What Is Net Promoter Score and Why Measure It?
“How likely are you to recommend us to a friend or colleague?”
This is a common question we encounter in many surveys. While it may seem like a simple question, it’s important to calculate the Net Promoter Score. It’s now used by more than 2/3 of Fortune 1000 companies and aims to measure customer loyalty. NPS also seeks to understand “Why?”. It allows customers to articulate what is most important to them. Their comments give context and depth to the score received.
Continue reading
The Basic Business Processes and Business Process Management
Imagine a business without processes. You can’t because they don’t exist. Processes exist in all business. Sometimes they are formal, but many times they are informal. They developed over time as a business has evolved.
So, what is a business process? And how can we make them efficient?
Starting a business is a learning process itself. Business processes are steps performed by a group to achieve a concrete goal. Each step in a business process denotes a task assigned to a participant. We all crave for a business that is more efficient and processes that drive down costs. As such, an efficient and effective business process is the lifeline of any business. It helps streamline individual activities and maximize resources.
The Importance of Process Improvement in Your Business
Businesses run on processes. Whether they are formal or informal, processes are an integral part of daily business operations. They are a critical aspect of commercial success. By overlooking its importance, a company may be limiting success or damaging its bottom line. Process improvement can play an integral role in fixing business problems and laying a strong foundation for success.
Process Improvement is making a process better through some form of change or optimization. It’s critical for any organization to identify, evaluate, and modify their existing processes proactively to maximize efficiency. It can be a complicated effort because often processes evolve over time rather than being designed. This requires deconstructing the process and rebuilding it to new and more efficient business realities. Continue reading
Important Metrics for Your Business
Every business should be actively tracking its progress. They should be measuring where the business is, relative to where it has come from and where is it going. Over time, this data will tell a story and guide your strategy. It’s important to understand what business metrics are most important to tell that story and how you need to collect the data to build them.