Top 3 strategies Welsh businesses are using to increase efficiency
Welsh businesses are still contending with a fairly unfavourable economic climate. Interest rate hikes, increasing costs and dwindling demand due to factors such as higher unemployment are all to blame.
And while those continue to influence the commercial landscape, finding ways to reduce costs and maximise productivity is the order of the day for so many ventures. In this article, we’ll discuss some of the ways businesses are boosting efficiency to combat the economic struggle.
Digital transformation
As technology continues to automate, streamline and enhance processes, Welsh businesses are reaping the rewards. The power of digital is being applied to facilitate more effective communication, decision-making and business management at all levels, while automation boosts production and frees up costly resources to invest in other areas.
Cloud computing is helping to break away from the limitations of hardware, enhancing data collection, storage and management. Advanced software solutions give businesses the tools to harness the power of their data and save time on traditionally laborious manual tasks, such as VAT compliance processes or payroll.
We’re still in the early stages of digital transformation, so further advancements in AI and IoT technology are likely to elevate business efficiency further.
Lean management practices
In the current economic climate, Welsh businesses are tightening their belts and adopting leaner management strategies to protect profitability. Eliminating waste in the form of time, resources and opportunity is a key focus to reduce costs and boost the bottom line.
Lean management isn’t a one-time event. It’s a continuous approach to improvement and greater efficiency in all areas of the business. Whether that’s reviewing products to consider if they’re worth discontinuing or challenging the workforce with ambitious yet attainable goals, lean management can have profound impacts on company performance.
All meaningful change and strategy should start from the top, although engaging employees can help ensure widespread commitment throughout the business.
Employee empowerment and training
The workforce is one of the main sources of waste in any organisation. As such, maximising the potential of employees is key to many efficiency strategies. Developing the skills, knowledge and experience of your staff can help to improve workflows, quality of output and productivity across the business.
Fostering a healthy and progressive workplace culture can drive change much more seamlessly. Engaging directly with employees and including them in discussions on how to improve efficiency provides deeper and more practical insight and helps to make them feel more valued.
Many businesses are looking to develop cross-functional skills and expertise to elevate productivity across the board. For staff, understanding how different teams work towards the same end goal can be incredibly motivating.
Times are tough for individuals and organisations across the country, but strategies to boost efficiency are helping businesses to fight back. How’s your business faring to increase efficiency?
