As Canada transitions out of a COVID economy, concerns around inflation loom large in the minds of business leaders and investors.

In response to recent market trends, the Governor of the Bank of Canada, Tiff Macklem, emphasized the importance of productivity as it relates to our economic growth and competitive advantage. He especially highlights the value of investing in workforce productivity growth. 

“Productivity growth is vital to non-inflationary growth and rising standards of living. At a time when inflation is already well above our target, this is more vital than ever.” 

Tiff Macklem, Governor of the Bank of Canada

With over 1 billion knowledge workers in the global workforce, the composition of organizations have changed. Now, far more employees require access to information and documents to be effective at their jobs. Though it may sound trivial, reliable and timely access to needed documents is a major roadblock for knowledge workers and professionals across industries. 

On average, 58% of office professionals list the ability to quickly find documents as a “top three problem.”  This capacity is further reduced when under pressure from leaders or customers. The fact is, the ability to find required and needed information can stagnate employee productivity, and at times bring it to a halt.  

This productivity challenge exists because most organizations’ data is hidden away from workers in need of it. Stored in unknown locations like file shares, on desktops and databases, or duplicated in various places – the hunt for files reduces an employee’s potential to meaningfully contribute to the productivity growth of the business.

Investing in solutions to digitize and streamline work processes was at the core of Macklem’s remarks. Creating a connected network of data will allow employees to find the information they need faster, wasting less time and increasing productivity in the process. 

As Canadian business leaders, improving efficiency will only support productivity growth to combat inflation where possible. Leveraging and connecting your data is the most important step you can take towards transforming how your business functions to improve the productivity of your workforce. 

Learn how Shinydocs can help improve the productivity of your workforce.