5 Benefits of improving your business processes
1. You can sell more. By improving your quotation process through reducing the lead-time and making it faster, it gives you more opportunity to negotiate with the customer and win. Your speed of response will also impress the customer
2. You can improve your cash flow. By improving your accounts receivable and payable processes you can reduce the time taken to invoice and also control your payments better. Reviewing these processes often uncovers a multitude of sins; for example:- underpaid/overpaid suppliers, quality issues, delivery issues and complex approval workflows.
3. You can have the right stock. By reviewing your purchasing and ERP parameter processes you can reduce your raw stock whilst also increasing availability for manufacturing. Reviewing these processes helps to re-set and standardise the Sales + Operational Planning process.
4. You can get your products to market faster. By reviewing your new product development and introduction processes you can reduce the time to market and beat you competition. Stage gate systems although providing a high degree of standardization and control, can also place artificial barriers to progress.
5. You can make your products more profitable. By looking at the estimating and costing process for your products you can improve margins and ensure all future products achieve the required levels of profitability.