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Add You - Information as a Competitive Advantage - Part 1
I spoke in my blog yesterday about my friend starting a new business and seeking out my business experience advice and decided today that I want to add to that post with a typical entrepreneurial story regarding legal advice and their age old question; To use a lawyer or to not use a lawyer?When we start a new small business we generally have most of our financial resources already in the business. Therefore, when 'trivial' details like business contracts need to be signe
Operations cost reduction It involves the systematic gathering and analysis of information which supports the reduction of operations and production cost. For example, it involves the capture of data related to the analysis of the cost structure of a product, the determination of standard costs for each activity and the identification of variances in the actual costs. Moreover, it involves the fact-driven elimination of useless process steps or the optimization of suboptimal processes (e.g. elimination of print communication) in
If you’re using an Internet business to earn extra income—or maybe even a full-time income—you will definitely need to take credit cards. Checks may work just fine with a brick-and-mortar retailer, but when it comes to an Internet business, most online customers have little patience with mailing in a check and waiting for the business to get it before sending in their order.So before starting up your extra-income-generating Internet business, take a look at your options
- Risk mitigation
- Operations cost reduction
- Creation of added value
- Innovation
Risk mitigation The oldest use of structured information aimed at risk reduction. Business operations like accounting and auditing use structured data to reduce risks like fraud, mistakes or lack of resources. The information needed to comply with rules and regulations, also falls within this category. A substantial part of modern information management structures, is formed based on the controls that must be carried out to mitigate risk related to market, operational and financial risk. The importance of the efficient use of this type of information, is frequently acknowledged through disastrous events. An international trend to develop stronger risk mitigation mechanisms in a globalised economy, via more systematic structure and analysis of information, is currently witnessed. The international application of guidelines like the Sarbanes-Oxley (SOX) act and Basel II in the banking sector, are clear signs of this trend.
Operations cost reduction It involves the systematic gathering and analysis of information which supports the reduction of operations and production cost. For example, it involves the capture of data related to the analysis of the cost structure of a product, the determination of standard costs for each activity and the identification of variances in the actual costs. Moreover, it involves the fact-driven elimination of useless process steps or the optimization of suboptimal processes (e.g. elimination of print communication) in o
To maintain the consistency and image of a franchising system, even a mobile-based franchise, each franchisee must maintain standards of signage. This issue will be addressed generally in the confidential operations manual set forth by the franchisor. However, I found it necessary in my franchising companies to go one step further, I inserted a clause into our franchise agreements stating such. Below please find a clause I inserted into each and every one of our franchisees f
- Risk mitigation
- Operations cost reduction
- Creation of added value
- Innovation
Risk mitigation The oldest use of structured information aimed at risk reduction. Business operations like accounting and auditing use structured data to reduce risks like fraud, mistakes or lack of resources. The information needed to comply with rules and regulations, also falls within this category. A substantial part of modern information management structures, is formed based on the controls that must be carried out to mitigate risk related to market, operational and financial risk. The importance of the efficient use of this type of information, is frequently acknowledged through disastrous events. An international trend to develop stronger risk mitigation mechanisms in a globalised economy, via more systematic structure and analysis of information, is currently witnessed. The international application of guidelines like the Sarbanes-Oxley (SOX) act and Basel II in the banking sector, are clear signs of this trend.
Operations cost reduction It involves the systematic gathering and analysis of information which supports the reduction of operations and production cost. For example, it involves the capture of data related to the analysis of the cost structure of a product, the determination of standard costs for each activity and the identification of variances in the actual costs. Moreover, it involves the fact-driven elimination of useless process steps or the optimization of suboptimal processes (e.g. elimination of print communication) in
Hotel franchising is a very popular concept. Hotel franchising includes the franchising of hotels, motels, inns, and other forms of lodging and boarding. Hotel franchising includes a lot more technicalities compared to restaurant or fast food franchising. Hotel franchising leads to hotel chains appearing in various parts of the world.Franchising in the hospitality industry requires a lot of research and conscientiousness from the franchisee’s end. The franchisee must be
- Risk mitigation
- Operations cost reduction
- Creation of added value
- Innovation
Risk mitigation The oldest use of structured information aimed at risk reduction. Business operations like accounting and auditing use structured data to reduce risks like fraud, mistakes or lack of resources. The information needed to comply with rules and regulations, also falls within this category. A substantial part of modern information management structures, is formed based on the controls that must be carried out to mitigate risk related to market, operational and financial risk. The importance of the efficient use of this type of information, is frequently acknowledged through disastrous events. An international trend to develop stronger risk mitigation mechanisms in a globalised economy, via more systematic structure and analysis of information, is currently witnessed. The international application of guidelines like the Sarbanes-Oxley (SOX) act and Basel II in the banking sector, are clear signs of this trend.
Operations cost reduction It involves the systematic gathering and analysis of information which supports the reduction of operations and production cost. For example, it involves the capture of data related to the analysis of the cost structure of a product, the determination of standard costs for each activity and the identification of variances in the actual costs. Moreover, it involves the fact-driven elimination of useless process steps or the optimization of suboptimal processes (e.g. elimination of print communication) in
"Can you help me find an investor for my idea?"You'd be astonished at how often we hear that question in our line of work. It's usually asked just after the inventor has done just enough scribbling to convince himself that he has solved one of the world's most pressing problems.He might have. But...There's an expectation by many entrepreneurs that if they create and patent what they believe to be a great idea, investors and customers will come knocking at th
Operations cost reduction It involves the systematic gathering and analysis of information which supports the reduction of operations and production cost. For example, it involves the capture of data related to the analysis of the cost structure of a product, the determination of standard costs for each activity and the identification of variances in the actual costs. Moreover, it involves the fact-driven elimination of useless process steps or the optimization of suboptimal processes (e.g. elimination of print communication) in
Some surveys have shown that there are more than 90 questions that could be asked during a job interview. Of these, 15 in particular are asked most frequently during an extended interview (more than 20 minutes) for a regular work-a-day job.Always remember that in a job interview, it is not just what you say, but how you say it that really counts. Your choice of words is powerful, and can move job interviewers to a more positive impression by how you say what you say. Here
Operations cost reduction It involves the systematic gathering and analysis of information which supports the reduction of operations and production cost. For example, it involves the capture of data related to the analysis of the cost structure of a product, the determination of standard costs for each activity and the identification of variances in the actual costs. Moreover, it involves the fact-driven elimination of useless process steps or the optimization of suboptimal processes (e.g. elimination of print communication) in order to achieve higher productivity.
Creation of Customer value Information on the preferences and special needs of the Customer, which when analysed leads to the procurement of increased value. The marketing shift from the focus on supply to the focus on demand, led the need for increased knowledge on the customer and fast adoption to his/her needs. This knowledge is developed through each interaction with the customer on each channel. Knowledge is built based on demand details, preferences on product features, complaints, special needs. Capture of this information on all interaction points (customer touch points) and consolidated management for value creation, is the trend.
Innovation Innovation based on information and knowledge creation, is an important competitiveness factor in the 21st century.Enhanced information management has increased the frequency of production and reduced the time-to-market innovatory products and services. Copyright 2006 – Kostis Panayotakis
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