Everyone wants their goods to move quickly and smoothly through the supply chain. However, many companies experience delays and disruptions. Those delays and disruptions cost you money and hurt your reputation.
Supply chain management solutions enable you to optimize your supply chain so you achieve the success you want. Microsoft Dynamics 365’s ERP system helps you make better decisions to move goods faster and better satisfy customers.Continue Reading
When it comes time to choose an ERP system, you have a number of options. Microsoft Dynamics 365 should be one of your top contenders. Why is that?
Dynamics 365 features better accounts receivable and collections procedures. Those in turn allow you to get paid faster, so you can improve your planning, budgeting, and cost management processes.Continue Reading
Companies without a risk management strategy are vulnerable to disaster, where problems that were foreseeable deal a blow to profitability and even the organization’s existence. Proper risk management programs can help a company save time and money during internal and external audits. For companies regulated by governing bodies, risk management might be a required component of doing business by protecting things like public health records, financial statements, and consumer data.
In developing a risk management strategy, a company should follow a three-step process. The process kickoffs with working meetings that analyze business risks to discover the ones that pertain to the way the company does business. Once these risks have been identified, the company must try to quantify them by probability and extent of damage. Lastly, the company must develop a plan to manage and protect against each viable risk as well as developing a plan to mitigate consequences if the potential harm occurs.
A risk management initiative begins with an intensive look at a company because each organization is different. As important as risk management is to the success of the company, a program that is overly burdensome can negatively and needlessly hurt the bottom line. If a company is having trouble knowing what risks to focus on, they can reach out to professional consultants to guide them in the process. These consultants can help an organization create risk assessment groups of key stakeholders and business process owners.
Once these risk assessment groups have identified the specific risks to a company, they create a matrix of the probability of each risk combined with the impact on the business if the risk occurs. The higher the score, the more resources must be allocated to avoid and mitigate the risk. For example, risks that are likely to occur and would have extreme consequences if they did get the most attention. Conversely, low level risks that would inflict very little harm can be put on the back burner.
By assigning each risk to a business process owner, a company can assign responsibility to individuals, ensuring they get the attention they need. Without personal ownership, the risk can be forgotten and sneak up on a business. It is these business process owners who have the expertise needed to define an effective risk management strategy, ensuring that a mitigation plan remains relevant.
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The stark reality is that selecting the right ERP system for an organization is not enough. Most projects get derailed not by the wrong software, but because implementation bogs down and fails to deliver on the promises and capabilities of the ERP solution. How does an organization get from here to there, whether that be from current workstreams to streamlined processes or from disparate software systems to a unified ERP solution? Change management. Every IT and business process improvement initiative should have a change management strategy to dramatically increase the likelihood of success.
Whether it’s a new ERP system, upgrade of existing software or shift in business practices, changes within an organization can be challenging. All too often, where the organization wanted to go isn’t where it ends up, never realizing the ROI that it hoped to see. In some cases, entire implementation efforts must be jettisoned as too costly with no relief in sight. An organization needs a change management process to see things through, and assembling the right team can make all the difference.