A five-hour computer outage cost Delta Airlines $150 million in 2017. Similarly, companies lose an average of $300,000 per hour in revenue, staff productivity, and maintenance costs due to system outages.
Major disruptions can significantly outweigh such expenses. The reason behind this is simple: customers who are unable to pay their bills, participate in a video conference or purchase a plane ticket are eager to switch to a competitor.
We all live in a modern era. People generally prefer to use cloud storage and digital technology in their day to day life. Gathering information on paper forms can be simpler compared to the usability and speed of the mobile audit application.
Also, using paper forms may be too complicated and disorganized. It can take a lot of time to search, which may be very frustrating to employees. To make it more efficient and quick, mobile auditing helps in inspection in an organized manner.
One of the popular buzzwords quoted in corporate investor meets and annual reports in recent times have been ‘Sustainable’.
Over 93% of CEOs see sustainability as necessary for their company’s future. Sustainability has moved from being just an ‘add-on’ into ‘that’s how we do things here.’
Any business has to incur a mix of fixed and variable expenses. If you are running a restaurant business, you will have expenses like salaries and rent that you incur irrespective of the number of open days and customers’ footfall. Expenses on food item purchases, however, would vary on the scale of business.
All organizations, irrespective of their industry, have a vision. This vision is often fueled by the organizations’ financial position. An effective quality control system ensures that a company’s financial position is strong and helps it ascend the trajectory of success. This also assists businesses ensure customer satisfaction, build a strong brand image, and improve their processes.
Delayed incident reporting is an unfortunate but common problem in business management. Every company requires a reporting system to help track relevant incidents and take prompt actions. And that’s where incident management comes into the picture. It plays a critical role in the growth trajectory of organizations.
Reporting a potential incident on time enables more efficient management of the same, whereas reporting too late or not reporting incidents at all can have severe and even fatal consequences.
Let’s understand more about incident management and how delayed reporting can impact your organization’s growth.
A sound, well-thought-out incident management system could be the difference between a thriving firm and lost revenue. This is especially applicable in a world where digital experiences are a significant focus in many sectors.
Delta Airlines, for instance, famously lost $150 million in 2017 due to a five-hour computer failure. Similarly, system disruptions cost businesses an average of $300,000 per hour in revenues, staff productivity, and maintenance expenses.
The bigger the store, the better the performance? How the latest ‘Super Store’ strategy helps fashion brands transform into new retail, and combat aging brick-and-mortar stereotypes.
Marketing leaders spend a lot of time thinking about the economic impact of marketing on their business. Are your marketing campaigns targeting the right customers? Has the customer relationship paid off in the long run? And, most importantly, are you hitting your new revenue growth goals?
For too long, organizations have heavily relied on manual inspections, where auditing was not only a strenuous and lengthy process but was also prone to human errors.
Then comes mobile inspections. All the pains of manual auditing are now a thing of the past. Instead, powerful mobile app-based software takes charge of the human process and delivers an agile auditing experience. No more papers and pens, archives after archives and a constant worry of errors.
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