| February 2024
In today's workplace, where speed and streamlined operations are essential components to success, inefficiency remains a persistent problem that costs companies significant resources. A recent survey revealed that 17% of employees who were late with their tasks attributed this to an inability to find the necessary data. This statistic highlights a deeper problem within organizations: a lack of accessibility and reliability of information.
The situation is exacerbated by the fact that, according to data from MarketWatch, 88% of all spreadsheets, a widely used data management tool, contain errors. This leads to a fifth of employees not finishing their tasks on time because they cannot rely on the accuracy of the available data. Moreover, only 9% of employees feel they have the means to hold colleagues accountable, with 82% having limited or no ability to do so.
For example, in the construction industry, where project management efficiency is directly linked to profitability, professionals spend up to 35% of their work time on non-essential activities, including collecting correct project data and locating lost business assets. This results in up to 14 lost work hours per week per employee.
Although 75% of contractors provide their managers and supervisors with mobile tools, only 18% consistently use mobile apps to access project data or collaborate within the project team. In addition, management of machinery and tools in SME companies is often suboptimal: 11% do not track their assets at all, 12% do so manually, and 32% still rely on Excel spreadsheets.
The solution to these challenges lies in digitization, more specifically by implementing track and trace technology to manage vehicles and machines. This technology provides real-time insight into the location and status of company assets, which not only saves companies time but also significantly improves the accuracy of their data. The result? A reduction in lost time due to inefficiencies and an improved ability for teams to collaborate and hold each other accountable.
By embracing digitization and upgrading their systems with track and trace technology, organizations can not only address the pain points mentioned above but also create a culture of transparency and accountability. It is time for companies to step into a more efficient future where technology enables them to realize their full potential.
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