Business management aligns key success factors of the organization, streamlines business resources, process, capability, capacity to improve overall organizational effectiveness and maturity.
It is crucial to build flexible processes focusing on outcomes without micromanagement: Overly rigid organizational structures or processes stifle changes. Breaking down silos and being intentional about developing processes that encourage collaboration is a great first step in bringing about positive change and running a high performance organization. There's nothing to be done about an uncontrollable situation; flexible organizations tend to have managers with the right mix of personal attributes, demonstrate a variety of skills, be comfortable with ambiguity and respectful of processes.
An effective business process management can give you enough flexibility to execute the strategic plans to produce certain outcomes without too much intervening. Business managers truly have a humble attitude to collect feedback, and do enough homework for planning and investing. It should generate the process improvement alerts with historical data.
An iterative way to improve is the best way forward; while the art of implementing best practices comes with collaboration at all levels: Best Practice can mean different things to different personas in business, and how the “best practice” is used is important for running a high-performance business. It’s perhaps the better approach to strive for using good practices - good enough for a specific situation in a certain organization. It’s important to learn from others’ experience or practice, but more importantly, you need to know how to transfer it into your own business context.
More and more organizations are learning and implementing best practices in business management. If the best practice you want to adopt is to be implemented in the same business context, it could work. If the context is different, it is worth understanding how that difference could impact the so-called best practice, what are potential pitfalls. With effective tools or methodologies, it can be used wisely and with the expertise to really add value or lead progress.
It’s important to gain a holistic understanding of the business value of risk management, look at the effectiveness of the risk management strategy, methodology, and practice: In business, every day is a risk, solid risk management enables the accumulation of enough resources to thrive by capturing opportunities in it. Business management needs to ponder: Is your market sector volatile or relatively stable? What are the biggest risks in risk management? How to manage risk holistically by shifting from risk mitigation to risk intelligence?
By understanding the business value of risk management, the approach to manage risk is to look at risk management effectiveness, not just its financial value; manage risk and opportunities holistically. It’s important to scrutinize processes, structures, technologies, people, and the critical success factors of the business. Organizational management sets the right dose of risk appetite, improves the risk attitude of staff, embeds risk management mechanisms into multiple business management disciplines, and increases clarity of individual accountability for risk management objectives.
The very goal of business initiative management is to set the right priority; keep eyes on what matters, identify what generates the most value for the company and express that in strategic objectives, and analyze potential pitfalls. Business management aligns key success factors of the organization, streamlines business resources, process, capability, capacity to improve overall organizational effectiveness and maturity.
0 comments:
Post a Comment