As the word suggests, optimisation is the efficient use of choices, investments, resources, and disruption (i.e. new business models, digital technology, etc.) to increase the chances of success in high-risk environments.
How do we make use of optimisation to ensure our business’s success? IBM established that to optimise, one needs to understand its elements and how to leverage foundational notions that must be in place, such as business agility, for the business performance to be realistic, sustainable, and able to provide for continuous improvement.
Here are 10 tips for business optimisation when viewed through the ‘risk-lens’:
Businesses always leave room for improvement in the hopes of exceeding their current performance. By applying optimisation practices to business processes, business owners and executives are liberated from the rigidity and fragility of their existing applications.
The common rationale in the industry is that systems and processes are solely designed to meet compliance and governance imperatives. This belief tends to overlook that the value proposition of these practices ultimately lies in their ability to produce outputs of a greater tangible value. If we are to delve deeper into the realities of the perceived value created by these systems and processes, we can conclude that optimisation is indeed the key ingredient to attaining success.
Simon Van Wyk is Aurecon's Risk Leader, Program Advisory. He has 19 years of experience in risk management and advisory in different countries, including Australia, United Arab Emirates, China, and South Africa.
Originally published as LinkedIn Pulse, “Risk it like Yoda — succeed we must; optimise we shall” by Simon Van Wyk.