What doesn’t get measured doesn’t get managed
There is debate in the market as to the truth of this statement and whether Peter Drucker, the brilliant management theorist said it. The point, however, is that you need to have a good handle on key factors driving the performance of your business.
Even though many organizations may have transitioned to a more virtual friendly workplace, there are still 10 core business processes that must exist for the business to run effectively. No business is exempt from them. Those that are successful have systems and controls in place to manage them. The success of your business relies on your effective management of a combination of the following core business processes.
- Customer Strategy & Relationships
- Employee Development and Satisfaction
- Quality, Process Improvement & Change Management
- Financial Analysis, Reporting, and Capital Management
- Management Responsibility
- Customer Acquisition
- Product Development
- Product Service Delivery
- Accounting Management
- Technology Management
Considerable amounts of information are required to understand what level of effort, performance, and consistency you currently are applying to each process. The size of your company determines the number of staff, departments, information technology systems and other resources either input to or consume the information necessary to operate the business. Your internal information requirements are further expanded when you include information specific to your customers and information specific to your marketing/channel partners and/or supply chain partners.
Smart businesses use analytics to get a handle on all this activity. The field of analytics is simply information resulting from the systematic analysis of data or statistics. Smart deployment of analytics supports discovery, interpretation, and communication of meaningful patterns in data. It most importantly supports effective decision making.
Key performance indicators (KPI’s) and objectives and key results (OKR’s) are commonly deployed as way to distill all this information into a format that can help to quickly identify what level of performance is currently occurring and that status of any problems or potential for problems. Management teams expend significant effort reviewing reports to ensure that they receive timely information to maintain operational continuity and mitigate unintended disruption.
Visualization continues to be the best tool/technology available to support management in quickly identifying what activity in the business requires their attention. Whether it be understanding sales decline, identifying unexpected increases in the performance of a specific product/service line, adjusting for operational efficiency shifts, or highlighting customer service anomalies, delivery performance, and/or manufacturing concerns, the ability to quickly see what’s going on in the business provides for the most effective decision-making in the least amount of time. The needs of today’s market do not often allow days, weeks, or months to identify, adjust and adapt to the demands of the business. These delays will cost time and money and are detrimental to the overall health of the organization.
Deploying a Virtual Office provides you with the smartest option to stay on top of your business. Proper deployment of a virtual office supports your ability to:
- Track Business Development
- Share and analyze data
- Collaborate on work product
- Report to customers
- Allow for full accessibility to documents & people
- Create brand standardization
- Expedite market penetration to both corporate and supplier partners
- Manage Intellectual Property
Taken as a whole, this allows any organization more flexibility, control, collaboration, security, IT optimization and opportunities for cost reduction. AT CWE we build digital work environments based on your business needs that allow you to stay on top of the 10 core business processes. Let us provide you with the tools you need to ensure your organization not only stays healthy but thrives.
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