The technological advancements in 2022 and 2023, particularly in terms of generative artificial intelligence (AI), has given rise to an era of rapid change and evolving business landscapes.  Consequently, the role of a Chief Operating Officer (COO) stands at the nexus of innovation and efficiency, now more than ever.

Companies are navigating a dynamic environment where cognitive abilities are the prized assets, and technological literacy plays a key role in determining success. Over 70% of companies surveyed anticipate that creative thinking and analytical thinking will surge in significance between 2023 and 2027.

These cognitive skills are, without a doubt, experiencing an unprecedented ascent in importance. Simultaneously, technological literacy ranks as the third most anticipated skill to rise, with nearly 68% of companies recognizing its expanding role.

For COOs, this underscores a fundamental truth: mastering time management and orchestrating company-wide workflows is essential not only for survival but also for thriving amidst the burgeoning complexities of the modern workplace.

In this article, we will take a closer look at strategic time management for COOs to help them master it and navigate this paradigm shift better.

1. Time Management as the Foundation of COO Excellence

The adage “time is money” couldn’t be more apt than in the daily life of a Chief Operating Officer (COO). The role of a COO centers around ensuring the smooth functioning of a company, boosting productivity, and eliminating waste, including the often-overlooked resource – time.

Yet, for a COO, merely implementing a few personal time management strategies isn’t enough. To truly excel in time management, a holistic approach is required, encompassing the entire company’s operations.

2. The Power of a Company-Wide Workflow

To truly optimize time management at a company level, the starting point is the creation of a company-wide workflow. This workflow must be designed to meet the needs and expectations of all stakeholders, from software developers and project managers to sales and HR specialists.

This workflow involves a combination of tools, a structured meeting schedule, and a well-defined division of responsibilities for various company processes. It’s critical that this workflow doesn’t overlook the requirements of any stakeholder and is easy to track and report. The ability to provide clear answers to the CFO or CEO is also a crucial component, especially when considering a COO’s oversight role.

3. Identifying Workflow Gaps

A common challenge faced by many companies is either not having a workflow in place or having one that is insufficient in addressing the diverse needs of all stakeholders. When such issues arise, PMs may find themselves caught in a quagmire of endless meetings or schedule conflicts. A strong workflow is the bridge that traverses these productivity gaps.

For COOs, recognizing the significance of a robust workflow is the first step toward surviving and thriving in the bustling IT marketplace while nurturing time management skills within the workforce.

4. Crafting Effective Workflows: Examples in Practice

Practical examples of effective workflows provide insights into how COOs can design their time management strategies. Consider two exemplary workflows: one focused on planning and the other on reallocation.

Example #1: Planning-related Workflow

This workflow involves planning, prioritizing, approving, and optimizing developer work planning, all while ensuring seamless communication with all stakeholders. Such workflows offer a comprehensive view of projects, enabling sound decision-making and continuous process improvement.

Example #2: Reallocation Workflow

At times, reallocating personnel from one project to another becomes necessary. Without a structured workflow for this, issues such as allocation confusion or double-booking can hamper productivity. Clear approval processes within a project management solution help steer clear of these pitfalls.

5. Building Your Workflow: A Practical Guide

Designing a workflow that enhances the time management skills of your team requires a meticulous approach. It begins with understanding the typical daily tasks of project managers and categorizing their activities. Quantifying the time spent on each activity helps in pinpointing potential time losses.

For instance, by examining data, you might discover that project managers spend a significant portion of their time on meetings, both internal and with clients. Understanding these aspects can lead to more efficient processes.

6. Implementing the Workflow

Once the company-wide workflow is meticulously designed, the real challenge commences – its successful implementation. The integration process may span several months, requiring a strategic approach. Here’s how to navigate this crucial phase:

1. Communication is Key: Begin by clearly communicating the purpose and goals of the new workflow. This provides a compelling rationale for its implementation. Every stakeholder should understand how the workflow benefits both the organization as a whole and them personally.
2. Benefits for All: Emphasize how the workflow will improve the day-to-day work lives of everyone involved, from project managers to software developers, HR specialists, and beyond. Highlight how it streamlines processes, reduces redundancy, and leads to better time management.
3. Stakeholder Involvement: Involve all stakeholders in the creation process. When individuals participate in shaping the workflow, they are more likely to embrace it. This collaboration also simplifies onboarding and enhances overall understanding.
4. Gradual Implementation: Understand that change management is a gradual process. Expect that even the most seasoned project managers might not adopt the workflow perfectly from day one. Be patient and provide support as needed.
5. Demonstrate Value: Continually demonstrate the value of the workflow by showcasing its real-world impact. Highlight how it simplifies tasks, improves time management, and enhances overall productivity. Real-world results speak volumes.
6. Adapt and Evolve: Recognize that the workflow isn’t set in stone. As the organization grows and changes, the workflow may need adjustments. Be ready to adapt and refine the workflow to keep it aligned with evolving needs.

The successful implementation of this workflow is a digital transformative journey. It empowers COOs and their teams to navigate the intricate realm of time management and strategic workflow with precision, helping to establish a resilient and efficient company-wide structure.

7. The Challenges of Change Management

Creating a good process and implementing it correctly are pivotal. It’s essential to communicate the goal of the workflow, the benefits it brings to stakeholders, both organizationally and personally, and involve stakeholders in the development of individual steps in the process. Convincing stakeholders of the value of the workflow is a crucial aspect of its success.

8. Time Management Strategies within the Workflow

Now that the workflow is in place, it’s vital to incorporate time management strategies into it.

Time Management Strategies for COOs:

1. Plan and Track Time in Non-Billable Projects: To optimize time management, tracking non-billable work is crucial. By allocating resources to non-billable projects in project portfolio management software, you gain a better understanding of the team’s workload and can make informed decisions.
2. Plan Work Ahead: Breaking large projects into smaller work packages is an effective approach to resource planning and project estimation. This division streamlines resource allocation, prevents double bookings, and ensures accurate project estimations.
3. Set Clear Priorities: Prioritizing projects based on their impact on the bottom line is essential. With comprehensive information and simulations, it’s easier to choose projects that are not only interesting but also profitable.

9. The Right Tools for Effective Time Management

The final piece of the puzzle is choosing the right tools to support these strategies. An optimal tool should provide a single source of truth for everyone, offering a centralized location for project information. It should also enable a bird’s eye view of ongoing work, helping identify productivity leaks. Additionally, it should facilitate long-term project planning, allowing businesses to make imperfect plans based on available information.

10. Mastering Time Management as a COO

In the world of COOs, where every second counts, time management isn’t just a skill; it’s a strategic imperative. With a well-designed workflow and these essential time management strategies, COOs can master time, increase productivity, and ensure their organizations run like clockwork.

Conclusion

The challenges of change management emphasize the significance of communication, stakeholder involvement, and the demonstration of real value. These are the cornerstones of a successful transition to a new workflow.

To truly excel in time management, COOs must integrate specific strategies into their workflow, such as tracking time in non-billable projects, planning work ahead, and setting clear priorities. These practices ensure that every second contributes to the bottom line.

Ultimately, the right tools are essential to support these strategies, offering a consolidated source of information, a holistic view of ongoing work, and the capability to plan for the long term. Cognitive skills are soaring in importance, and technological literacy is on the rise. Now, it’s up to COOs to harness this shifting landscape and steer their organizations towards success in this age of innovation and efficiency.