All posts in Management


Systemic Risk Explained, How to Measure and Identify Systemic Risk Items

Systemic Risk

They’re going to lose their houses, they’re going to lose their jobs…this is like, the end of capitalism, this is like the dark ages all over again” – The Big Short

Debuting in 2015, The Big Short is an American comedy-based drama showcasing the 2007-2008 financial crisis. I remember watching the movie, in quiet disbelief that a financial failure of such magnitude slipped through all areas of caution, potential management, and mitigation.

The 2008 financial crisis was the result of unsuccessful systemic risk management.

A crisis that the Federal Reserve Board estimated to have cost every single American ~$70,000.

For me, this single example communicates the importance of understanding, managing, and mitigating systemic risk items. With that in mind, we begin this article on systemic risk.

In this Process Street article, we will explain what systemic risk is and how it differs from conventional risk. You are given tips to help you identify prevailing systemic risks so you can be proactive, plan for, and manage these risks for your business and line of work.

Before concluding the article, we acknowledge climate change as a potent systemic risk that urgently needs to be addressed and managed. For this, we give you free template resources, uniquely designed to support the movement towards business sustainability. A movement that runs hand-in-hand with carbon footprint reduction.

Click on the relevant subheader below to jump to that section. Alternatively, scroll down to read all we have to say about systemic risk.

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How to Apply 7 Change Management Principles to Your Remote Workforce

change-management

This is a guest article by Dan Fries – entrepreneur, investor, and writer. Dan shows bootstrapped entrepreneurs and business owners how to prepare for an exit by making better long-term financial decisions.

The only constant thing in business is change.

Whether you are seeking to grow your business or looking to adapt your model to evolving market conditions, implementing strong change management techniques is key to keeping your business agile and sustainable.

Effective change management techniques have many different elements, some of which Process Street has covered before. For instance, checklists for teams can help you to keep a careful track of the development of your team, and these ten templates that optimize creative workflow management can provide your team with the flexibility and creativity they need to stay ahead.

One of the biggest obstacles to applying change management techniques in the contemporary workforce is the rising number of freelance, remote workers.

In this Process Street post, we’ll cover the following seven key principles for managing change within a modern, remote workforce:

Let’s get stuck in.

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Total Quality Management (TQM): Improve Processes & Keep Customers Happy

TQM-total-quality-management

What caused the global financial crash in 2008?

Failures of AIG, Lehman, Merrill, and other major financial firms? Disproportionate risk-taking by banks and lenders? Deregulation within the financial industry? Development of new ways to finance mortgage products? Excessive lending and borrowing in the housing market?

Yes, yes, yes, yes, and yes.

However, these causes only tell half the story behind the financial meltdown that morphed into the biggest global recession since the Great Depression (Covid-19 aside).

What was the root cause? The real reason behind the enormous cost to the economies of many countries and the lost fortunes of millions of families?

A lack of total quality management (TQM).

Paul Moore, former head of group regulatory risk at HBOS (part of the Lloyds Banking Group since 2009), dubbed this crisis as ‘the biggest quality failure of all time.’

Total quality management stems from the belief that mistakes can be avoided if everyone is behind the continual process of detecting, reducing, and eliminating errors.

If organizations from within the financial sector believed in putting quality first, and positioned culture and people above profit margins and structure, the events leading up to the crisis could have been avoided.

Just imagine how different things might have been had the financial sector been managing their quality in a similar way to ISO 9001!

We’ll continue to explore this concept later but, before we do, let’s look at what else we’ll cover in this Process Street post:

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Coronavirus Workplace Processes: 8 Checklists From Top World Health Experts

If you’re on the front lines fighting COVID-19 and want to use these processes to help your facility, please contact us and we will set you up with a free account*

coronavirus workplace processes

COVID-19 hit hard, and many communities, organizations, and small businesses are struggling to shoulder the increased pressure put on by circumstances of economic downturn and uncertainty.

This article is an attempt to offer some aid in the form of 8 free coronavirus workplace templates, to help you improve efficiency in your organization by streamlining and automating manual tasks in recurring COVID-19 processes.

Some of these templates are straightforward, linear processes, while others are more complicated processes with various different outcomes. They will all be embedded below with relevant descriptions and links to sources.

The Process Street checklists in this post were all informed by procedures established by the following leading health authorities:

  • World Health Organization (WHO)
  • Centers for Disease Control and Prevention (CDC)
  • Government of Alberta’s Emergency Coordination Centre (ECC)
  • New York Department of Health (DoH)

Each process template will be embedded below with a description. The article will be structured as follows:

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How To Optimize Shift Work Scheduling To Maximize Employee Productivity

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This is a guest post by Derek Jones from Deputy, a global workforce management platform for employee scheduling, timesheets, and communication. With a focus on Emerging Retail, Derek helps business owners and workforce leaders simplify employment law compliance, keep labor costs in line, and build award-winning workplaces. Derek has over 16 years’ experience in delivering data-driven sales and marketing strategies to SaaS companies like MarketSource and Griswold Home Care.

One of the many factors that can help guarantee the success and growth of a business today is employee performance.

Most organizations know this. Therefore, they want employees that are as efficient as possible. However, that is easier said than done, especially in industries where activities often run at odd hours or even 24/7.

For such industries (like healthcare, hospitality, and retail in particular), one of the most important things they’ll need to manage is shift work scheduling.

Through optimization, the task of scheduling shift work will have a structure to minimizes employee burnout and improve overall performance.

Employees that work in an enabling environment have a higher chance to properly complete all important tasks – on schedule.

In view of that, in this Process Street article, we will:

  • Discuss some of the issues and challenges that surround shift work.
  • Take a look at up-to-date research regarding employee performance.
  • Summarize 3 shift-work goals you can incorporate to optimize your shift work schedule.
  • Give top tips on shift work scheduling to maximize employee productivity and retention.

Click on the relevant subheaders below to jump to that section, alternatively scroll down to read all, and find out how you can optimize your shift work schedules today!

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How to Perform a Root Cause Analysis (Free Template)

root cause analysis

If you’re chronically ill, pain medication will help but not solve the issue. Just like if you’re experiencing abnormally high customer churn, the last thing you want is to spend all your time firefighting.

You need to find the cause.

That’s exactly why root cause analysis is a vital process. It helps you to understand the causal focus and underlying issues behind your biggest business problems.

For example, Eastman Chemical‘s customer complaint numbers were cut in half after conducting a logic tree root cause analysis to pinpoint their deeper issues. Clipper Windpower saved $1 million in lost revenue by identifying the underlying causes of their turbine malfunction.

In this Process Street article, we have a root cause analysis template for you to follow. Our aim is to give you a comprehensive overview of the root cause analysis process, from a simple introduction and break down of the key principles to when and why you’d want to perform a root cause analysis.

We’ll be covering:

Let’s take a quick look at the root cause analysis template.
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WFH Transition: How Your Team Can Pivot & Work From Home Like Pros (Free Templates)

WFH transition

Unequipped. Unprepared. Uncertain.

34% of people believe their organization isn’t properly prepared for employees to be working from home.

Speaking of which, has your organization recently – and rather hastily – transitioned from office working to working from home?

If the answer is “Yes“, no sweat. Process Street has you covered.

This post will guide you through the basics of working from home (WFH), the positives of it, the potential problems you could run into, on top of offering you our (free!) checklist templates that’ll ensure a safe and smooth WFH transition.

Read through the following sections to get completely clued up:

Or, if all you want is the checklists, get them here:

Let’s dive into all things WFH, ASAP. 👩‍💻
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9 Free Templates for a Successful Change Management Plan

9 Free Templates for a Successful Change Management Plan

Flicking through articles on my tablet, I came across a study conducted by McKinsey and Company, creating an aha moment when thinking about the term business change.

The study looked at 2000 executives from 900 companies across multiple industries. More than half of respondents stated that, in five years, their change efforts failed to meet business goals and sustained results over time.

We at Process Street wanted to know why?

Trying to navigate business change without a formal process is like plonking an elephant into a china shop…

It can get messy.

What you need is a change management plan, to bring structure and control to the change process. If you ignore change – whether that be external to your business, internal, expected, or unexpected – or fail to respond appropriately, then there can be shattering negative consequences.

With our 9 free change management plan templates, you can effectively guide your business through change. These templates are just what you need to succeed in an ever-changing business landscape.

Scroll down to find out what a change management plan is and why it is needed, before moving onto our top 9 free change management plan templates. Alternatively, you can use the links below to jump to your section of choice.

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Ultimate SOP Guide: Standard Operating Procedures Made Easy (Free Templates!)

sop templates

SOPs (often pronounced S-O-P) are basically just another way to think about processes. Specifically, with a focus on formally defining the best way of doing something.

In business terms, that means saving time and money by building a clear, concise set of instructions for all of your internal processes. Policies (or standards) are important too; SOPs are kind of like a hybrid of policy and procedure.

Traditionally, SOPs were useful in principle, but often suffered from being difficult to maintain and crucially, hard to enforce. What good is an SOP if it lives its life sat on a dusty stack of paper forms? Your SOPs should be actionable, and that’s where BPM software like Process Street comes in.

If you understand how to build, maintain, and optimize SOPs with software, you can supercharge your standard operating procedures.

In this article, we want to give you everything you will ever need to know about SOPs, including:

Each section will be as concise as possible, with links out to further reading wherever appropriate. Let’s start with the basics.
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Maintenance Management: 6 Steps for Scaled Production and Growth

Maintenance Management 6 Steps for Scaled Production and Growth

This is a guest post by Bryan Christiansen from Limble CMMS – a modern and easy to use mobile maintenance software. Over the years Bryan evolved from a simple software engineer with a spark of entrepreneurial spirit into a confident leader that manages a whole team of people, moving the maintenance industry forward.

When production is expanding, it’s great news for the business. However, this rapid expansion brings many challenges. Properly preparing for each challenge will be important so that production processes run smoothly.

The maintenance department is no exception. As your operation grows, there will always be some difficulties adjusting to the increased maintenance load. This is where maintenance management as a discipline comes in.

Despite its importance for efficient expansion, a HubSpot survey found only 6% of respondents considered their maintenance department well-established.

Maintenance management looks at the steps you can take to prepare and scale your maintenance capacity.

In this Process Street article, we will present to you our 6 top strategies you can implement for efficient maintenance management.

Click on the relevant subheaders below to jump to that section. Alternatively, scroll down to read all we have to say regarding the topic of maintenance management.

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