March 31, 2021
What could you do with an extra 21.8 hours per week at work? Create a high-level strategic plan that will guide the next five years of your business? Plan for innovations that will streamline operations? Finally, finally, watch that webinar that’s been sitting on your to-do list for a few weeks?
We can all think of plenty of ways to use the extra time, but the real question is how to find that surplus and free it up. The problem is not how to manufacture more hours in a day, but how to make the most of the hours you have.
Unfortunately, if you’re like most business leaders and executives, about 30% of your time is being eaten up by low-value and no-value activities, according to a Gallup study.
In an analysis of the report, Inc.com’s David Finkel said that executives are wasting 21.8 hours per week.
“The business leaders we polled spent 6.8 hours per week on low-value business activities that they could easily have paid somebody else $50/hour or less to handle for them,” Finkel said. “That means that they were wasting almost a full workday each week on these activities—activities that they could have paid somebody else to do at an hourly rate far lower than their own.”
In our experience, here the top-three executive-level, time-wasting activities we see when individuals and organizations don’t harness the power of business intelligence:
1. Waiting for information or data when it’s not available
2. Looking through data in spreadsheets while trying to find problems or trends
3. Spending time trying to solve problems rather than being proactive and seeing issues before they happen.
Clearly, this is time that’s not well spent at the uppermost levels of an organization.
Some of these time-suckers are ones that you can control—web surfing, perhaps. Others, you can delete, delegate, do or defer. However, some tasks and activities can be handled entirely or mitigated by leveraging business intelligence.
By its very nature, business intelligence eliminates and reduces productivity killers, from pesky unimportant emails to annoying questions that a junior member of the staff could have handled.
How? When used effectively and with an expert partner, business intelligence can create advanced dashboards and data visualization tools that quickly capture the company’s big picture and break down barriers. It helps leaders identify inefficiencies and automate data-related tasks to reduce time and, ultimately, business costs. Dashboards consolidate data into visually appealing insights, such as charts, reports, graphics, and dashboards that are faster to process and understand.
Here are four ways that business intelligence streamlines operations and sales productivity for organizations of all sizes:
Using business intelligence tools means you have a dashboard that everyone can access and get answers to accessible information instead of asking you the same question over and over.
Business intelligence software gives insight into the organization’s overall health. It brings together discrete pieces of data into a broader picture, making it easier to anticipate hiccups before they become costly errors.
Our business intelligence software, Neptune, can help you run better meetings with the Salos Services Sales Opportunity Matrix.
Business intelligence tools help you plan your day and help others get the info they need without interrupting you so you can focus on the task at hand, such as strategic thinking and plans for scaling the business.
At Salos, we use our proprietary software, Neptune, to link virtually any data available from your CRM, eCommerce, POS, financial systems, inventory management systems, operational systems, public data, and flat files. It’s a one-stop-shop for leveraging your data into action. You don’t need spreadsheets or to manually transfer data from one platform to another. The insights help customers determine how much product to buy, who their most valuable customers are, and where the market opportunities are.
This all results in tangible time savings. For example, we work with one leader who spent six hours every Monday morning compiling spreadsheets to make decisions. With business intelligence, he could instead spend those six hours on mission-critical activities. In his case, leveraging our technology means saving almost 312 hours or nearly 13 days a year.
What could you do with an extra 13 days every year? The only way to find out is to start exploring how business intelligence can give you your time back.