Technology impact on Revenue

Posted by Gurmeet Judge on Jan 16, 2019, 6:20:33 PM

We live in a technology-centric world, yet the traditional IT department has not always been seen as the home of innovation within businesses. However, I for one have witnessed this view changing for those IT leaders who choose to drive their cause through the one voice which always shouts loudest: Revenue.

Time, Payroll & Productivity: We all have same regular payroll hours weekly (40) or monthly (160) for each employee. As business owner, we all want our teams to invest more, if not all of their time on revenue generating items but ask yourself, how much time your team(s) spends on following items or because of one of the following item during business hours:

  • Training issues: Employee searching solutions on-line or waiting for answer.
  • Technology related issues
  • Following up with technology vendors
  • Coordinating technology issues/solution
  • Waiting period for technology issues to be resolved
  • Business process issues – lack of technology process
  • Turn-overs and training gaps
  • Lack of documentation for both process and technology
  • Approval and ordering process for hardware and software purchases
  • Accounting process – invoicing, quotes etc for technology
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Measure and Benchmark:
Most organizations don’t have means or process of measuring time spent on all of the above items.

  • If you can measure all of the above items and time spent on them, would it impact your future business decisions?
  • If you can measure, can you find means and ways to improve it?
  • How about if you can measure, you can also benchmark across different industry types and sizes?

Impact on Revenue:  We all know that time spent on any of the above items can be best used in generating Revenue. Consider following questions:

  • Does any of the above item(s) help you generate more revenue?
  • If your business is losing more than 10-15% payroll time on these items (Studies show that it’s in fact is about 23% on average), how much more revenue can you generate?
  • How would it impact your customers?
  • How will impact your staff’s and business performance?
  • Is there a better way to handle these items?
  • Wouldn’t it make business sense for you to focus on revenue generating item rather than above items?
  • Hiring – Turnover: Can you generate more revenue without hiring more employees by eliminating time waste.

These business issues are technology related issues but most of them are not technical issues instead  process issues. A mature and metrics driven process is key to get a handle on all of these process issues and allow business to focus on revenue generating items in business.

 If you need assistance in understanding technology impact on Revenue, you can access Cost Calculator and you will receive a detailed report.

 

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Topics: Productivity, Time, Teams, Revenue