Electronics Manufacturer Survey Results are In – Top Business Issues, plus their Effects on Profit
Top Business Issues, plus their Effects on Profit I'd like to thank everyone who took the time to complete this survey from a previous communication! Let's discuss the results and connect the issues to expenses, income, and profitability. To stay in business, all businesses need to be profitable over time. Investopedia is a financial education resource and states: "In April 2018, the average profit margin for companies in the electronics sector was approximately [...]
Overall Equipment Effectiveness, ISO 9001:2015 and Good Business Practices
Overall Equipment Effectiveness is a good measure to understand the availability, performance, and quality output of a piece of equipment - and to satisfy requirements of an ISO Quality Management System. ISO 9001:2015 Clause 7.1.5.1 states: "The organization shall ensure that the resources provided... are maintained to ensure their continuing fitness for their purpose. The organization shall retain appropriate documented information as evidence of fitness for purpose of the monitoring [...]
Risk-based thinking for Business Processes – FMEA and ISO 9001:2015
Many businesses use a form of SWOT analysis to assess risks and opportunities in planning sessions. A FMEA-Failure Modes & Effects Analysis allows process owners to identify and mitigate risks within and between key business processes. Risk-based thinking, the process approach, and the Plan-Do-Check-Act (PDCA) cycle are the approaches and methods to plan and adjust for risk and opportunity and to make adjustments as needed in key processes and products [...]
Study shows average Profit Margin increases of 15 to 25% after earning ISO 9001 Certification
https://www.linkedin.com/posts/jimgoodrich-cpisys-choiceequipment_iso-9001-benefits-and-case-studies-9001-activity-6568149956161531904-ztJu
This is a good primer in Profit & Loss, before Linking Financials to Business Processes
Continuous Process Improvement Systems helps clients improve profit by improving business processes and risk management. https://www.linkedin.com/posts/jimgoodrich-cpisys-choiceequipment_linkedin-activity-6568493515129573376-STPH
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