During an economic recovery, improving core business processes is a logical way to make your organization more cost efficient. We have noticed that when we go out to our first meeting with a prospective client there are many businesses that don’t understand how to improve these data-intensive processes. In fact, many corporate leaders and managers will tell me they are not satisfied with how their core processes run, despite having the systems and programs in place.
Develop Cost Efficient Business Processes
At Connexus Ventures, we believe that that a business should be at least as efficient as its main competitors in order to be able to compete and survive in the long-term. During examination, we often pinpoint these essentials that restrict an organization’s desired efficiency:
• Most business leaders and managers know their business processes are not cost efficient
• Most business leaders agree that process efficiency is critical to success
• The cost savings programs and systems are in place, but not everyone is following through
• There is no urgency for improvement
Data and information play a vital role in your organization. How you manage and process information can give you a competitive advantage if managed efficiently. If you implement the right policies and procedures across your entire organization, regularly enforce the procedures, and efficiently execute the process, you will have the opportunity to unlock this competitive advantage.
Simple Strategies To Improve Your Business Efficiency
Streamlining a core business process needs to be done strategically, so when you look at the processes think of ways that will make your corporate data and information more available to staff and less redundant. Some simple strategies to business efficiency are:
• Remove the obstacles and roadblocks to sharing information – you want the information to flow freely through your organization. If you have information that needs to be accessed by multiple people remove the single ownership.
• Get rid of the ‘paper’ as much as you can - digitized and electronic data is easier to share, and more cost efficient. Good candidate for this strategy are travel and expense reports and reimbursements.
• Remove excess multiple copies – look for excessive redundant copies of information and centralize them.
• Remove any excess document management steps – simplify the information management procedures as much as you can, try to ensure the flow of the information is streamlined so that it requires the fewest touches as possible
The Connexus Advantage
