The best companies are those that find unexpected business efficiencies in their operations. These firms have a knack for uncovering how to do things faster and better than their rivals.
But what, specifically, are they getting right? That’s the topic of this post. We look at some of the strange and unusual tactics they use to outperform their peers and achieve massive success in their industries.
Let’s explore five unexpected business efficiencies:
1. Repetitive Task Automation
The first and most important way these firms achieve higher efficiency is in how they deal with repetitive tasks. Instead of simply accepting them, they constantly look for ways to avoid doing the same work twice.
Of course, sometimes this isn’t possible. But many of the times it is, and it can lead to massive time savings and reductions in labor costs compared to business as usual.
2. Investing In Employee Wellbeing
Another approach to boost efficiency is to invest in employee well-being. Companies that put money into activities that support workers’ wellness often see massive returns on their initial investments.
There are several reasons for this. One is that workers are more likely to feel appreciated by the firm, reducing the risk of staff turnover. The other is that employees feel better so they are willing to work longer and more productively than if they didn’t have access to the same interventions.
3. Earning Money From Waste
You also sometimes see companies earning money from their waste, or simply handing it over to companies prepared to accept it, particularly in the manufacturing industry and mining options.
Oil Salvage is a company that understands this industry in detail because of its operations. It collects waste oil, something that most firms find hard to dispose of, and then refines it into products that other businesses can use.
Waste opportunities vary from one brand to another, but they are nearly always there in some form.
4. Using Digital Tools
Another more high-tech approach is to simply take advantage of the numerous digital tools that are now available. As software becomes more capable, it is allowing more people to start experimenting with their business operations and find ways to make them more efficient.
Part of this involves ensuring firms are using all the resources at their disposal. Many aren’t, and this is an area where technology can be a real help.
Another is in the area of agile methodologies. Some companies aren’t as responsive as they would like to be, but scalable technical solutions can change all that.
5. Improving Supply Chain Management
Finally, due to unexpected business efficiencies, many companies are looking for ways to improve supply chain management. Businesses that monitor and optimize their supply chains can often reduce delay and inventory costs substantially, allowing them to predict likely cash flow outcomes.
Getting inventory right in today’s interconnected world is more complex than many businesses imagine. With fewer redundancies in the system, it is often harder to know whether a specific setup is sustainable. However, real-time tracking and predictive analytics can monitor inventory and prevent bottlenecks emerging in standard just-in-time delivery models.
