It’s common for companies with effective communication practices to have better financial performance. And those with high effectiveness in communication are three and a half times more likely to significantly outperform their industry peers than firms that are not effective in these areas.
Those words come from a 2014 study from Willis Towers Watson, a risk-management company and global professional services firm.
Another study said that companies that communicate effectively had a 47% higher total return to shareholders over a five-year period (mid-2004 to mid-2009) compared with firms that are the least effective communicators.
Effective communication plays a critical role in an organization’s financial performance. Below are three ways communication is key to your ROI.
Automates the Process
Adapting a collaborative operations software, like Common Areas, can help automate the communication process. It puts all of that (often complicated) communication between managers, maintenance crews, and tenants into one communications hub. Imagine not having to juggling spreadsheets and field endless emails, texts and phone calls. With an automated process, all your work orders can be organized, scheduled, and tracked while automated notifications keep everyone informed at key points before, during, and after a job.
Saves Wasted Time
From proposal to status updates to invoicing, many vendors still use paper processes that eat-up your valuable time. With collaborative operations software, the entire process can be streamlined. All records, reports and backup information are stored electronically and accessible online 24/7. Eliminating the mundane paperwork translates into time that can be spent on more important, revenue-generating activities.
Streamlines Schedules and Priorities
Streamlining communication is all about organization. A good collaborative operations software can help managers schedule and dispatch work orders over the Internet and easily send and receive notifications when priorities change. Easily cut on-site inspection time in half with mobile technology that allows you to use your smartphone to take a picture of an issue, drop a GPS pin on your site map, and quickly create and assign a work order on the spot. It can even help you prioritize what needs to be completed, establish timelines and expectations, and can help to automate scheduling, which helps to identify maintenance problems early.
But financial measurement aside, common sense tells us that there are other benefits from effective communication. And while it might prove to be more difficult to prove in monetary terms, it is important to an organization’s health and long-term performance.