Companies Embrace Efficiency to Tackle Inflation and Economic Uncertainty:Without Copier Salespeople

 

Source: The Wall Street Journal

Date: April 29, 2023

Greg's Words

For decades, we in the copier industry have been telling prospects our hardware "increases productivity and reduces costs". We lied. Well, we defined the narrative to fit our mission of selling 10 copiers a month. (or whatever)

The world is increasing productivity and reducing costs through more efficient workflows - and if you are simply selling copiers, printers, or MpS, they are doing it without you and viewing your relationship as a target for cost reduction.

AI eats workflows 24/7 and will decimate everything from middle management to the C-Suite.

More than how the internet shook things up, bigger than that gift from Prometheus, and vastly more liberating than the invention of the Wheel, Generative AI is shifting our world, changing how we work, chit-chat, learn, and more. 

Hold onto your linen, because the speed of this tech revolution is faster than light. These jaw-dropping tools we're ogling at today? They'll be old news by year's end since they're leveling up like crazy and getting mixed into other gizmos and services at breakneck speed. 

Buckle up, buttercups, 'cause we're in for a wild one...

Key highlights: 

• Companies like AT&T and Meta Platforms are focusing on efficiency and productivity improvements in response to economic challenges. 
• AT&T's Project Raindrops initiative aims to simplify and eliminate unnecessary business processes, saving employees nearly 3 million hours a year. 
• While the impact of small improvements on the bottom line is difficult to quantify, research suggests that saved time is often reinvested in the company as additional work.

_________

In the face of rising inflation, shrinking profit margins, and the looming threat of an economic contraction, US companies are increasingly prioritizing efficiency and productivity. A recent Wall Street Journal article (April 29, 2023) details how companies such as AT&T and Meta Platforms are leading the charge, implementing changes to streamline operations and save time for their employees.

One example of process improvement from the article is AT&T's Project Raindrops, where the company automated employee requests for access to some physical office spaces, saving 23,333 hours of work.

AT&T's Project Raindrops is one such initiative that has made waves in the corporate world. By simplifying and eliminating business processes that slow down daily workflow, the company has managed to save its employees nearly 3 million hours a year. "One mundane process may feel like a single raindrop, but when you have a multitude of that within the employee ecosystem, it creates a flood of extra work," said Elizabeth Veazey, a vice president in AT&T's technology organization who oversees the project.

In addition to AT&T's efforts, Meta Platforms' CEO Mark Zuckerberg declared 2023 "the year of efficiency," aiming to refocus the company and eliminate unnecessary projects and middle management layers. Ford Motor Co.'s CEO Jim Farley also vowed to cut waste and seek continuous improvement across the company.

Measuring the impact of small changes on a company's bottom line can be challenging. As Laura Boudreau, a management professor at Columbia Business School, explains, "These small changes can aggregate up into meaningful magnitudes, but they may be really difficult to quantify and measure."

Research on remote work suggests that when employees save time on work-related activities such as commuting, at least a portion of that leftover time is reinvested in the company in the form of more work. AT&T has seen growth in its customer base and profits in recent quarters, with Veazey attributing the reduction in mundane tasks as part of the improved results.

The focus on these areas by major companies in the current economic climate signals a shift in corporate priorities. As companies continue to innovate and streamline their operations, the potential benefits of increased efficiency will likely become more apparent in the years to come.

Providers of Office Technology can help the SMB reach levels of efficiency never before imagined - not through selling copiers, printers, or toner cartridges but by helping prospects navigate the turbulent sea of change.  

AI helps all ships rise - especially when addressing process optimization.

 _________

Reference: "The Boss Wants to Make You More Efficient," The Wall Street Journal, April 29, 2023.

Tweet: U.S. companies like AT&T and Meta Platforms are embracing efficiency to tackle economic uncertainty and inflation. Time to make every second count! #efficiency #business

LinkedIn intro paragraph: In an era of economic uncertainty and rising inflation, companies like AT&T and Meta Platforms are stepping up their efficiency game. Learn how these companies are streamlining operations and saving employees valuable time, all while keeping an eye on the bottom line.

Keyword list: efficiency, productivity, AT&T, Meta Platforms, Project Raindrops, economic uncertainty, inflation, corporate priorities, streamlining operations

Image prompt: A clock surrounded by office supplies, symbolizing the importance of efficiency and time management in the workplace.

Search question: How are companies like AT&T and Meta Platforms improving efficiency to tackle economic challenges?

Real song that matches the theme: "Workin' on a Dream" by Bruce Springsteen