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Gaps in skill set and a lack of automation are among the top challenges faced by IT professionals today. This is according to a 2020 report by Global Knowledge. Runbooks are created by IT professionals to give everyone on the team – new or experienced – the knowledge and steps needed to resolve a given […]
The unexpected release of toxic, reactive, or flammable liquids and gases continues to occur across many different industries. Chemical disasters, such as The Deepwater Horizon disaster in the Gulf of Mexico (U.S. 2010) and the Chevron Refinery Fire in Richmond California (U.S. 2012), cost businesses millions. Yet this financial cost is irrelevant when you consider […]
The global workflow management system market size was valued at $6.85 billion in 2020, and is expected to expand at a compound annual growth rate (CAGR) of 30.6% from 2021 to 2028. This growth comes from the recognition that workflow management systems improve business efficiency and reduce operational costs. Furthermore, workflow management systems optimize automation, […]
In 2020, McKinsey and Company reported 9 in 10 companies are switching to a remote or hybrid working model. This is because employees prefer this working style as opposed to more traditional office-based work. Remote work gives company-wide benefits such as lowered business expenses, increased productivity, improved employee satisfaction, and a reduced carbon footprint. Yet, […]
The plethora of laws, regulations, standards and ethical practices impacting our businesses is a minefield. The average cost of business compliance worldwide is $5.47 million. With companies having to conduct several compliance audits a year, this figure comes as little surprise. This is why you need compliance software to help you. Compliance software is a […]
Are you still relying on manual data entry and paper-based systems for document management? If you are, take notice. You could be losing 18 minutes of your productivity time searching for the documents and information you need. Those 18 minutes might not seem that much, but they mount up to account for ~50% of your […]
“SOPs also provide a certain kind of insurance. With systematized operations in place, a company won’t unduly rely on any single person for institutional knowledge or company advancement; it’ll all be codified within the SOP” Dean Scaduto, The Lowdown on Standard Operating Procedures Standard operating procedures (SOPs) in business create consistency, guarantee quality, remove ambiguity […]
Poorly managed processes have caused disastrous and costly errors. For instance, a measurement mix-up between metric and imperial units by NASA caused the disintegration of one of their satellites. This cost the air and space agency $125 million in damages. Business process management (BPM) is the management and control of business operations to prevent costly […]
The global workflow management system market was valued at $4.8 billion in 2018. This figure is anticipated to rise with a compound annual growth rate (CAGR) of 27.7% from 2019 to 2025. One reason for this tremendous growth is the digital transformation of businesses globally. This transformation is called industry 4.0. The workflow management systems […]
Don’t lose money due to poorly managed business workflows. Read this post to learn about the humble workflow diagram today!