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Every day organizations face an increasing number of different challenges, from the 'Digital Future of Work' to ‘The Great Resignation’, from how the ‘Metaverse’ will impact businesses to how to improve ‘Engagement for employees’ and the benefits 'People analytics’ to how to manage 'Workplace culture change' effectively.
Research suggests that these challenges, whether they current or future thinking for your business, aren’t going away anytime soon. With the rise of the borderless economy and the future work, companies need to be more agile than ever before, more employees now desire remote or hybrid workplace opportunities meaning companies need to ensure that teams can work together productively and efficiently from anywhere and at any time.
To encourage collaboration among teams in different locations, organizations need to provide employees with the right tools so they can communicate efficient and collaborate effectively.
Improving Collaboration and Productivity boosts business performance
Collaboration technology helps companies of any size improve productivity, get work done faster and increase cross team alignment.
It should be no surprise that the collaboration software market was valued at USD 36.24 billion in 2020, and it is expected to register a CAGR of over 10.7% during the forecast period (2021 - 2026).
(Image source: SignalFire)
While many of these companies have been established for many years and were available pre-pandemic, the amount of collaboration software tools that have been quickly adopted by companies due to the pandemic has created as many issues as benefits.
Companies have found challenges with collaboration software overload, app fatigue and employee burn-out as our lives predominately shifted into the digital sphere.
Due to these business challenges, 2020 established the growing need for team productivity analytics, cross team collaboration analytics and workplace culture analytics providers to come to the forefront.
This is the space that Flowtrace is shaping the future of, helping tech companies from startup to scaleup, improve collaboration and productivity.
Here are 6 proven ways team productivity metrics and cross-functional collaboration analytics can boost your business performance:
1. Productivity and business objective alignment
Whether or not you have already implemented an objective key result (OKRs) process your whole company requires clear goals that are understandable and attainable. Lack of well-defined goals and objectives is a major factor in project failure and lost team productivity, according to one Project Management Institute survey, 37% of failed projects are caused by poor alignment of team productivity and business objectives.
2. Create a collaborative and productive workplace culture
A collaborative workplace culture contributes to team productivity in multiple ways, all of which contribute to increased business performance. When team members are engaged, they’re more likely foster innovation, take more calculated risks, collaborate effectively with colleagues, and increase deep work time.
In a major long-term study by Forbes, companies with collaborative and productive workplace cultures, showed revenue growth up to 682%.
During the same period of evaluation — 11 years — companies without a thriving workplace culture only grew 166 percent in revenue. This means that a productive and collaborative workplace culture drives more than four times higher revenue growth.
Workplace culture, cross functional collaboration and employee engagement all go hand in hand to increase team productivity and boost business performance.
3. Give your teams the right productivity tools
No matter how engaged your team members are, productivity benefits can be established from having the right productivity and collaboration tools at their disposal. App fatigue and burn-out is on the rise, so it is important you have one tool to do one job, rather than diluting team productivity and collaboration across multiple tools which in essence do the same job.
4. Share productivity metrics with your teams
Educating your team by sharing productivity metrics with them is great way to improve business performance. We might feel productive when we juggle multiple things, but the reality is we are less productive. Multi-tasking is harmful habit for team productivity and measuring multitasking metric is something you can use to improve your team productivity and employee well-being.
Out-of-hours collaboration is another factor which negatively influences team productivity. Team productivity metrics can help identify the source of poorly planned days and give enable your teams to get work done faster and more efficiently.
5. Reduce distractions for your teams
Workplace distractions and device notifications are killing our productivity. Analyzing team productivity metrics can help you quickly identify how and why your employee focus time is being impacted.
A recent study found that a typical employee only has 11 minutes between distractions. Other studies show that employees are interrupted about seven times an hour, which adds up to 56 interruptions a day, 80% of which are considered trivial.
6. Improve your meeting culture
Meetings may seem to be a productive use of time, where employees discuss important points and move the needle forward for your business. However the reality is, quantity of meetings rarely translates to quality of meetings. The quantity of meetings we all have continues to rise, while statistics show the quality of meetings has dropped.
- Time spent in meetings has been rising by 8% to 10% annually in the last decade.
- 51% of the surveyed employees agreed that the number of meetings are rising.
- 41% of employees reported their average meeting length to be between 30 minutes and an hour.
- 39% of employees reported average meeting length between 16 to 30 minutes.
- 13% of employees reported average meeting length between 61 to 90 minutes.
- 8 meetings per week across all employee seniority is the average.
- 47% of employees complained that meetings wasted their time the most at work.
- 45% of employees felt overwhelmed by the number of meetings they attend.
Read our 'Meeting Best Practice Guide' article to quickly establish how you can make your company meetings more productive.
Benchmark and improve team productivity
It's likely you already have what you need to start measuring team productivity and collaboration. However, you need to be mindful of the fact that you can only really start making high impact business performance improvements when you combine all your data sources together. Combining multiple data sources can be done manually but this maybe time consuming, it's much more efficient with a dedicated tool.
The more productivity and collaboration tools you connect into single combined data analytics platform, the easier it will be to highlight areas for business improvement like employee disengagement, information silos, poor team alignment or excessive amounts of multitasking, shallow work time and out-of-hours work.
For more information on measuring team productivity read our article How To Measure Productivity
Or if you would like to see our platform in action, you can schedule a demo below.