According to Time Magazine, “40 percent of what a team does ends up as ‘process loss.’ It’s overhead that wouldn’t exist if everything could be done by one person.”
Along the same lines, the Workflow Management Coalition discovered “almost 90 percent of all time that is used to perform tasks within the business setting is classified as transfer time, whereas 10 percent is used for the actual performance of those tasks.” (Source: Oracle)
As agency professionals, you are all too familiar with the ‘process loss’ concept. It is what keeps owners up at night, why finance officers pour over reports and, in part, how account teams and creatives are evaluated. As a whole, your agency has a vested interest in finding ways to streamline processes and eliminate inefficiencies so more billable work can be completed, more quickly.
To help overcome process loss, many agencies are investing in and integrating the following technologies into agency operations:
- Time tracking to identify efficiencies among employees, understand the time commitment per campaign, and determine accurate billing rates and budgets for client work.
- Project management to consolidate all relevant project and client communications, documents and tasks into one central location for streamlined management, collaboration and processes.
While time tracking and project management are essential components to identify and overcome inefficient agency processes, there are two inherent flaws:
- In many cases, these two systems are independent of each other, and thus don’t allow for the seamless flow of information back and forth. As a result, associating time (billable and non-billable) with different aspects of a project or client becomes a manual process.
- They are not connected to the business development or financial sides of agency operations, so process loss still occurs as well as opportunities for billing errors.
The bigger opportunity for agency professionals at all levels is to adopt an all-in-one management system that brings together all aspects of the agency under one roof, from lead management to quoting to project management and time tracking to invoicing.
In our ebook, The Complete Guide to Solving Agency Inefficiencies, we dive into how agencies can use all-in-one agency management technology, like WorkflowMax, to improve efficiency and profitability, and the direct impact these systems can have at every position within your agency.