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| Ranjeet R Paladugu |
Ranjeet Reddy Paladugu is an accomplished senior executive with over two decades of experience leading international brands like L’Oreal. Now an investor, Ranjeet Reddy Paladugu is the founder and CEO of Specialty Holdings, an investment firm focused on identifying businesses with high potential for growth and maximizing it through, among other things, improving business operations.
As a business grows, operations become more complex. However, to achieve efficiency, processes must be streamlined. When a business that has grown significantly is looking to regain operational efficiency, two areas to start with are data processing and performance measurements. The two are low hanging fruit but have a huge organizational impact.
Concerning data processing, a business owner should consider automating documentation such as bills and invoices and then storing all non-secure documentation to the cloud. Not only will this declutter the office, but it will also free up computer space (making them faster), and create an easier way for all staff to access crucial documents. No more searching for files in layers of paper or digital folders. Just browse uploads on the cloud. This will make accounting, customer data analysis, and strategic planning simpler.
Performance measurements are a critical but under-appreciated element of successful companies. Measuring performance entails breaking down businesses to their core operations and identifying each unit’s output about capital and human resource inputs. A closer look at individual processes will reveal strong and weak processes, allowing better allocation of managerial attention and company resources. Set a benchmark standard for each unit and continuously measure progress.
