Published On : Mon, Apr 12th, 2021

Earn value by improving your business processes

Business processes are the soul of all businesses for delivering value to its customers. However, to make it more effective and efficient, entrepreneurs should make continuous efforts for improving its strategic and operational processes. It aims at elimination of wastes, minimize errors and imrove agility in business,said CA Nitin Alshi while addressing Webinar on Improvement in Business Processes organized by COSIA,Vidarbha.

He further said that businesses need to focus on their value chain & emphasis on improvement in primary activities of business like production,service, marketing, procurement are more critical since the bottomline depends on these activities. Accounts ,HR and admin are supporting processes & time is essence in operational activities and cost is the essence in supporting activities,he added.

To improve the business process ,function should aim to reduce all kind of wastes and eliminate non value added activities.While discussing about operationwise opportunities for business process improvements, industry wise live examples were quoted which were well appreciated by the participants.

Deliberations were also done on cost engineering and by what scientific means,the different costs can be analysed,controlled and reduced was stressed upon

Importance of Risk Management in business and its role to improve processes through management of various risks considered as prime tool for entrepreneurs and every business must identify & mitigate all the risk on continuous basis.

Frauds are like termites in the business .To improve business process and internal controls, entrepreneurs should resort to fraud detection and prevention techniques which were deliberated at length in webinar which was well attended by entrepreneurs,industrialists & professionals.

At the outset,Shri Mayank Shukla made the welcome remarks & said that it’s always been the attempt of COSIA to organize apt programs of expert speakers which will give some value addition to the businesses & improve their efficacy & profitablity.This webinar will definitely prove to be a useful & effective webinar for all stakeholders.Vice Chairman CA Julfesh Shah who made the opening remarks said that improvement in business processes need to be done on continuous basis & it is dynamic process which is bound to give positive results in the long run to the organization.

Hence it needs to be adapted on top priority basis by them so that they can maximise the results.Shri Pranav Ambaselkar,Core Committee Member conducted the proceedings of the webinar & took up the Q & A session of the participants.