17 simple ways to reduce IT business costs
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Members of the operational team are typically concerned with the fine-tuning of activities within an organisation, and this aims to enhance the flow of work. By analysing the procedures, they get rid of delays, automate processes that take much time, and allow employees to work more on their tasks. In research done by McKinsey, they argue that firms that have successfully achieved operational efficiency gains of up to 30 percent, which in return translates to considerable cost reductions and increases in productivity. Furthermore, on average, companies that hire a business operations team grow 20% of the rate as those companies that do not invest in operations teams.
Having an operational team also involves data collection and analysis into the decision-making process of the company. Instead of making educated guesses, business houses can therefore make decisions that can take them in the right strategic direction. The study by PwC showed that the firms that utilised data were asked to improve on decision-making three times as compared to their counterparts. A business operations team is not only a keeper of current performance indicators, but it is also able to calculate upcoming tendencies, potential losses, and guide the company on what actions will be the most or least beneficial to be taken. Hire a business operations team to make better decisions at all levels of the organisational hierarchy because the decision makers have better information.
In any organisation that is in the process of developing, there are usually communication complicating issues and compartmentalisation. A business operations team plays a crucial role of making sure that the departments in an organisation are in harmony and working in unison particularly towards achieving the general business objectives. An article appearing in the Harvard Business Review pointed out how organisations that have an effective cross-functional integration are 5% more effective and 30% more creative. As a result, hire a business operations team and cancels out issues of miscommunication that trigger inefficiencies by ensuring order among the teams.
Expanding a business is explained to be a very delicate exercise that if poorly managed may result into business operational crises. An efficient operations team keeps the systems in place flexible so that growth of the business does not affect the functionality of other systems. According to Bain & Company research, 85% of organisations that failed to manage the growth process had weak operational foundations. The work of the operations team also involves initiating proactive strategies to support the growth, which enables the business to improve on quality and efficiency in addition to growth, especially where the venture expands the business to new markets or additional product lines. Hire a business operations team to make sure you don’t make the same mistake.
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