The globalization of supply chains, and outsourcing of services and production, exposes companies to new risks.
Humberto Breccia, from the ADEN Business School, discusses the processes that need to be implemented by companies so as to "minimize losses and maximize the value perceived by customers."
From the questions How to do it? Where to begin? How to control it?, comes the logic of the steps required to manage operational risk:
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The lack of definition of a comprehensive agenda focused on identifying the root of the problem seems to be the reason.
Latin American countries have shown significant levels of economic growth in recent years pushed by, among other things, the favorable international environment. However, the productivity of Latino workers seems not to have kept pace.
Taking time to eliminate hidden costs in business may be the best short-term investment.
In the article by Omar Becerril at Altonivel.com.mx, he highlights some of the types of expenses in which businesses often incur. Even highly efficient processes may be covering up unnecessary costs that can be avoided.
1. Cost of obsolescence:
Nothing is more detrimental to sales of products than to look old next to the competition.
Ideas to align your team with corporate objectives and make them feel backed up by their boss.
Martin Zwilling, investor and entrepreneur in the technology sector, shared some tips with Bnet.com on how to motivate the staff and make them feel engaged to the company:
1. Do not send mixed messages to employees, there is nothing more disconcerting than to say something today and something to the contrary tomorrow.
Perfectionism can be a problem which could affect us and those around us, by losing global perspective as we tend to focus more and more on details.
In an article in Bnet.com, Penelope Trunk states perfection is not attainable and there is a risk of going crazy trying to achieve the ephemeral goal. According to her, it is better to accept that it's okay to make mediocre work in a certain percentage of our job.
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Many companies engage in too many and too extensive meetings; these turn into unproductive encounters, whose costs outweighs their benefits.
Meetings convened without an agenda and clear objectives, beginning late, excessive duration, trivial issues being addressed, no minutes, and attendees lacking the necessary background information. These are some of the characteristics of meeting in companies who abuse or misuse them.
Paying maximum attention to the "Three C's" is always important. In times of crisis it is vital...
Economic turbulence disrupts the stability of cash flows, which are sometimes also affected by external factors such as exchange rates, interest rates, reduction of credit, etc. This is why we must pay extreme attention to managing our cash flow.
A exhaustive revision of all product lines, along with their respective profitability, is a good tactic to stay afloat while waiting for better times.