Productivity is key to profits but most companies can't measure it
AI-powered productivity company enaible has released a new survey looking at executive viewpoints on workforce productivity in light of the economic and remote working impact of COVID-19.
It finds that 83 percent of respondents are relying on productivity to improve both margins and profitability, and 83 percent believe that worker productivity will be critical in their companies' ability to recover from the economic impact of the coronavirus pandemic.
However, 50 percent are not confident about the visibility they have into worker productivity at their company. Five percent use a standard, quantitative score to measure productivity across their company -- and most either rely on instinct (32 percent) or don't measure at all (19 percent).
"COVID-19 sounded the productivity wake up call, which was desperately needed. During this difficult time every company should make productivity their priority because the work from home environment that many companies have been thrust into is completely uncharted territory. It needs urgent attention, not only to improve margins but job growth. Maximum prosperity can exist only as the result of maximum productivity," says Dr Tommy Weir, CEO and founder of enaible. "Remote work created a challenge that companies were not ready for. But the even bigger challenge that magnifies this new reality is that leaders lack visibility and a reliable way to measure productivity. This raises a lot of questions -- how are so many executives relying so heavily on something they can't see or measure?"
With these concerns and others at the top of the executive agenda, most believe that technology, specifically artificial intelligence, will play a large role in helping to advance productivity at their organization. More than two-thirds (65 percent) of respondents say their company is considering investments in technology to improve productivity and the vast majority (95 percent) believe that AI will play a critical role driving future productivity.
You can read more on the enaible blog.