7 in 2015, and these figures show that the trend is set to continue.
That’s all well and good, but what does that have to do with print and document management you’re probably asking.
Effective, reliable printing is one of the easiest ways to boost productivity in the workplace. For example, as discussed in a previous post, a February 2015 survey by the PDF Association found that workers spend five hours per week looking for documents and 3.5 hours filing and organising them. Elsewhere, BAE Systems conducted a study that discovered that 80% of employees waste an average of half an hour per day retrieving information, while 60% are spending an hour or more duplicating the work of others.
Just imagine how much more could be achieved with a cloud-based digital document storage solution where documents can be found at the click of a mouse?
Then there’s print itself. Could some simple rule-based printing save time by ensuring letters are printed in the right place on headed paper first time, every time? What about software that automatically routes a print job to the most suitable printer in a fleet in order to save time and money?
The next consideration is reliability. The ‘soft’ costs of printer failure are relatively difficult to quantify (see our post on the topic). Productivity loss due to printer downtime, time spent calling help desks, hours spent dealing with repair call-outs or on DIY fixes… the time and the costs soon add up – and all dent productivity.
Take a paper-reliant law firm for example. A printer malfunction can take at least 10 minutes to solve – if you can fix it yourself. An unreliable printer might break down twice a day, which at an extremely conservative administration rate of £25/hour would cost £2,000 a year. If each malfunction takes 15 minutes, the cost shoots up to £3,000. And those figures assume admin staff are taking care of the issue and solicitors/lawyers can continue to work.
If surveys like the one mentioned above are to be believed, productivity is definitely an area most businesses should be looking to improve – and it’s data analysis that will help with this. KYOCERA and its reseller partners can, through a full audit, identify where time and money savings can be made, and use data to provide suitable ways to boost office efficiency and productivity – allowing staff to spend more time on money making activities. What’s more, modern managed document solutions provide a wealth of analytics which can be used to further boost business success.
Finally, the Mu Sigma report, which can be downloaded here, revealed that those firms who have met or exceeded stakeholders’ expectations are nearly four times (3.9) more likely to use data as a way of achieving goals. Surely that’s reason enough to start thinking about print and document management data?