In their recent book on how organizations can enhance team productivity, authors Michael C Mankin and Eric Garton report that senior executives spend the equivalent of two days a week in meetings, and that an organization typically spends 15% of its collective time in meetings. A Bain & Company study of time budgeting in large corporations found that a single weekly meeting of midlevel managers cost an organization $15 million a year. Therefore, what’s important is not how much time businesses spend on meetings but how productive the meetings are. Meetings transcription services help managers review the discussion, including questions asked, answers provided, decisions taken, and the vast amounts of information that the session generates.
Unproductive meetings are a huge drain on an organization’s time and resources. The effects of an unproductive meeting include:
- Productivity loss and employee disengagement
- Generates fewer results
- Increases the need to schedule more meetings to achieve objectives or sort out issues
- Reduces productive employee work time
- Creates frustration among staff
- Can lead to loss of billions of dollars each year
The stress on teamwork in today’s workplace has led to the increased adoption of collaborative technology in the meeting venues. Computers, LCD projectors and interactive whiteboards are used to allow participants to access data, share the information, and automatically save data generated during their meetings.
However, experts point out that the information generated in meetings will be of little use if it is not analyzed. In other words, the key to boosting meeting productivity is big data analytics. Rather than simply presenting static data in cumbersome spreadsheets or a text-heavy PowerPoint, organizations need to analyze that data. According to an article in Business Matters, this will allow attending teams to use their analytical expertise to:
- Quickly assess specific business challenges
- Identify trends and outliers in the data that drive solutions
- Ask and answer questions
Today, successful business organizations employ data analytics in a big way. A report in www.inc.com explains how leading e-commerce floral company From You Flowers used data analytics to optimize every area of their business and improve competitiveness. It improved advertising, enabled better product management, helped identify inefficiencies, maximized customer satisfaction and value, and improved supplier management. Today, businesses can make use of different kinds of drag-and-drop tools to pull data automatically and analyze and display it in visual format for actionable insights. Analyzing the right information is important to draw valid conclusions using these new business intelligence tools. Like From You Flowers, many companies have analytical experts onboard who can obtain insights from untapped data.
When it comes to meetings, transforming static data points into interactive, visual dashboards will improve collaboration and productivity and lead to more efficient decision making, which can provide huge business benefits.
Business Matters explains how Jaguar Land Rover has improved its reporting by using visual analytics in its day-to-day meetings. This has made their meetings more interactive and efficient. Analyzing the information generated in a meeting allows every employee to identify issues and come up with solutions quicker. Another organization, Jones Lang Lasalle uses visual analytics to discover new insights, save money, and make smarter, data-driven decisions, according to the report. One of the company’s clients utilized their data in a dashboard during a meeting and was able to save $5 million on its energy consumption.
Meetings transcription is necessary to archive and preserve the content of the interactive sessions for future reference. For business organizations, audio transcription can be a challenging task as they involve multiple people with different voices in varying tone, pitch and speed. Speakers may interrupt each other and speech may include repeated words and phrases, false starts, interjections, pauses, mispronounced words and utterances. Relying on digital transcription agencies is therefore the best option to document meetings, conference calls, interviews and other types of interactive sessions.