15 minutes=$175,000?

Much has been mentioned recently regarding the need, and the expected benefits and savings that will result for automating and streamlining Electronic Health Records (EHR), as a major component of healthcare reform. I have no doubt that we need a better way to keep track of our health records. I also know from my experience working on both payer and providers sides, that substantial cost saving will result.

But businesses of all types and sizes need a similar initiative. I am amazed how businesses, even larger ones, use their email as their filing cabinet, collaboration tool, and status reporting “portal”. Many long hours and wasted business opportunities are wasted on searching for documents, sales proposals, project artifacts, or looking for information or updates. The lack of implementing readily available, effective, relatively simple, and often free or low cost open source tools for company-wide communication and collaborations is inexcusable.

In the post 2008-200? recession world, things will not be the same, our economy will not return to the old ways. Businesses small, large and in-between, need to implement readily available tools to stop the million of hours wasted every month. With fewer resources to do even more work, automation for efficiency is no longer an option.

With an estimated 140 million American in the workforce, and a median salary of $33,450/year, even a modest 15 minutes a day in productivity increase will result in a $6 billion a year in savings.

In reality, and from my experience, the savings could be much greater. Efficiency gains can save an hour or more a day. But even at a modest 15 minutes a day, a company with 10 employees can save $35,000 a year, if you employ 50 people, you are now talking about saving $175,000/year. Imagine what this can do for your bottom line.

So what kind of tools can save you these thousands? Tools like document management software, where documents are stored, filed in an easy to understand hierarchy, and version control is kept, tools such as project and task collaboration software, portals for status reporting, Wikis for  sharing information and knowledge, discussion boards for active participation, Customer Relationship Management (CRM), and the list goes on. Many, if not all of these tools can be accessed from anywhere where there is an internet connection and a web browser, making it possible to be even more productive, even away from the office. There are several tools that combine most of these functions in one product.

Napoleon Hill said; “some mistakes can be corrected, but not the mistake of wasted time. When time goes it has gone forever.” I might add, and so does quite a few thousand dollar bills.

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