How to use process improvement to navigate a recession
With the chance of recession this year on everyone’s mind, is your business prepared? Optimising your business processes will improve your chances of surviving and thriving. Here’s how you can use process improvement to help find your way through challenging times.
The possibility of recession is casting a shadow over 2023
At the start of February, the Bank of England said the UK would enter recession in 2023. (Although it will be shorter and less severe than was previously thought). Later in March, the Office of Budget Responsibility said recession would be avoided but the economy is still expected to shrink.
The outlook further afield is also gloomy. Almost two-thirds of economists surveyed by the World Economic Forum in January expect a global recession to be extremely likely this year.
Given these views, why would you start a business transformation? It seems like an unnecessary and labour-intensive venture, when you need to be concentrating on day-to-day trading. However, investment in improving processes may help you adapt and react better to economic challenges.
How process improvement can help you prepare for and steer through a recession
Map your current state to identify opportunities to save money or cut costs
- Use process mining and discovery to find out where your business is using its resources
- Learn where you could become more efficient in their use and allocation
Run scenario modelling to assess the effects of changes
- Model multiple scenarios based on changing interest rates, inflation or material costs
- Proactively manage risks and stay ahead by linking your governance, resource and compliance (GRC) metrics
Create the ideal future state to set your goals
- Use process modelling to build a picture of how your business should work
- Develop your target operating model based on your business needs
- Plan for the long term – consider what will happen when the recession ends
Improve productivity and upskill team members by optimising process documentation
- Produce supporting documentation and work instructions empowers staff to understand and follow the new process
- Strengthen organisational resilience by creating more efficient processes
Get support with your change management strategy
We will work with you to improve your processes and integrate them into recession planning.
As a BusinessOptix premier UK partner, we apply the transformation platform’s diverse capabilities within a wider solution to deliver your business transformation. For a free demo, simply leave your details here.
