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According to IDC, companies lose 20 to 30 percent in revenue every year due to inefficiencies. Business inefficiencies which resulted from not defined process or processes not aligned. Imagine a situation like instead of getting your payables from a customer but has been not collected, due misplaced billing document or unrecorded product or service provided. This is just one of the numerous situations in a business which could chop off your company's revenue.
These are indicators that your business is running inefficiently. If your business has experienced these, you need to reassess your strategy immediately.
Employees struggle to find information. Purchase records cannot be found, resulting to delayed deliveries of materials. Delayed material delivery can have a domino impact to delayed service or product shipment to your customers. It can be either caused by record repository was not defined or there was no process created how to store a purchase record.
Mistakes done due to outdated forms or procedures. Forms or procedures used is not controlled. Anyone from the organization can make their own version of the same form or procedure. One employee will not know if there are changes made on the form or procedure resulting to doing mistakes or repeating the process.
High turn over rate of employees. Most of the employees are leaving the company due to frustration, stress or overworked caused by inefficient processes.
Business cannot adapt to changes. The business has poor business process on regular season. How much more it can handle peak seasons or pandemic situation such as the Corona virus?
Don’t let bad processes steal your revenue: Take it back by slashing waste and leading a leaner, more effective company. Start by reassessing and redefining your business processes. Business process is a set of activities and tasks that once completed, it will accomplish an organizational goal which is either a product or services. Business Process Management (BPM), as defined by Gartner, is a discipline that uses various tools and methods to design, model, execute, monitor, and optimize business processes. A business process coordinates the behavior of people, systems, information, and things to produce business outcomes in support of a business strategy.
Business Processes should ideally be set-up during a business start-up and best to revisit before a business expansion. In Extended-Self Virtual Services, we have a team with more than 10 years of experience doing Business Process Managementto multinational companies. You may contact us for free assessment on one your business process. As a business owner you can avoid to lose 20-30 percent of your revenue due to inefficiencies.
