Reducing friction to increase collaboration and achieve business growth
Ask any mechanic and they will tell you that, at its core, friction is the biggest cause for the breakdown of your engine. Remove the friction through lubrication and proper alignment of the various systems, and the engine’s parts will all work in harmony to provide you the output you expect.
It’s no different in the business world. There are many points of friction in an organization— and any one of them can impede the efficient operation of the whole. To increase the output of your organization, you need to make it your goal to eliminate friction wherever you may find it. The good news is that there are organizations like Tungsten Network, whose entire mission is to help you reduce friction in your organization and to achieve the business growth you’re after.
Data digitization is the key to removing friction between companies and their “increasingly global supply chain,” according to Tungsten Network CEO, Rick Hurwitz in a recent video. As data is so much easier to optimize, move, track and leverage than with physical systems like paper-based invoicing, for example, digitization changes the entire dynamic between Buyers and Suppliers within the supply chain. When data like delivery times and payment terms is shared more frictionlessly, Suppliers become more than just “vendors” in the sales process and can “emerge as partners invested in the business outcomes,” says Hurwitz.
Such collaborative relationships provide many strategic and financial advantages. When resources are properly allocated (facilitated by data sharing and reducing friction points in the supply chain) stakeholders can spend more time doing the things for which they have expertise (such as delivering materials instead of searching for missing paper receipts).
Any business function that rests on inefficient, friction-filled processes is more prone to error, according to Mr. Hurwitz. The algorithm for business success, then, is clear. By eliminating friction in your organization, you’ll increase efficiency and achieve business growth. Watch the full video, featuring Rick Hurwitz, for additional insights on the impact of reducing friction in your organization.