Did you know that the manufacturing sector is the second-largest industry targeted by cyber criminals? Hackers know that manufacturers often use outdated software and do not invest in advanced network security and this makes them a very easy target. A study by Deloitte found that 40% of manufacturing firms have experienced a cyber-attack in the past year…
Procurement tenders are an extremely common way of soliciting proposals for a project. In addition to being one of the main ways of doing business with the government, many private companies also use a Request for Proposal (RFP) process to narrow their focus for vendors for a project. Request for Proposal response and bid submissions…
Companies need working equipment to operate efficiently and generate revenue. In fact, many organizations rely exclusively on a few pieces of specialized equipment to run their entire business. Following a breakdown, major losses can occur and many organizations turn to equipment breakdown insurance. This is one of the most important parts of a manufacturer’s protection…
Project Management is a critical function in many businesses. Even in companies that aren’t projectized, it’s probable that you’ll deal with many projects throughout the year. In an ideal situation, you’ll have access to a full Project Management Office (PMO), dedicated resources, and all the tools needed to successfully deliver on a project. Realistically, it’s…
Mergers and acquisitions (M&A) are increasingly common in today’s business landscape. According to the Institute for Mergers, Acquisitions, and Alliances (IMAA), M&A activity continues to rise, with over $3.8 trillion USD in deals completed in 2018 – and with nearly $1.8 trillion USD completed in 2019 so far, it doesn’t look like it’s going to…
In today’s business climate, organizations are expected to extend credit to their customers, as it enhances purchasing power and creates opportunities that may not have been available otherwise. However, offering credit is a balancing act for most businesses, as just one late payment or customer insolvency can put stress on an organization’s cash flow and…
How do you implement your company’s strategic plan? When was the last time you did a pulse check to see where strategic deliverables stand? How closely aligned are employees with the broader mandate of your company? Business leaders should ask themselves these questions regularly, but many are so caught up in the ongoing demands of…
It goes without question that continuous learning in business is crucial for success. An organization’s willingness to expand knowledge benefits the entire process of attracting, maintaining, and developing employees. Any business that is seeking to implement employee training and development is encouraged to first identify and pinpoint the reason for training and what kind of…
Traditional approaches to business budgeting often rely on adding or subtracting from previous budgets according to anticipated changes over the coming period. While this approach can provide reasonable budgets, it can also instill the wrong mentality in employees. With the traditional approach to budgeting, people try to make sure they’ve spent their budget so next…
What can a risk manager learn from today’s major recalls and the large amount of media attention they attract? For consumer goods manufacturers and distributors, it serves as a wake-up call to the impact of a product recall event and a lesson in what should be done now to prepare for potential exposures. Despite recall…