Business processesÂ are the soul of all businessesÂ for delivering value to its customers. However, to make it more effective and efficient, entrepreneurs should make continuous efforts for improving their strategic and operational processes. It aims at the elimination of wastes, minimize errors, and imrove agility in business, said CA Nitin Alshi while addressing a Webinar on Improvement in Business Processes organized by COSIA, Vidarbha.
He further said that businesses need to focus on their value chain & emphasize the improvement in primary activities of business like production, service, marketing, procurement are more critical since the bottom line depends on these activities.Â Accounts, HR, and admin are supporting processes & time is the essence in operational activities and cost is the essence in supporting activities, he added.
To improve the business process, the function should aim to reduce all kinds of wastes and eliminate non-value-added activities. While discussing operation-wise 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 uponÂ Importance of Risk Management in business and its role to improve processes through management of various risks considered as a prime tool for entrepreneurs and every business must identifyÂ & mitigate all the risk on a continuous basis.
Frauds are like termites in the business. To improve business processes and internal controls,Â entrepreneurs should resort to fraud detection and prevention techniques which were deliberated at length in a webinar that was well attended by entrepreneurs, industrialists & professionals. At the outset, 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 & profitability.
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 needs to be done on a continuous basis & it is a dynamic process that is bound to give positive results in the long run to the organization. Hence it needs to be adapted on a top priority basis so that they can maximise the results. Pranav Ambaselkar, Core Committee Member conducted the proceedings of the webinar & took up the Q & A session of the participants.