Partner Article

Trimming the Fat in 2015

A lot has appened over the last twelve months. We’ve seen emerging technologies like big data move from a stage of maturity into the trough of disillusionment; we’ve witnessed wide spread adoption of the Internet of Things, with businesses discovering ever inventive ways of recording data; we’ve all continued to learn about the perils of security thanks to international hacking scandals; and finally, we’re getting even more mobile thanks to the birth of two new iPhones. It’s been a year filled with economic uncertainty, nervous confidence and carefully optimistic growth predictions, something that has certainly kept businesses on their toes.

In 2014, there were a number of new business approaches to working. From experimenting with new technologies for example, businesses have been able to add depth and breadth to services provided. Ultimately they have evolved in order to grow. However, in doing so, some risk having lost the lean figure that they once had twelve months ago. Now, in 2015, there are plenty of opportunities for those who have no ‘excess fat’ and who are as efficient as possible to compete. This needn’t be as difficult as it sounds, in fact, here are some New Year resolutions to help it happen:

Make an Honest Assessment of Work Processes

Before any steps to becoming lean are made, it is important that a thorough analysis of current business processes is undertaken. The New Year offers the perfect opportunity to reflect on the current practices in place, to look back at what worked well over the last year and to get a better understanding of what could be improved. No matter how tight a ship you think you are running, there is always room for improvement, and understanding the core areas where the fat can be trimmed from is an essential first step.

I saw a recent example in our ecosystem when a process that went through continuous improvement with the help of technology and learning curve over five years and was performing at best-in-class metrics was analyzed by WNS to deliver additional 25% savings! That’s why you should think of best-in-class as a moving target, wherein if you don’t question the status quo – you will soon be archaic.

Focus on Core Strengths

Figures show that the average knowledge worker wastes an average of 41% on activities that could be handled competently by others.Bringing in cost-effective partners is one way to boost productivity and trim fat by providing knowledge workers with the opportunity to focus their attention on core areas. As Pareto’s Law states – 80% of desired outcomes come from 20% of the input, so it’s increasingly vital that employees have the capacity to really drill down into that core 20%.

Consider Saving to Re-invest in Growth

With so many exciting opportunities ahead, it is essential that business processes are as dynamic and lean as possible. Back-office functions that are complicated in nature are often the root cause of problems, preventing an organization from performing as lean as it can. This is particularly true for large organizations where each department runs multiple specialist processes. An expert partner with specific experience and expertise in the area along with the right technology tools and frameworks at play can drive towards agility and cost-efficient processes.

Use Data to Make Informed Business Decisions

There is a lot of truth in the old management adage “you can’t manage what you don’t measure”. Simply put, getting to grips with big data has given managers an unprecedented level of insight into current business processes, enabling them to learn more about how well things work than ever before. If used correctly, this data can be directly translated into knowledge to help inform decision making and enhance performance. As the tools and philosophies of big data continue to grow in sophistication, so to do the opportunities for managers who will have more insight than ever before into which business processes can be made leaner.

But I would recommend using analytics in a much more forward-looking manner rather than trying to dissect the past, where many elements could have become irrelevant / obsolete with time. A good example in our ecosystem is how we helped generate $14 Million incremental revenue for a travel client using existing data, but focusing on the future.

There are a number of simple steps a business can follow to ensure it is as lean as possible to kick off the New Year in the right way.

This was posted in Bdaily's Members' News section by Keshav Murugesh .