Common Business Risks Associated with Inefficient Work Practices

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Inefficiency is the enemy of progress and is quite good at draining company funds. It plagues businesses in all industries and can cause huge backlogs, cost build-ups, and in some cases even death. Say medication cannot arrive on time, and someone suffers for it. In fact, the healthcare industry is one example in particular where inefficient management has caused a lot of problems. High costs being one of them, though as the UK is discovering a glitch in the supply chain can be incredibly dangerous. Being cut off from supplies can lead to serious issues for the patients in your care, but you don’t necessarily need to be cut off in order to endanger your operations. Simply taking too long or not automating certain tasks can take their toll.

 

Several key risks occur when a company is not efficient, which is never acceptable. Some of the top ones your company might currently be plagued with include:

 

High Admin Processing Times

 

Admin is one of the biggest culprits when it comes to poor time management. When a general practice is bogged down with admin tasks such as inputting forms, handling phone calls and so forth, there is less time to deal with the patients on the floor. Wait times pile up, people become dissatisfied, and if you are particularly bad at managing your admin processes, your patients might walk out, or avoid visiting in the future.

 

Thankfully, improving your admin processing is as easy as installing the right general practice management software. With it you can easily automate appointment reminders, manage your schedule, improve workflow schedules, and of course is entirely scalable. Find a program for your business to suit your needs, and you can speed up tasks that previously took hours, if not days to accomplish.

 

Unacceptable Downtimes

 

Downtimes are completely unacceptable in a business, which is why the Cloud is often ideal for companies around the world. These Cloud companies back up your data on several servers around the world, so if one were to go down, your data won’t disappear. This way you can reduce downtime without the increase in cost, though you will need to be careful that your data is protected.

 

High Operating Cost

 

Another symptom of an inefficient business is high operating costs. An efficient company makes the most use out of its resources and cuts down waste at the source. In retail companies, for example, if you found a way to make better use of your raw materials, you will have to spend less on acquiring and processing them. If you work your way towards a circular economy, you can even make money back from your waste and again reduce acquisition costs right from the start.

 

Other ways you can reduce operating costs is by analyzing your systems. Owning and operating your own company’s server can cost a lot in energy. Keeping windows sealed shut could reduce productivity, decrease air quality, and of course cost a lot to maintain. Just by working through how to reduce your operating costs you can find ways to make your company do more with what you have and make it more efficient in the long run.

 

High IT Cost

 

Computers have come a very long way from what they were, but that doesn’t mean owning and operating every device you need is always the best choice. For example, instead of having a server of your own that all of your computers are hooked up to you could save a lot of time and money by transferring your data to the Cloud. Set up barriers in your account so users can only access information they are allowed to, and you can save not only on the overall cost of the servers, you don’t have to worry about IT.

Risk of Customer Dissatisfaction

An inefficient system will take time to plunder through. Depending on what it is your company does, this could lead to customer dissatisfaction. In the healthcare industry, in particular, every patient feels urgency when it comes to their case and their health. By not being on top of appointments or diagnosis you could put someone at risk, and even make yourself liable for a lawsuit.

When it comes to improving your own company’s inefficiencies, it is best to start by analyzing how others have accomplished your goals. If you work in healthcare, then determine how practices have succeeded where you have failed, and start to implement their strategies into your own.

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