How Process Can Mitigate Risk

Posted by Jacob Goodwin in Insights - Last updated

A little risk is no bad thing. Given the right circumstances, a calculated decision can generate significant rewards.

As the saying goes, who dares wins.

But when it comes to our customers, the last thing we want to be doing is risking our carefully nurtured relationships.

“Risk is both good and bad.

You should take on some risk to grow and prosper, but you should also know how to manage and price it.”

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Customer experience is simply too important to leave to chance. This is where process can mitigate risk.

By streamlining operations, and ensuring adherence to best practice standards, success in customer interactions become a formality.

No more compromised relationships. No more lost revenue. No more risk.

Consistently Predictable

Without a defined process, the risk of missed opportunities or unsolved issues inevitably skyrockets. Problems bubble up to the surface and hard earned reputations begin to erode.

All the delays, or lack of communication, within your business that occur as a result of a fragmented process have a direct impact upon your customers.

When a company’s process doesn’t track all interactions, and tie them together across all channels, then the customer will receive a fragmented customer experience.”

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Without consistency within your business, you can’t hope to delight your customers at every turn.

Process can mitigate risk of inconsistency by outlining precisely what needs to take place, how it should be completed and when it needs to be done.

Scaling this across your operation ensures that every single customer’s experience follows your tried and tested method.

Informed Decision Making

Adhering to a process consistently is one thing. Analysing it’s effectiveness for iterative improvements is another level entirely.

In 2019, 64% of users reported that business intelligence helped improve their efficiency and productivity.

MICROSTRATEGY

Increasing revenue is an expected goal for any business. But equally important is guaranteeing customer satisfaction through outstanding experience.

Data drawn from process analysis can help you ask better questions about why things happened the way they did and identify weaknesses.

In this way, process can mitigate risk by highlighting areas ripe for improvement and providing data to make better business decisions moving forward.

When organisations are listening to their customers, watching their competitors, and improving their operations, revenue is more likely to increase as risk will diminish.

Less chance of disappointing customers. More chance of maximising positive outcomes for all.

Validation Of Process Can Mitigate Risk

There are sometimes bumps into the road to estbliahed process however.

It takes time to iron out precisely what your best approach is and even then the job is never complete.

Some staff may also be reluctant to change their ways which, in itself, creates risk as process isn’t followed as intended.

“When everyone on the team can access the necessary information, you’ll find more consistent performance from employees.”

THE BALANCE

Every action you define in Anthill for employees to follow is presented with help text and advice from you on how best to carry out the task.

By including rationale, you can help train your employees while they work. All while explaining why adhering to process will benefit them personally.

Introducing process can mitigate risk for your business by minimising the likelihood that your customers experience anything less than your peak offering, 100% of the time.


Ready to explore how Anthill can help introduce process to mitigate risk?  Schedule a demo today.


Intrigued to learn more? Check out our Insights Hub to keep your business at the cutting edge.


Jacob Goodwin -

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