Understanding what your teams need to succeed impacts operational efficiency. Align your teams faster, and watch performance soar with ThoughtExchange.
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How Enterprise Leaders are Achieving Their Operational Efficiency Goals
Efficient companies are leaner, more agile, and more profitable—yet many businesses struggle to meet their operational efficiency goals. So how can your organization defy the odds? Your people have the answers—just ask. It’s quick and easy with ThoughtExchange.
Removing performance barriers
When less than 30% of cost-cutting programs hit their targets, achieving operational efficiency can feel out of reach. But what if every meeting, task, and tool positively impacted your ROI? It may seem counterintuitive, but involving more people can help.
Consulting employees on resource allocation allows businesses to cut costs significantly and realize their goals more rapidly.
Source: HBR
Using ThoughtExchange, leaders can quickly leverage their employees’ insights to improve operational efficiency.
Global software company meets strategic goals
A global software company used ThoughtExchange to gather feedback from over 300 participants in a fraction of the time they would typically spend in meetings. With employee input, they determined what training, tools, and processes to implement, improve, or remove to achieve their strategic goals.
Increase input, reduce time
ThoughtExchange increases efficiency by getting leaders maximum input with minimal time and effort. In the case above, participants spent about 8 minutes each on an Exchange. They shared over 300 thoughts and 5,000 ratings.
If each of these interactions were a 5-minute conversation, it would add up to about 260 hours over 30 working days—not including time spent crunching data.
Identify common ground for supported strategy
Differences lets leaders identify common ground and tackle challenges armed with real insights. In this case, an Exchange revealed that not everyone agreed on which tools the company should keep or eliminate. On the flip slide, it surfaced actionable items everyone agreed on.
Isolate priorities for immediate action
Survey questions let leaders isolate team priorities. This makes it easy to direct team leaders on focus areas and effectively identify immediate department-specific action items. Although “removing complex processes’’ wasn’t a highly rated thought, breaking down responses by team showed that particular processes were important to some groups.
Hear all voices, not just the loudest
An anonymous forum allows every participant to be heard and to share without fear of judgment. This is essential for equitable decision-making, whether the topic is sensitive or not.
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Making equitable cost-cutting decisions
To improve operational efficiency, leaders need to increase or maintain outputs like production units, sales, and profitability—while decreasing inputs such as employee time, materials costs, and other expenses.
Many companies feel pressured to reduce product offerings, eliminate “perks” and benefits, and lay off staff. Involve the people impacted to identify solutions and increase support by communicating, practicing empathy, and being transparent.
Operational efficiency helps eliminate waste. Companies could save an average of $11,000 per year for each employee working even half of the time from home and $22,000 for a fully remote worker.
Source: Global Workplace Analytics
Oil and gas producer identifies 5 cost-cutting opportunities in one day
Changing economic conditions meant a major oil and gas producer needed to cut costs urgently. Using ThoughtExchange, they collected strategic recommendations from 65 senior leaders across regions. The Exchange produced five immediately actionable cost-cutting opportunities with alignment across the entire leadership team—in just one day.
Increase efficiency to save time and money
Finding cost-cutting solutions could have taken months, but with ThoughtExchange, this company identified 5 immediate solutions in one day, saving them hundreds of thousands of dollars.
Get results snapshot from Insights to Action report
Insights to Action report shows leaders the top-rated thoughts, an Exchange summary, and the major themes. It provides a snapshot of the results (immediate opportunities or red flags) and guidance for further analysis.
See what’s most important at a glance
Themes groups thoughts into similar ideas, where both frequency and importance showed which cuts participants agreed on most.
ThoughtExchange improves operational efficiency
ThoughtExchange lets leaders tap into their people’s collective intelligence to remove performance barriers, make equitable cost-cutting decisions, and improve operational efficiency.
By continuously supporting employees in a real way and making decisions based on their insights, you ensure everyone is aligned, performant, and happily contributing to the organization’s most important goals.
Is your business as efficient as it could be?
Download our guide to find out.
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ABOUT THE AUTHOR
Sarah Mathias
Sarah discovered her love of words when she penned her first journal in grade 4—she hasn’t stopped writing since. With a BA in Sociology and an MPC in International/Intercultural Communication, Sarah honed her corporate writing skills in the travel insurance and fashion industries before working with ThoughtExchange. She brings her collaborative spirit and penchant for grammar jokes.More from the Archives
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