Business Streamlining Technology Trends Influencing The Business Efficiency Game In 2020

One of the best company traits often listed is efficiency. In fact, the pursuit of business efficiency is an age-old goal for many businesses, alongside optimal productivity.  According to research from IDC, companies lost 20-30 percent in revenue each year due to inefficiencies. As businesses race to find business process solutions that can reduce time and resource wastage, the technology market is moving to meet that demand like  Envato’s creative streamlining collaboration with AND Co. As of 2019, the productivity software market was estimated to hit $96.36 billion by 2025, with the USA dominating the scene. The market is now littered with business productivity and streamlining software for small businesses to choose from, and there is no slowing down in sight. In fact, Google’s G Suite of Productivity tools added 1 million users in March this year alone. Besides, bigger names like Google and Microsoft, here are a few other technologies dominating the business efficiency game.

The  use of time tracking to improve productivity has long been recommended in both personal and business ventures. As a result, the market is filled with time and project management software for small businesses to choose from. In addition to pinpointing areas of inefficiencies, time tracking software like Asana and Freedcamp often come with scheduling features that are useful for repetitive tasks.  Mobile time tracking software has also become a useful tool for employee monitoring and assessment, helping employees stay on track to meet their goals – whether they are in the office or working remotely. With the help of time tracking software, management can track team attendance, schedule recurring tasks and shifts, and account for hours worked accurately.

Cloud database software managers are amongst the fastest-growing enterprise apps, thanks to  more companies embracing cloud computing and management. Cash strapped or budgetary firms are now able to manage their data without investing in an expensive onsite IT department or equipment. However, while businesses embrace the concept, many of them are reporting problems in providing adequate cybersecurity, particularly with the introduction of big data. This is where cloud database software managers like Snowflake and Opsgenie come in handy for streamlining a business’ IT functions. These apps not only collate and analyze a company’s big data, but some – like Knowbe4 and Opsgenie – also come equipped with cybersecurity alerts, reducing the time spent by employees on these business functions.

Optimizing warehouse management is one of the best ways businesses can streamline their operations, since this is one of the most common areas of inefficiency in a business, with problems such as bottlenecks, inaccuracies, inefficient warehouse layouts and slower delivery times. Technology’s answer to the recurring issue has been the introduction of warehouse management systems, and more recently, IoT backed warehouse management systems such as the applications utilized by Ocado and Amazon Warehouse.

The  suite of warehouse management software continues to grow and currently includes Fishbowl, TradeGecko and Cin7, all of which are cloud-based. Each comes with varying features and therefore caters to different businesses. For instance, Zoho Inventory is more suited to small businesses, while TradeGecko is more suited for e-commerce businesses. Common features include traceability, instant alerts on inventory levels, and integrations with both eCommerce sales channels and purchase orders. With the aid of connected sensors, businesses can eradicate goods damage or spoilage, minimize under and overstocking, and access round the clock asset management.

With the benefits of streamlining your business operations so clearly defined, there is no reason why it shouldn’t be on the agenda of any business – small or large. The good news is, streamlining is now easier and more inexpensive than ever. With the increased access and budget-friendly options available in business streamlining software, small business owners can now get rid of non-valued activities in their business flow and focus on what is important.