In this article
Successful businesses are constantly finding ways to streamline costs, eliminate waste and improve profitability levels. Stakeholders want assurance that money is being optimized to its highest potential and is in alignment with priorities.
The ability to view your portfolio in its entirety helps ensure your most valuable resources are used to maximum effect and your workload is balanced. When priorities are misaligned or scattered, it reflects in everything – teams that are perpetually unhappy, deadlines that are never met, and budgets that eat into profits.
Let’s take a deeper look at some of the signs of improper resource allocation that organizations often face.
1. Poor productivity levels
Under or over utilization of resources have deeper implications than we tend to think they do. Productivity and profit have a strong correlation. Low levels of productivity are often the result of a number of internal issues that have come to a head and require immediate attention.
The first step in addressing low levels of productivity is to understand why the issue has come up in the first place.
2. Missing deadlines
Missing a deadline is not necessarily a sign of failure. Requirements may have changed, or you might have simply been a tad too ambitious. In some organizations, when a deadline is missed, nobody is held accountable.
Restoring deadline integrity can be difficult and uncomfortable. It requires changing priorities and relationships and may require implementing organizational and operational changes that disrupt everyone’s routine.
3. Meetings are long and frustrating
Few people enjoy meetings in large part because they are often considered a massive waste of time. While nobody likes to waste time, most people simply don't know how to make meetings better.
Collaboration should be simple and streamlined. Audits of old collaboration technology should be conducted regularly. Thorough preparation ensures a gathering is effective and prepares the organization for future plans.
4. Lack of internal support
Too many meetings suffocate productivity and morale. Excellent internal communication creates high levels of employee engagement, which in turn boosts organizational performance outcomes.
Effective internal communication and financial performance are strongly related. Highly effective companies integrate internal communication strongly into their change management process.
Communication promoting value proposition helps to keep stakeholders onboard, reminding them why they joined and strengthening their commitment to stay.
By standardizing your decision-making processes, you can improve visibility and control, which in turn can lead to significant benefits for any business. Decision Lens saves organizations countless hours and dollars while providing the optimal value for investments.
The software enables organizations to gain real-time visibility into their capacity to deliver on future projects, enabling them to better manage customer expectations, while minimizing adverse effects on satisfaction and future revenue opportunities.
Want to learn more? Click here to find out how Decision Lens is the complete solution to selecting and allocating resources!
