The McKinsey Global Institute just released their latest report on social technologies impacting value and productivity in the workplace. Their research has shown, “two-thirds of this potential value lies in improving collaboration and communication within and across enterprises.”
When MGI researchers looked at how workers were spending their time, they found:
“28 percent of the work week managing e-mail and nearly 20 percent looking for internal information or tracking down colleagues who can help with specific tasks. But when companies use social media internally, messages become content; a searchable record of knowledge can reduce, by as much as 35 percent, the time employees spend searching for company information.”
These value adds are realized from faster, more efficient, and more true collaboration. In a fast-paced and demanding work environment, this workflow is becoming more of a necessity to stay competitive. Ultimately, the benefits translate to organizations saving time, energy, patience, and money.
MGI’s estimates suggest, “that by fully implementing social technologies, companies have an opportunity to raise the productivity of interaction workers—high-skill knowledge workers, including managers and professionals—by 20 to 25 percent.”
In their report, researchers go on to explore the potential economic impact across four commercial sectors: consumer packaged goods, retail financial services, advanced manufacturing, and professional services. The findings projected, “these technologies, which create value by improving productivity across the value chain, could potentially contribute $900 billion to $1.3 trillion in annual value across the four sectors.” These numbers are just staggering.
Email is limited when needing to work across dispersed teams. As a result, teams become overly dependent on conference calls and screenshares to provide much needed context. This vicious cycle of “looking for internal information or tracking down colleagues,” as the report mentions, is clearly broken and costly. We’ve tuned Convo with annotation to skip many of painful steps above, and make work communication clear and actionable. In the end, we know nothing gets done without context.
Let’s break down how useful annotation can be for putting together a board deck:
These are only some of things we’ve been geeking out on to make teams more productive. Try us out for free.
– Faizan and the Convo Team