Get Amazing Stories

Get great contents delivered straight to your inbox everyday, just a click away, Sign Up Now.
Name
Email

Three Poor Information Management Leakages

Here are three things that drain business profits due to poor information management:

Access

Time and resources are wasted daily as staff are not able to access information instantly.

  • If staff is searching for electronic or paper documents to use it, refer to it, reply to queries for more than a couple of minutes your business is losing money.
  • If someone spends on average ½ hour per day on searching for stuff the business is funding 3 weeks or 6% of salaries of unproductive time every year.
  • There are many cases where staff members spend 50% or more of their time searching.

Rework

Staff need to recreate documents because the original cannot be found or is on someone else’s computer

  • If staff recreates one report or presentation per week taking on average 2 hours to perform the task the business is funding 2.5 weeks or 4.6% of salaries to redo work that is already done.

Not Used

Staff do research, collate information and prepare reports for management. Management takes a cursory look at the report and ignore the findings. This produces phenomenal waste in time and effort which directly impact cost.

  • Many reports and studies are produced; specifications created; documents prepared this is simply not used in the business.
  • A staff member can, for example, receive an additional £500 bonus per year (based on average salaries) if unproductive reports are eliminated. This could be significantly more for research and report intense organisations.

Stop the Leaks

There are many more leakages due to poor information management. Just taking examples above, a proper information management system that will reduce Credit union agent wastage as highlighted above could save the company £10 000 per annum per staff member.

JOIN OUR MAILING LIST

We send out information about webinars, software updates, and news related to Laminin Solutions USA.  We never share your data, so you can be confident to receive emails only from us.
Name
Email
Categories
0 Comments
0 Pings & Trackbacks

Leave a Reply