Month: December 2022

Step Involved in Business process optimization and its benefits

Process Optimization is continuously adapting processes that help improve your business succeed. To begin, identify strong and weak processes within the current system. Analyze each process to make sure nothing is missed.

For any business to attain efficiency, the process of business must be properly optimized and upgraded whenever it is crucial for the line of business. The major reason to optimize and upgrade business processes is to achieve the desired results and create a benchmark for the brand amongst the competition.

What is Process Optimization?

The most common goal for process optimization is minimizing cost and maximizing effectiveness, maximizing performance, and the productivity of the process and end output. Process optimization is the implementation of methods or strategies and disciplines to improve specific within the parameters given.

What is Business Process Optimization?

Business Process Optimization is also an of BPM, also known as Business Process Management. Business Process Optimization is generally a practice that is followed to increase organizational efficiency by improving processes. Optimizing our business processes ultimately lead organizations to optimized business goals.

Basically, optimization in businesses might include several things like streamlining business workflow, improving communication, forecasting changes, eliminating crucial areas of errors etc. Managing and Optimizing processes is the most crucial thing which helps companies to attain Digital transformation.

When businesses encounter problems, they must work on the optimization method to solve their problems. There are several methods to start up with business optimization, and there are several methodologies to consider, each providing a unique set of steps and measures to help in increasing productivity and efficiency also optimizing workflow.

There are several composite steps to define the process of optimization for a business:

Step – 1: Identify

This is the most important step, where you must identify the problematic process that has to be optimized and what’s the purpose behind optimizing the process, and what’s the end goal you want to achieve by optimizing the process.

Step – 2: Analyze

The second most crucial part of process optimization is to analyze whether the desired goals are met with the process currently followed. Are there any areas that must be focused on changes, and if there is a waste of resources or power during the optimization, how to handle them? These all are focused on during the analyzing part.

Step – 3: Implement

Once after Identifying the gaps in the current process and developing several test cases for the new process based on business goals, next comes the Implementation. Before implementation, the strengths and weaknesses of the current process are analyzed y thoroughly. After analysis implementation begins and after Implementation, the results are collected, and adjustments are made based on the results to ensure whether it’s working as per the goals set.

Step – 4: Automate and Monitor

In this step, the entire workflow is evaluated, and automation of the process is carried on, reducing the cost, increasing productivity, and establishing a successful process with a minimum margin of error. After automating, next comes the integration part. These steps ensure finding the area of improvement and crucial issues that must be addressed to continue automating properly without error

Basically, monitoring is nothing but taking a detailed look at the process performance and fine-tuning it to meet the desired results which were set.

What are the benefits of Business Process Optimization?

There are several benefits to business process optimization; first and foremost, business process optimization can make your company competitive over time and create a competitive benchmark.

There are several other benefits to business process optimization:

Cost Reduction

When you set to streamline your process, waste or unnecessary efforts are easily identified, which helps us to find out the area of errors, how resources are used in these areas, the effects on productivity due to these issues, and so on. This process helps us to plan and resolve these issues, thereby reducing expenses.

Risk Mitigation

Activity mapping is highly crucial; once your activities are mapped, it becomes easier to standardize processes. This helps us to eliminate mistakes and repetition.

High Efficiency

Business process optimization allows any business to deliver its products and service at maximum efficiency without compromising quality. Because the areas of errors are eradicated, and the process is optimized from end to end to maximize production without sacrificing quality. When we deliver quality that customers seek as service or product providers, it is then we achieve a prominent market position.

Better Overview and Time Management

Due to process optimization, you get an overview of all processes, which aids integration and optimization of business; overall, when operations are optimized, tasks which don’t add value are eliminated.

Better Problem-Solving capabilities.

With an end-to-end view of identified problems, Fixing the areas of mistakes at the source becomes easy, and this reduces investment in resources in finding out areas of a problem instead of resolving them

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Process

Why is ISO 27001 important for your business?

The Pandemic has affected several businesses, depending on their geographical location, industry, and type of industry. But Covid 19 was not the only reason for being unprepared—a sudden adoption of employees working in mass remotely was adopted as the best solution at an uncertain time. It was also a major reason for the closure of many businesses. During this time, cyber security concerns were raised by businesses due to the lack of cyber resilience and cyber security. Businesses had to convert to hybrid models during the Pandemic, and they had concerns about their information assets as they are more crucial and can be subjected to cyber-attacks. That’s when businesses were looking out for ISO 27001 certification.

What is ISO 27001?

It’s an international standard created to serve as a framework for organizations to implement, maintain and enhance their information security management systems (shortly termed iSMS). The framework ensured continued confidentiality, integrity, availability of resources, and legal compliance. ISO 27001 has nearly 114 controls, and 30+ control categories ensuring information on end-to-end business lines is safe and secure from cyber attacks

An information security management system involves legal, physical, and technical controls involved in an organization’s information risk management processes to safeguard them from cyber-attacks ensuring confidentiality and integrity.

Many corporate systems during the Pandemic didn’t have the scalability and readiness to adapt to modern navigation, even though numerous tools were available just for this purpose. Businesses were facing a tough time with making the system productive in a hybrid model, considering cyber resilience, scalability, information assets management etc. That’s where ISO 27001 standards helped businesses.

How is ISO 270001 useful for businesses?

There are several standards like ISO 9001, ISO 27001, Iso 14001, etc, that help us cut down costs, boost productivity, help in reducing cyber risks, and improve the profits of an organization. These standards are built to make businesses stay effective and prepared for any major hurdle.

The initial work on attaining these standards helps businesses understand the areas of risk, and with periodic repetition, this starts to put the process into practice.

ISO 27001 made the working arrangement more flexible, safe, and secure post covid, Those times in the thought of cyber security and secure remote management models for future purposes.

ISO 27001 helped businesses to meet regulatory information security requirements for business data and provided reassurance to customers and suppliers, also ensuring that under this framework and policies followed, the employee and organization’s information is tightly secured and protected.

ISO certifications are powerful tools for attaining business continuity and identifying both internal and external issues that will impact or become a disaster.

The major importance of ISO 27001 in your business:

ISO 27001 protects your business reputation and your business from security threats

It is most apparent that businesses with ISO 27001 certification tend to have frameworks and working models that protect them from data breaches, security, and cyber threats. These companies work on a set of rules and regulations to attain ISO 27001 certification that eventually strengthens the organization across pillars of cyber security and protects their reputation

Helps them with regulatory fines

ISO 27001 helps organizations avoid crucial and costly penalties that affect their capital. These penalties mostly fall under the category of data protection, such as the General Data Protection Regulation, not only with the GDPR helps you in several areas and ensures the best approach is taken towards maintaining Information security.

ISO 27001 helps you comply with GDPR, commonly known as the General Data protection regulation and NIS directive called the Directive on Security of network and information systems. There is always a risk of data breach litigation, ISO 27001 helps to reduce this risk. Getting litigation due to a data breach can damage your business reputation and affect your growth, etc. Many laws are being drafted by the EU and USA in relation to private action and consumer privacy, like California Consumer Privacy Act, Biometric Information privacy act, etc.

Improves your company structure and focus towards growth

Globally, companies tend to adapt to ISO 27001, as growth is crucial in any line of the business, a company cannot tend to lose their focus on their information security.

By attaining ISO 270001, your business can create a highly functional and operational system that is not only flexible but also ensures the security of information assets. To ensure this company must conduct risk assessments and audits annually, which helps them to make necessary changes.

Reducing the frequency of auditing:

As ISO 27001 is a globally accepted certification, it demonstrates its effectiveness in security, therefore rapidly reducing the need for repeated customer auditing.

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Consulting

Why is Automation in Back-office support Essential?

Automation Back Office Support Essential-iBridgeLLC

The Back-Office and is made up of administration and supports professionals who aren’t client-facing. Back-office functions can include several services like Business record management, regulatory compliance, finance settlements, clearances, Accounts management, and IT-related services.

For Example: In core functional areas, the front office might focus on increasing demand and sales, and the back office might focus on helping the company in the manufacturing of products and services.

What is Back-office support?

The back-office department must understand the business from end to end and make decisions based on business objectives. They must ideally value each process and stage that adds value chain.

Explaining it in simple terms. To complete a sale there are several functions from production, shipping, marketing, research, customer support, IT and Service Desk etc must all come together to ensure customer satisfaction. To get to this automation and streamlining of each functional step must occur. streamlined and automated to cost-effectively meet.

Why should companies Automate their back office?

There are several benefits of back-office support but the most critical is to prevent operational errors and identify problems and solve them rapidly.

There are several important areas for back-office support like communication. Identifying communication issues to ensure different departments stay on unified lines to reduce errors and avoid rework, Data analysis and BI can collect data from all the processes carried on and perform deep analysis to find out the contribution on every stage and to identify stages that don’t add value, Standardizing the process making it easier to find the bottleneck in processes carried out and coming up with the best solutions

The back office will have access to information on operations and all functions of your company, to enhance process execution delays, identify the employee responsible for each task, and measure progress on activities assigned. All these steps intend to improve customer satisfaction and process effectiveness

There are several benefits behind successful automation:

Reduce the number of failures

With sequential automation, the number of errors will be reduced before they occur. This will pave the way to continuous improvement and open doors for other functional improvements

Reduce the number of administrative workers

The back-office support holds several documents, business contracts, reports, Invoices, order copies, and more that are highly critical for the success of a business. Managing these documents using automated business record management tools or Enterprise Content Management systems integrated with Business Process Management Systems can reduce the hassles in paperwork, failures in document sharing, document auditing, etc.

Value of Data in real time

Automation also allows us to use the data generated by several processes in real time. It can be extremely valuable for maintaining a competitive advantage and in making business decisions.

A simple example – when customers start returning your products and expressing concerns about the quality or price, this affects the entire inventory cycle, and finances, which might also lead to complaints online and affect the Online Reputation Management of the company.

Advantages of Systems Integration

When you outsource different operations to different companies process tracking is important. That’s when you implement a digital platform that integrates processes related to customers into a single system like Service Desk, Analytics etc. These automated solutions can help us shape the growth of the company.

There are several other major benefits of automating business, but you must understand how process optimization is done to take adequate steps in the optimization of your business. It’s easy to see the benefits of Automation if it’s properly streamlined and optimized. But to ensure that the optimization has been highly effective or not, there must be sequential and proper implementation and planning for the processes.

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Reach out today to schedule a discussion with an iBridge team member to learn how we can help your business in terms of growth and digital transformation

Process