Changes in market trends, recession, labour shortage, and sudden fluctuations in interest rates are among the main threats to the majority of businesses around us. Of course, not all businesses have the same financial resources to survive. Costs is the key factor that help a business survive in such situations. One way to reduce your costs is to implement an integrated management system into your business so that you’re well prepared for the hard times. In this article, we will discuss three ways an integrated management system can help you reduce your costs and ultimately secure your business from financial loss.
What is an integrated management system (IMS)?
Your business either produces certain goods or provides some sort of service. Now, whatever your products or services might be, you probably have some staff and many customers. This means that there are various systems and processes in your organisation. A safety management system, for example, defines an organisation’s performance regarding its workplace safety. The safety of workers. An environmental management system, on the other hand, has to do with the processes that help a company minimise its environmental impacts. An integrated management system combines all systems in your organisation into a unified, single unit enabling you to take control of every process in the company with the least amount of time and effort. Now let’s see how an integrated management system can help you reduce your costs.
Enhancing performance
Human error is always possible, but there are ways to minimise it. Most of the time, such errors are the result of a poor/incomplete understanding of the task. The separate systems that are combined into one unique framework allow for better teamwork. Consequently, every member of your organisation will clearly know what they are expected to do and how they should do it. This prevents redoing the tasks which take extra time and effort. As a result, no extra expenses will be needed.
Avoiding fines and penalties
Avoiding fines is one of the best ways to reduce costs. More often than not, organisations are heavily fined due to not meeting certain workplace requirements. As an example, workplace safety and the environmental impacts of your organisation must always be confirmed. This requires sticking to certain rules and regulations. An IMS directs your business towards higher standards suggested by the International Organisation of Standardisation (ISO). This entails that the more ISO-oriented your organisation is, the less chance that you’ll get punished for poor/dangerous performance.
Increasing productivity
By implementing several standards concurrently, you’ll be able to improve your performance across various key business areas. This will help you boost efficiency and productivity, but it doesn’t stop there. An integrated management system implies consistent monitoring and improvement of the processes. This means that there is always an opportunity to allocate resources, money, and time to alleviate unnecessary costs. Increased productivity is also the result of value-driven tasks performed by workers who dedicate their time only to focused and meaningful work in such a system.
In conclusion
Effectively reducing costs is an important aspect of business success. This is something known and appreciated by all and yet something that many business owners do not handle properly. Having an integrated management system in your organisation is the best way to reduce costs. If you have decided to implement an integrated management system into your business, Integpro can be of great help. We offer the best and most efficient way to implement an effective integrated management system for Australian-based businesses. To further discuss your case and find out where to begin, reach out and tell us about your plan.
