Last week we looked at how collaboration saves businesses money, using data from new research by SMART Technology. The key finding is that the biggest financial return from collaboration isn’t the money businesses save, but the money they make from a more productive and cost-effective setup.
While collaborative technology removes unnecessary expenses like business travel, 70% of companies with a fully optimised collaboration strategy report improved productivity as the main financial benefit.
Which means collaboration is about much more than cutting a few costs. A fully optimised collaboration strategy can turn your business into a more effective organisation and boost your profit margin. SMART research shows that increased productivity allows your business to get more done, do it quicker and improve quality.
Helping teams and individuals get more done
Collaborative technology is engineered to help your business get more out of individuals and teams as a whole. Participant companies in a recent SMART study have been questioned on a number of productivity factors and improvements related to their collaboration strategy. While businesses with simple collaborative technology in place report significant improvements, companies with fully optimised collaboration strategy return some staggering results.
According to the study, 70% of organisations with an optimised strategy see a drastic increase in individual productivity, while 98% report significant improvements in team productivity. With an advanced collaboration strategy in place and a strong understanding of industry best practices, businesses are able to transform their productivity rates to the highest standard.
Increased productivity isn’t just for the workforce either, with business meetings and training sessions making more impact with collaboration. Meeting productivity is on the rise, according to three-quarters of collaborative business owners, while 50% say their training program has become more effective.
Less haste, more quality
If your business can do more and do it faster, you’re off to a good start in creating a more productive organisation. That’s only half the story though, because true collaboration takes more than a faster rate of work – it’s about improving quality as well.
SMART research finds that business standards are a major beneficiary of successful collaboration – in what it calls “improved quality and reduced risk”. The study finds that 85% of businesses are more successful with informed decision making when a collaboration strategy is in place.
Another 85% report that problem solving quality also increases, thanks to an improvement in information quality, found by over two-thirds of collaborative organisations. Interestingly, this leads almost half of businesses with an optimised strategy able to reduce the risk of poor decision making and inaccurate information.
SMART research shows that a fully optimised collaboration strategy can help your business become more effective and improve quality in a range of business factors. With the right technology in place and correct usage, according to collaboration best practices, your technology investment does more than save you money – it gives you the firepower to actively increase your profit margin as a more productive organisation.