The documentation of a processes cycle is the first step towards improving business process optimization. This exercise helps map the flow of documents, data, and transactions, identifying the duplications and redundancies. The output helps eliminate process and operational inefficiencies and almost always results in the automation of repetitive tasks.

With the world in turmoil, businesses all over have been struggling. Most companies are implementing austerity measures to tide over the lean times. However, this is also an inflection point as enterprises realize that agility will be a crucial element of their post co-vid business strategy. And here, outsourcing/co-sourcing can help.

When starting, many companies make the mistake of not paying attention to their working capital cycle. This can be detrimental as the business can quickly run out of cash, resulting in reliance on a line of credit which comes at a cost.

Inventory management is essential for all businesses. The biggest challenge that a business faces regarding inventory is balancing demand with adequate supply. If there is no inventory management strategy in place, the company runs the risk of running out of inventory, resulting in lost sales and customers or holding stock that does not sell. Hence no business can expect to run efficiently without a proper inventory management strategy in place.