4 reasons your business processes require continual review and updating

Are you still using outdated business processes and practices just because you are used to them? If so, you are not the only one. According to research, “Nine out of 10 IT decision-makers claim legacy systems are preventing them from harnessing the digital technologies they need to grow and become more efficient.”

Every company uses hundreds of processes to get work done. From recruitment, onboarding and accounting to market research and security, the list is endless. And updating business processes periodically gives them the chance to be as productive and efficient as possible. It all begins with reviewing the current systems and making sure they are as efficient as possible. 

There are several reasons why organizations may update their systems; it could be an employee has found a better way to do something, or there is a new regulation due to which they need to change one or more processes. 

Let’s look at the top four reasons why companies need to continually improve and update their processes.

To stay compliant with regulation

– New regulations come up every day and they affect businesses of every size and in every industry. This necessitates continual reassessment of their systems and processes to ensure they are compliant and reduce the risk of penalties.

For economic advantages

– By discovering faster, more efficient ways of working, employees can be more productive and increase the company’s revenues. Research from PwC shows, “73% of people surveyed say they know of systems that would help them produce higher quality work.”

Better for staff members

– According to America’s Most Broken Processes, most companies have inefficient processes that leave employees frustrated, confused and disappointed. If organizations can find ways to improve these business processes, then the workers can work more effectively.

To prevent data loss

– By using outdated software, businesses leave themselves open to cyberattacks. A loss of sales or customer data could directly affect their bottom line.

A realistic approach to business processes

Steve Keating, thought leader and authority on leadership, explains, “Every process can be improved. Every process exists in a changing environment. To assume that any process never needs to change along with it’s (sic) environment is a very dangerous assumption.”

Through continual improvement and updating of business processes, a company can become more productive and efficient while avoiding risks associated with non-compliance. Additionally, giving employees the power to suggest and implement changes to the business processes they are involved in is also highly empowering and makes them more motivated and engaged.

Continually reviewing and improving business processes is also about taking a practical approach to business change. Organizations don’t have to make enormous changes — they can start with incremental changes to make things smoother and more efficient, every day.