Connect with us

Politics

What If Your Productivity Tools Are Making You Less Productive?

Published

on

Calendar


The earliest known form of the to-do list was recorded in 1791 by Benjamin Franklin. Lists are still popular, but digital productivity tools are becoming increasingly important. In addition to Google Calendar, you might use Slack, Zoom, Trello, Asana, or Jira as part of your task-management system.

Moreover, many productivity tools provide features for monitoring behaviors and collecting metrics to improve performance, including:

  • Time tracking
  • Project management
  • Delegation
  • Automation
  • User behavior analytics
  • Keystroke logging

Additionally, AI and machine learning are being used to help improve productivity. Take, as an example, Calendar. It uses machine learning to analyze past data to make intelligent suggestions on when to schedule your next meeting. Calendar even suggests who to invite and where.

In short, these tools certainly serve a purpose.

And, even better, they’re packed with advantages. Mainly the fact that these tools can assist with time and project management. For instance, time tracking tools or employee monitoring software can see when and where you or your team are wasting valuable time. Knowing this can help prevent distractions and create more realistic schedules.

As a result, there’s less stress involved. Consider that over 70% of employees worry about stress at work. So we have life stressors on the job that can cut into productivity. Moreover, this can help achieve a work-life balance. And while not always top of mind, this can bolster productivity, morale, and engagement.

But that’s not all. These tools can also help with everything from employee collaboration to creating estimates for clients. There is no wonder, then, that the global productivity management system market was valued at USD 47.33 billion in 2021. And is expected to grow at a compound annual growth rate (CAGR) of 13.8% between 2022 and 2030.

But, as with all things in life, too much of anything can be harmful. And that’s undoubtedly true with productivity tools. These tools can actually make you less productive.

Tools for productivity aren’t meant to do your job for you.

Most productivity tools do as promised. Take Todoist as an example. In Todoist, you can organize your tasks by project and record them. Think of this as an upgraded to-do list. Besides recording and organizing your own tasks, the app lets you share and assign tasks with others.

Here’s the thing, though. The app isn’t going to generate a to-do list for you. That’s on you. It’s like wanting to step up your cooking game by buying a shiny, new cookware set. Even though you have all the right equipment, the meals aren’t going to cook themselves.

Productivity tools are like having a kitchen full of equipment but not knowing how to use them. In other words, if you don’t have the motivation and determination to be productive, then there is no tool (or) app that can help you.

Searching for tools is unproductive.

Looking for an app or tool to make you productive? There’s an app for that. Even though having various options is nothing to sneeze at, it can be challenging to find and settle on the right one.

In addition, tools with premium features make things more challenging. Why? It’s impossible to decide whether to use an app based on the free features it offers.

Moreover, the pursuit of better productivity tools will leave you with many options to choose from, which could be overwhelming. And you may not be satisfied with any of them.

Research has found that when people have too many choices, they tend to be dissatisfied and regret their decisions more. Therefore, spending too much time looking for productivity products is detrimental to your productivity and happiness.

There may be a learning curve for some tools.

Have you ever purchased a new board game? Unfortunately, some of these games can be so detailed that a complex set of rules accompanies them. As a result, you might spend most of your game night learning the rules instead of actually playing the game.

It can be the same with new productivity tools. They can take a lot of time to get used to — especially for more complex applications with different user interfaces. As such, it’s possible that learning how to use a new software will take up more time and energy than actually using it.

Work-related distractions.

In a study conducted by GoTo’s, 54% of respondents reported frequently using five different computer programs at once. For example, during a video conference call with a client across the country, an employee may write an email, shop for clothes, text their significant other, and schedule a meeting.

Furthermore, Udemy reported in 2018 that 36% of Millennials/Gen Z spend more than two hours daily on their phones for personal purposes. Moreover, U.S. employees switch between 13 applications on average 30 times daily, as per Asana’s Anatomy of Work Index 2021.

While this may seem innocent enough, bouncing between productivity tools isn’t just distracting. It also drains your energy. This is called “context-switching.” And, it’s responsible for losing five hours per week.

In other words, many tools take up a lot of time. But, let’s be more specific.

Companies want their teams to have the best collaboration tools, apps, and devices to get work done efficiently. For this reason, most workplaces provide employees with specialized tools to meet various needs, such as messaging, conference calls, project collaboration, etc.

Every tool indeed has a role. However, employees may be wasting their valuable time. Again, this is because they are switching between too many programs, forgetting to record billable hours, or missing messages from clients if they have to log onto too many programs.

A lot of mistakes are being made.

In continuation of the previous point, employees are making relationship-damaging mistakes. The reason is because of the hindrances and multi-modal multitasking mentioned above. According to the  GoTo study, being distracted has caused 57% of respondents to send an email to the wrong person. Also, 33% sent an email or chat before they were ready, and 23% talked badly about someone in a chat.

Information overload.

“Our lives and work are increasingly digital,” Almuth McDowall, professor of organizational psychology at Birkbeck, University of London, told the BBC. “But it’s a complex world, and there is an information overload. Good apps, well used, can help us to negotiate this. But there is still a question of whether we’re really interested in becoming more productive, or simply ‘doing more to seem effective.’”

Employees are certainly experiencing software overload, according to data. According to a study conducted in 2018, operational support workers switch between 35 different applications over 1,100 times during the course of a day. In most highly industrialized countries, productivity is shrinking despite an abundance of apps and tools, while burnout is rising.

“Evidence shows that working hours and the time that we spend in online meetings is increasing, so it may be that we are working harder, not smarter,” suggests McDowall. “Why are we not getting better at managing the quality of our output?”

There are multiple locations where work is being done.

Another problem of app or tool overload? There is a lot of information scattered around, making finding it difficult.

According to Qatalog and Cornell University research, 54% of people find it harder to find information with apps. Another 43% are tired of changing communication channels and tools constantly.

In other words, you may lose productivity due to adding new tools to your workspace.

Skills are more important than anything else.

“A company can invest in the latest productivity software,” writes Aytekin Tank, Founder and CEO of Jotform. “Roll it out with top-notch technical training. And yes, its employees will become whizzes… At using the software.” It won’t always result in increased productivity, though.

Personal productivity is no different. “The cleverest app in the world won’t make a blind difference if you don’t have an existing framework to support it with,” he adds.

“You need to know where to tap.”

First, consider the methodology. Then, Tank says, you can decide what tools you need – if any.

You can find where your workflow has holes by stripping it down to its bare essentials. For example, the following strategies might be helpful rather than wondering what productivity app or tool to download:

  • Reduce. Humans aren’t great at estimating time. As such, don’t give yourself more time but less. In this way, you can distinguish between urgent and filler tasks.
  • Assess. You will be most alert and productive if you work with your body clock. Once you’ve got a rhythm going, work in timed, highly focused sprints. Tracking your progress and setting boundaries will also be easier with this approach.
  • Eliminate. Instead of having a never-ending to-do list, focus only on tasks that will have the most impact.

When it comes to productivity, there’s no magic bullet,” adds Tank. “The latest tool or app will only enhance what’s already there, which is why you need to create a well-oiled system.”

Published First on Calendar. Read Here.

Featured Image Credit: Photo by Canva Studio; Pexels; Thank you!

Calendar

We are Calendar, trying to make the world a much more productive place. Check us out online at https://www.calendar.com.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.