Inefficient processes and duplicated efforts are one of the major causes of wasted time according to a new study.
Research commissioned by Planview and conducted by Loudhouse revealed that companies without tech-driven processes are likely to suffer the most.
The report showed that this can severely affect employee retention and customer satisfaction.
Some 515 business leaders and key decision makers were polled for the study.
It found that for 44 per cent of business leaders cited workplace inefficiency is a major issue.
An overload of paperwork was determined to be a major sticking point for 43 per cent of firms, while meetings created inefficiency for 41 per cent of companies.
Other day-to-day barriers that contribute to wasted time are poor communication and time spent traveling.
Not only do inefficiencies have a major impact on employers, they also have a major impact on employees.
Speaking about the findings, Maria Nordborg, director of Projectplace customer experience at Planview, said: "Productivity losses are not just a problem for the management team. Both employees and customers are likely to be the ones who suffer as a result of inefficient working methods.
"We can see that efficiency and technological investment go hand in hand so business leaders need to define what efficiency means for their organization. If not, ROI measurement will be another unproductive process that leads to more wasted time further down the line."
The study showed that employees (57 per cent) and customers (48 per cent) are the most likely to suffer as a result of inefficiencies. The burden of inefficiency placed on employees and customers could lead to retention problems in the long term.
One way to cut inefficiency in an organization is via technology. By using some of the technical tools out there, it is possible to gather data more swiftly, automate otherwise bureaucratic and lengthy processes and keep track of patterns and trends.
For example, scheduling and self-service time and attendance technology makes it easy to track attendance data, reduce absences and verify the identity of workers, thereby reducing fraud and confusion.