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:

• What is total quality management (TQM)?
• Total quality management’s 5 core principles
• TQM’s benefits (& how it might’ve stopped the financial crisis)
• Create and use a TQM framework with Process Street!

Let’s get going!

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I didn’t expect to get ill the last time I ordered food via UberEats.

Was it because of the rib eye steak? How the cook prepared it? Or how the steak was transported to the restaurant from the producer?

I don’t know.

What I do know, though, is that the CDC estimates 48 million people each year get sick from foodborne illness.

No matter your role in the food supply chain – whether you’re a primary producer, a storage operator, or a subcontractor to a food outlet – a food safety management system is necessary. Otherwise, you’re exposing people to illnesses that could potentially be life-threatening. Even if the illness is fleeting, the long-term result of a consumer’s sickness will result in your brand being tarnished.

Luckily, ISO 22000 can help you create and sustain a solid food safety management system.

In this post, I’ll discuss what ISO 22000 is in more detail, its requirements, its benefits, and why food safety management systems are just so important. Plus, I’ll explain how Process Street can help you gain ISO 22000 certification!

Read through the following sections to get clued up:

• What is ISO 22000?
• The importance of a food safety management system
• ISO 22000 requirements
• The benefits of ISO 22000
• Use Process Street to gain ISO 22000 certification!

Hungry to learn more?

It’s time to dig in!

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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.

• What is maintenance? The importance of more efficient maintenance processes
• Maintenance management concept #1: Using a Computerized Maintenance Management System (CMMS)
• Maintenance management concept #2: The proactive maintenance approach
• Maintenance management concept #3: Continuous improvements with a DMAIC Process
• Maintenance management concept #4: Cleaning out your deferred maintenance backlog
• Maintenance management concept #5: Setting up proper inventory management practices
• Maintenance management concept #6: Adding resources through hiring
• Use Process Street for the management of your maintenance processes

Let’s begin!
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What do Sony Ericsson, the UK Passport Agency, MT Gox, and Knights Capital all have in common?

They’ve all suffered massive financial and reputational losses following the mismanagement, or non-existent management, of their new and existing IT services.

• Major mobile phone operator, Sony Ericsson failed to renew one of their certificates and left 32-million people unable to use their mobile phones for a WHOLE DAY.
• The UK Passport Agency failed to test its new computer system and left half a million British people without a passport in the UK.
• Japanese bitcoin exchange, Mt. Gox, failed to spot several weaknesses in their software systems which enabled hackers to STEAL over 850,000 bitcoins.
• Knight Capital Group, one of America’s largest traders, failed to spot a major bug in their trading software which cost them $440 million.

What could they have done to avoid these embarrassing, not to mention financially crippling, technical disasters?

Implemented an IT service management system, like the ITIL Service Lifecycle.

Which, coincidentally, is what this post is all about.

By the time you’ve finished reading this Process Street article, you will have answers to the following questions:

• What is the ITIL Service Lifecycle?
• What are the 5 stages of the ITIL Service Lifecycle?
• How does Disney use the ITIL Service Lifecycle?
• How do I use the ITIL Service Lifecycle in my business?

Ready? Let’s make a start…

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Product defects can range from benign to deadly. The Ford Pinto, for example, caused up to 180 deaths and many more disfigurements before being recalled due to fuel tank safety defects.

Ford’s resulting loss of reputation (especially because they had known about the issue and failed to take action) and money in lawsuits is something nobody wants to deal with. Errors and defects thus should be identified and dealt with as soon as possible.

That’s why this article from us here at Process Street will take a look at PDCA – the continuous improvement cycle dedicated to doing just that.

We’ll cover:

• What is PDCA?
• PDCA vs PDSA
• How to implement PDCA with Process Street

Enough talk, let’s dive right in!
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Bread. Beer. Bacon. *Homer Simpson voice* Mmm, bacon…

No matter what tasty food product your business is creating (or helping to create), a robust food safety management system is essential.

Why?

Because without one, you could be exposing your food to risks and hazards that are both life-threatening for your consumers (420,000 people die each year due to contaminated foods), and business-destroying for you. Plus, by not having a food safety management system in place, you’ll lose pivotal trade opportunities with others in the food industry.

To ensure you have a food safety management system in place – and that it’s up to scratch – there’s FSSC 22000.

In this post, you’ll discover what FSSC 22000 actually is, why it’s so important, how a GFSI recognized certification will benefit you, and how Process Street can help with it all.

Make your way through the following sections to get clued up:

• What is FSSC 22000?
• What’s the difference?: FSSC 22000 vs ISO 22000
• What a GFSI recognized certification means for you
• The additional positives of FSSC 22000 certification
• Achieve FSSC 22000 certification with Process Street!

Now, it’s time to taco about FSSC 22000 and food safety!

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Consumer Reports publishes an annual reliability survey, which includes data on over 470,000 cars.

In this report, owners of Tesla’s Model 3 experienced a number of problems, including chassis hardware, paint and trim related faults, indicative of a build quality that fell far shorter than expected standards set across the automotive industry. The Model 3 represents Tesla’s first real attempt at a mass-market electric vehicle, and the issues surrounding its launch created much frustration and controversy among electric vehicle enthusiasts.

This lack of quality assurance has lost at least one major $5 million order of Model 3 vehicles from a rental company, in relation to problems with the service and performance of previously purchased vehicles.

In an email, NextMove wrote:

“Tesla Model 3 vehicles, which NextMove was supposed to take over after payment and only a short examination, sometimes had serious defects: defective tires, paint and body damages, defective charge controllers, wrong wiring harnesses or missing emergency call buttons. Such quality defects would have endangered the safety of the customers and the profitability of NextMove.”

Stefan Moeller, Managing Director of NextMove, went on to say:

“We had to insist on compliance with general quality standards and processes in order to protect our renters and our business model.”

Why did Tesla have so many problems? Crucially, Tesla made the decision to deliver the product to market and sort out the issues later.

Basically, they didn’t have a strong enough system for managing quality.

We call these Quality Management Systems (QMS) – and they work.

The rest of the auto-industry follows a specific quality management system structure. It’s called ISO/TS 16949:2009 and it’s a variant of ISO 9001.

People follow quality management systems for various reasons; they improve quality first and foremost. But they also have a positive impact on the bottom line.

The return on investment (ROI) of a quality management system is typically impressive:

As a guide, a recent study undertaken through the American Society for Quality (ASQ) showed that for every $1 spent on your QMS, you could expect to see an additional $6 in revenue, a $16 reduction in costs, and a $3 increase in profits. On average, they saw that quality management reduced costs by 4.8% – ASQ

In this Process Street article, we’ll be looking at how ISO 9001 can be used to assure quality control across all types of organizations, with benefits like improved company performance, higher demand for products, and a competitive advantage towards increasing market share.

What we’ll cover:

• ISO 9001: Free templates!
• What is ISO 9001? A simple introduction
• Anatomy of ISO 9001: 2015 for Quality Management
• Quality management: What is it & why does it matter?
• ISO 9001 for continuous improvement
• Agile ISO
• What does it mean to be ISO 9001 certified?
• ISO 9001 audit
• Implement ISO 9001 with Process Street
• Related ISO standards

For the uninitiated, what is ISO 9001, as simply as possible?
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70% of all businesses fail within the first 10 years.

Business owners reading this: for every ten of you, 7 will fold.

Despite that morbid start, I begin this Process Street article looking at the operational audit. I will demonstrate how using an operational audit can refine, improve, and evolve your business operations, setting you up for business prosperity. Wouldn’t it be nice to alter the above stat to 100% business success?

A tall order but, as the Westlife song goes, Nothing is impossible – apologies if you are not a Westlife fan. I believe that optimized operational audits play a significant role in driving business success. In this article, I will explain why. You will also find out:

1. What an operational audit is
2. The benefits operational audits bring to Business
3. Operational audit best practices
4. How you can implement internal operational audits with Process Street. These will be recurring processes within your business

To jump to the relevant section, click on the links below. Alternatively, scroll down and read all to become an expert in the auditing world.

• Operational audit: What is an operational audit?
• Operational audit: What do operational auditors do?
• Operational audit: Best practices used by the experts
• Integrating operational audit best practices into your internal operational audit process
• Operational audit: Why you should use an audit checklist to conduct your internal operational audit
• Use Process Street and our audit checklists to conduct your internal operational audit

Let’s get started!

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This is a guest post from internet marketing specialist Deana Kovač at Point Visible, a digital agency providing custom blogger outreach services. In her free time, she enjoys listening to music and singing karaoke – and she just can’t start her day without a hot cup of coffee!

With millions of blog posts being published daily, consumers are exposed to more content than ever before. This is intense competition, meaning not every piece of content is going to stand out.

Statistics show that 65% of marketers rank the production of engaging content as their biggest challenge – yes, churning out quality information can really be a hard task.

The Process Street blog has been going for a while now. Since 2014, to be precise. Along the way, we figured out a pretty solid process for making the most out of old content.

It’s a kind of content optimization: optimize existing underperforming content by making small, but impactful changes.

With a few tweaks to the information and layout that is already there, you can negate the need for time heavy research required for a fresh piece.

Additionally, underperforming content harms your SEO efforts. Google has said as much.

What’s more, recent SEO research suggests that having many low‐value‐add URLs can negatively affect a site’s crawling and indexing.

But don’t worry – we wrote this post so that you can follow our process to weed out and rejuvenate your low-value content.

It’s simple really. By optimizing the same content to perform better, you convert low-value URLs to high-value resources. This can prove to be a very rewarding strategy if implemented correctly.

In this article, you will learn how to fix underperforming content through content optimization, the process of which has been split into two stages:

• Content optimization: How to separate good content from bad content
• Content optimization: Our six simple tips

We also go into some depth as to how you might use Process Street to streamline your content creation workflow, by taking advantage of some of our free checklist templates!
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Job loss.

Insolvency.

Falling asset prices.

Complete market standstill.

Ring any bells?

You remember, as clearly as I do, the economic disaster of 2008. A global financial crisis; what could have caused such an economic catastrophe?

One hypothesis: Financial audit failures.

As concluded by the Financial Crises Inquiry Commission (FCIC), financial audit failures were found to have played a significant part in the financial crash.

Just like the FCIC, we at Process Street understand the importance of standards enforced by financial audit processes.

This article has been structured into two sections. The first section looks at the financial audit. The second section considers the International Standards on Auditing (ISA).

The ISA standards are a specific set of rules that operate globally.

Here’s a more thorough breakdown:

• The financial audit: What are financial audits?
• The financial audit: What are the International Standards on Auditing (ISA)?
• The financial audit: The benefits of International Standards on Auditing (ISA)
• How you can use Process Street to help with your external auditing processes
• ISA audit checklist

In the last section of this article, you will get your hands on our nifty ISA audit checklist for free.

You can use this template to conduct an internal check on your finances audits against the International Standards on Auditing. This checklist will save your organization a heap of time, worry, and money.
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