Doing “things” the same way year after year may feel comfortable, but it could be a sign your company’s processes have grown inefficient, or are just plain obsolete. It can seem like a daunting task to realign your company, but the key is to prioritize the items which will bring you the biggest benefits compared to the cost and some quick wins. Sustained performance improvement often includes:
- Developing a sustainable internal control framework to help ensure compliance with current and evolving regulations
- Identification and re-engineering of process inefficiencies, resulting in cost reduction as well as an increase in control
- More streamlined and efficient processes, resulting in improved customer service and a more tightly integrated supply chain
- Development of performance metrics to help ensure that strategy, operations and reporting are aligned
- Improved response and reaction time to changes in the competitive landscape
How productive is your workforce? Do you feel that the number of people in your organization appears to be too high for the amount of production? Decision makers often deal with the pressure from stakeholders to create best practices, improve business process inefficiencies and decrease the high cost of operations. However, with the need to focus on the business core, carving out time to assess and improve company operations is not always a priority.
Frequently, companies may use inefficient processes to support their organizational objectives, often without the knowledge of industry best practices or competitive benchmarking. By enhancing and re-engineering processes and utilizing technology more effectively, organizations can maximize efficiency and reduce costs. Focus on your strategic objectives, evaluate people, process, and technology to develop continuous improvement culture.
Business process improvement presents a challenge for any business, identify the critical areas that require change and dramatically increase your chances of proper execution.