An Integrated Business Management System (IBMS) combines all aspects of a small business, including its discrete systems, processes, and ISO standards, into a consolidated system. When you address all elements of the management system as a whole, you can streamline management, save time, and boost efficiency. An effective IBMS eliminates the unnecessary hassle of managing multiple systems. For instance, instead of performing audits for every related ISO standards (like ISO 9001, ISO 14001, and OHSAS 18001), you’ll only need to perform just one. An IBMS allows you to combine all these processes so that they simultaneously cover all standard-specific requirements. Let’s take a look at some of the other ways a small business can benefit from an IBMS like ContinuSys.
1. Improve Data Security
Data is everywhere in your business. An Integrated Business Management System allows you to centralise data security management. You can control policies, procedures, and information flow to guarantee the confidentiality, integrity, and accessibility of data.
2. Maintain Compliance
According to a recent report, regulatory monitoring can save companies $1.03 million on average. The report further reveals that the cost of non-compliance is 2.71 times higher than the cost of compliance. Therefore, if your small business is delaying compliance efforts, it’s actually taking an ill-advised risk which could eventually yield a costlier penalty.
Using An Integrated Business Management Software (IBMS) software allows you to stay compliant all year long. It delivers all the compliance controls in the background. For example, you’ll find audit trails for everything, such as electronic ‘read and approved signatures’, customised to-do lists, documentation version control, competency management, and more. All these features provide assurance that your small business is compliant with the relevant industry standards.
3. Save Time & Improve Productivity
On average, an employee loses at least two hours a day (25% of their work week) looking for the documents or information they need to do their job. An Integrated Business Management Software (IBMS) centralises information across your organisation so your employees only have to check the central system without having to inefficiently hunt through the business for the latest information.
When everybody has access to the right information at the right time, employees are less frustrated. Plus, there is less confusion and fewer inconsistencies. This results in employees becoming happier and more productive in their day-to-day roles and routines.
4. Scale Seamlessly
Unfortunately, out of all small businesses, only 8% of the companies manage to scale their operations. This means a whopping 92% of businesses fail at scaling. One of the biggest reasons behind this failure is the lack of standardized business processes which is essential for achieving this scaling.
With An IBMS software, small business owners can standardise processes to achieve consistency in product delivery and outreach. They can clearly identify the roles and responsibilities of every individual. They can also easily manage employee onboarding processes and view risks and opportunities. This provides budding companies with an indispensable tool to scale.
5. Improve Collaboration
In a recent survey, about 75% of employees rate teamwork and collaboration as being very important. Whereas, 86% of employees in leadership positions blame lack of collaboration as the top reason for workplace failures.
An IBMS (Integrated Business Management System) provides you with a user-friendly system to update individuals, groups, or the entire organisation on changes to documents, training requirements, new consumers, new compliance requirements, risks, opportunities, and more. Therefore, it becomes much easier to keep employees aligned and focused on the same objectives.
6. Enhance Risk Management
An IBMS software also improves organisational strategy planning by bringing risk, vulnerability, and opportunity data into a central view. It allows you to embrace a balanced approach to making strategic business decisions and use data to inform complex problem-solving.
Companies that extensively use integrated tools to manage risk have fewer business disruptions as they can foresee and take care of such issues at an early stage. By adopting a proactive approach, you can identify failed projects at an initial stage and minimise your losses at critical times.
7. Ensure Business Continuity
Business continuity is a big concern for businesses today. Around 75% of small businesses have no disaster recovery plan objective in place. Unfortunately, about 93% of such companies are out of business within one year of suffering a major data disaster.
An IBMS tool helps you ensure business continuity by providing a treasure trove of valuable data. You can leverage this data for process improvement and to plan strategic activities that will help move the business forward.
An IBMS software like ContinuSys eliminates redundancy and creates consistency within the organisation, allowing for a more complete view of the functional needs and performance. This integrated approach empowers small business owners to analyse any obstacles that might impede their business growth, and therefore you can improve communication and decision-making. Start a free trial!