Posted by Shivali Anand
March 22, 2022 | 2-minute read (402 words)
Are you still relying on outdated business processes and practices out of habit? If that's the case, you're not alone. According to a study conducted on behalf of Hitachi Consulting, 90% of IT professionals with decision-making authority say a reliance on “legacy systems” is keeping them from fully using the potential of digital technology.
To get things done, every organization employs dozens, if not hundreds, of processes. The list goes on and on, from recruitment, onboarding and accounting to client development and security. But for business processes to confer maximum productivity and efficiency, they need to be reviewed on an ongoing basis. It all begins with a careful analysis of existing systems to ensure their efficacy.
Below we examine the top four reasons businesses need to regularly modify and update their processes.
To comply with regulations
– New laws that affect organizations of all sizes and industries continually emerge. The reality of an ever-changing regulatory landscape necessitates an ongoing re-evaluation of business systems and processes, in order to ensure compliance and avoid penalties.
Economic benefits
– Employees can be more productive and profits may be improved by developing faster, more efficient ways of working. A survey of 12,000 global workers by PwC research found that 73% believed they knew of business systems that would improve work quality.
It's better for employees
– According to America's Most Broken Processes, most organizations have inefficient processes that annoy, confound and disappoint employees. Employees will be able to work more successfully if firms develop solutions to optimize their business processes.
To avoid data loss
– Businesses that use obsolete software render themselves vulnerable to cyberattack, potentially leading to a serious drop in performance as well as possible liability for breached data.
Realistic business processes
"Every process can be improved,” says Steve Keating, a thought leader and specialist on leadership. “To assume that any process never needs to change along with it's environment is a very dangerous assumption.”
Continually reviewing and upgrading processes when warranted can help boost your business’s productivity. To that end, giving employees the ability to recommend and execute business process improvement is a sound decision that also increases engagement.
Keep in mind that your approach to enhancing business processes should be realistic. You’re not after a radical transformation, all at once. Rather than making drastic changes, start by making baby steps toward making the business run more smoothly, and remain open to employees’ input.
