In a time of market turbulence and external influences like coronavirus shocking the world economy, business leaders have to consider innovative ways of improving business performance.
Here are some basic ideas to promote growth and efficiency:
1. Digitize Business Procedures
Strengthening internal business processes is a fundamental corporate milestone. Establishing process management as a core function empowers businesses to streamline their operating methodologies.
2. Reduce Cost
Merge multiple processes into a single management unit to save space, time, and money. Condensing several information technology solutions into a unique and lean platform requires a lot of work and effort, but it will save costs in the long run.
3. More Cloud Solutions
According to recent reports, enterprises were found to run 75% of their workloads in the cloud. It's no wonder why more and more companies are adopting cloud-based solutions. Market research has revealed that the cloud helps companies save around 20% of their costs.
4. Apply Analytics in all Processes
Advanced analytics save lives and reduce customer dissatisfaction. Data gleaned from analytics can be utilized to improve areas like customer retention or marketing responses that can have a large impact on the business.
5. Manage Your Data
People involved in a company will periodically request access to data. Share and use that data judiciously to improve efficiency and generate innovating solutions.
6. Invest in Business Automation
Business leaders need to go beyond the current use of automation and instead use smart machines to build intelligent business processes.
7. Outsource Services
In most cases, outsourcing is an excellent way to reduce IT operating costs. This is most evident in the tech industry, but many other companies turn to it as well. Research shows that businesses can experience a 40% reduction in cost by outsourcing.
8. Supply Chain Optimization
Supply chain managers face up to 50% lower supply chain costs than middle-range performers. Business leaders have to work together to look beyond cost reduction to ensure increased sales by using a mixture of different tools to optimize business costs.
9. Manage Inventory
Inventory management is a must-have option for business leaders, since inventory affects both physical operations and balance sheets.
10. Business Process and Anti-Fraud Outsourcing
Managing business process and anti-fraud outsourcing can be challenging, particularly when services are not contracted with a strategic business relationship in mind. Fraudsters have become more inventive in recent years. Businesses need to defend themselves against new and emerging threats.
Thankfully, nowadays you can partner with providers of sustainable anti-fraud solutions to secure your business processes instead of attempting to perform those functions on your own.