A more productive workplace is good for business, yet measuring productivity – particularly your own productivity – can be difficult.
Despite the challenges, there is a simple and effective approach to measuring business productivity, and it’s definitely a worthwhile process.
With a little creativity and number crunching, and the three steps below as your guide, you too will be able to benchmark and compare your own operational business numbers.
Step 1 – Establish a baseline
You need a starting point to measure your productivity at large. One simple method is to set your average business output as measured by the number of RFQ’s (request for quotes, based on standard, day-to-day conditions) you create and then multiply this by days or months, this will depend on how many RFQ’s you generate over a given period. It will give you a good baseline to work everything else from.
Step 2 – Eliminate roadblocks
This involves identifying processes, practices, and procedures that inhibit productivity. In other words – things that make it more difficult or time-consuming for your employees to do their jobs. Roadblocks may include processes that use out-dated or clunky technology, or that make varying a job unnecessarily complex.
At sourceit for instance, we see buyers that are still using email and spreadsheets to create RFQs and work with suppliers – that’s a productivity killer.
Once you’ve identified the roadblocks that are impeding your performance, take the necessary steps to eliminate them. While this may be time-consuming and could even entail implementing a change management plan, the productivity gains to be made will outweigh any short-range pain over the long term.
Step 3 – Re-evaluate your productivity measurement
Every three to six months, check your baseline to ensure it accurately reflects current operating conditions. Be sure to re-evaluate your own performance based on any new standards.
About Sourceithq Pty Ltd
sourceit is a fast-growing provider of affordable RFQ software delivered via cloud-based Software-as-a-Service (SaaS) platform. Sourceit empowers buyers by simplifying the sourcing and procurement process by providing a simple yet powerful solution to help buyers identify the best quote from their preferred suppliers.
Sourceit offers three different products for buyers:
- RFQ – request for quote software for general products and services,
- Market– a specialized procurement and job management application for Marketing Services, and
- Catalog – an inventory management and on-demand product/service ordering application.
Learn more at www.sourceithq.com