Productivity is a crucial factor in the success of companies, with leading companies in the United States being twice as productive as the weakest ones, while in emerging markets, top performers are five times more productive than the least efficient.
Economies of scale and learning are two strategies that can enhance productivity. Scale economies help in reducing cost and work time, while learning leads to substantial efficiency gains, especially in the age of machine learning and advanced analytics.
Basic management tools such as goal setting, performance tracking, and frequent feedback are also critical in driving productivity, but many companies fail to adopt them.
To improve the productivity of your team or company, it is essential to focus on these promising opportunities, including economies of scale, learning, and basic management techniques.
