‘Earn value by improving biz processes’
   Date :12-Apr-2021

ca nitin alshi_1 &nb
Business Bureau :
Business processes are the soul of all organisations for delivering value to its customers. However, to make it more effective and efficient, entrepreneurs should make continuous efforts for improving its strategic and operational processes. “Business processes aims at elimination of wastes, minimise errors and improve agility in business,” said CA Nitin Alshi while addressing a webinar on the topic ‘Improvement in business processes’ organised by COSIA, Vidarbha. He further said, “Businesses need to focus on their value chain. Emphasis should be on improvement in primary activities of business like production, service, marketing and procurement as these are more critical and the bottomline depends on these activities.”
“Whereas accounts, HR and administration are supporting processes and time is the essence in operational activities and cost is the essence in supporting activities.” To improve the business process, an organisation should aim to reduce all kind of wastes and eliminate non value added activities. He discussed about the operation wise opportunities for business process improvements and industry wise live examples were quoted in the webinar. He spoke about cost engineering and by what scientific means the different costs can be analysed, controlled and reduced. He also explained the importance of risk management in business and its role to improve processes through management of various risks considered as prime tool for entrepreneurs. “Every business must identify and mitigate all the risk on continuous basis,” he pointed out. “Frauds are like termites in the business.
To improve business process and internal controls, entrepreneurs should resort to fraud detection and prevention techniques,” he added. The webinar was attended by a large number of entrepreneurs, industrialists and professionals. At the outset, Chairman of COSIA Vidarbha Mayank Shukla said, “It has always been the attempt of COSIA to organise knowledgeable programmes of expert speakers who give some value addition to the businesses and improve their efficacy and profitability.
This webinar will definitely prove to be a useful and effective for all stakeholders.” Vice Chairman CA Julfesh Shah said, “Improvement in business processes need to be done on continuous basis. It is dynamic process which is bound to give positive results in the long run to the organisation. Hence, it needs to be adapted on top priority basis so that organisations can maximise the results.” Pranav Ambaselkar, Core Committee Member conducted the proceedings of the webinar and took up the question and answer (Q&A) session of the participants. From time to time COSIA Vidarbha organises webinars, programmes, seminars and conferences to update the knowledge of entrepreneurs.