At a current client we just swapped over from using ClearCase and ClearQuest to using SVN with clear check in comments within our team and updating the ClearCase repository daily.
The change in productivity is striking. One team member mentioned today that he felt he was saving around 2 hours a day. If that's accurate then on a team of 8 people it's equivalent to freeing up 2 people every day.
It's not just the time spent waiting for version control, but those pauses people make to 'quickly' grab a drink or check their email so the pair are not there when the tool does finish. Not only that, everyone is having more fun too. No one likes waiting for hour glasses. Everyone likes feeling more productive.
Are any steps in your processes disrupting the flow of your work? Can a change of tools help?
The key is to work out the features of the current process that are actually require and which are just nice to have.