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Leverage Compliance Efforts into Profit and Growth

Several industries are regulated by governments throughout the world to various degrees. Some industries; such as financial, medical device, pharmaceutical, food processing and commercial aviation, are intensely regulated. Most businesses in regulated industries spend considerable effort, time, resources and capital on regulatory compliance just for the opportunity to sell their products and/or services in regulated markets. Most regulated businesses perceive compliance as a necessary “expense” of capital and resources. However, regulated businesses should use the “glass half full” approach and treat compliance efforts as an “investment” in a minimum quality standard that applies towards a higher quality standard resulting in having the “best” product or service in the market. By treating compliance efforts this way, a business can leverage the compliance effort into a much bigger picture initiative that not only assures regulatory compliance, but results in higher profitability, increased sales and sales revenue, additional satisfied loyal customers and improved shareholder value. Usually, the cost of investing in maximizing quality and value is about the same as an effort to just attain compliance, but with many more benefits. So, do not complain about and resist regulatory compliance and try and get away with the bare minimum compliance effort. Embrace regulatory compliance as a grand opportunity to improve your business and bottom line results.

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What has your data done for you lately?

Business executives and decision makers advocate for using data and analysis to inform beneficial decision making. However, typically the data analysis, reports and dashboards of endless metrics cause confusion, wasted time and possibly poor decision making. Why? Because it’s just data, not the right data. Key performance indicators (KPIs) and other business metrics need to be collected and analyzed with the purpose of supporting a hypothesis or a desired outcome that supports business objectives. Executives and decision makers want to know at a glance if business metrics and analysis indicate a need to change direction, stay the course, or most importantly, if opportunity for business improvement or growth is likely, and how to achieve it. In the absence of appropriate data and analysis, organizations often resort to making decisions based on perception, or flawed analysis, that is misinterpreted. A robust analytics method based on standard proven protocols can be utilized to always make data mining, analysis and interpretation effective and beneficial for making good decisions enabling achievement of key business objectives. Adoption of these methods by business analysts and key associates, can make business data the executive’s best friend.

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Business Tip

Leverage your suppliers

Most organizations do not leverage the expertise and strengths that their suppliers have to offer.  Suppliers often will offer value added services to their customers that will help reduce their customer’s costs, enable improved efficiency, eliminate wasteful process tasks and improve delivery to end customers.  The extra value suppliers offer often results in added value to your end customers in the form of improved delivery time, improved quality and lower price.  One example is enabling a supplier to dropship finished goods in final packaging directly to customers.  This may eliminate repackaging, inventory management steps, reduce delivery time and reduce delivery cost.

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Business Tip

Get the most out of your business strategy

Some businesses have developed high level strategies for growth and/or sustainability. That’s a step in the right direction, however, most businesses only use the strategies at the executive level and the other managers and associates are unaware of the business strategies. At a minimum, the associates in the company may be aware of strategic initiatives as a slogan, general mission statement or credo. Business strategies need to be planned and actionable for all associates and levels of the organization. One Operational Excellence tool for accomplishing this is the objectives tree.  The objectives tree enables strategies that result in high level objectives to be paired down as actionable objectives and project plans to all levels of the organization depending on function and specific missions. This way each operation is supporting the high level objectives and strategies synergistically enabling achievement of the long term vison of the organization.