A business process audit examines the company’s business processes to figure out what works well and what needs improving, taking into account the strategic objectives and goals of the company. 

Businesses today face a highly competitive environment. To stay relevant and competitive, companies must constantly improve their processes. A business audit also helps to lower costs, gain higher revenues, improve employee engagement and customer satisfaction. 

Objectives

• Eliminate inconsistencies and strengthen operation capabilities
• Continuous improvement process
• Discover new ways to improve business practices 
• Provide greater transparency across all levels of management 
• Complementing manpower through automation 

The EDG supports Singapore companies in their growth and transformation. EDG mainly supports projects that help companies to upgrade their businesses, innovate, expand/venture into other countries, under three pillars, namely Core Capabilities, Innovation and Productivity as well as Market Access.

EDG funds qualifying project costs (e.g. third party consultancy fees, software and equipment, and internal manpower) for organizations. 

EDG helps companies to strengthen their HR capabilities by providing support levels of up to 80% for SMEs, up to 60% of qualified costs for non-SMEs from 1st April 2020 to 31st December 2020. However, EDG does not cover costs incurred from standalone training courses, incentives, benefits and welfare subsidies for employees.

EDG provides resources such as HR Diagnostic Tool, HR Portal, Talent Attraction and Development Initiatives, as well as HR Industry Manpower Plan, which helps to further engage employees.  

For more information, read more here. 

A business strategy is a formal set of competitive moves and actions that helps your company reach its business goals. Strengthening company performance, increasing customer base and securing a competitive position in the market is just the tip of the iceberg when it comes to business strategies. 

Business strategies outline how a business should be carried out to reach its goals. However, when market conditions take an unanticipated turn, it calls for the company to come up with strategies to cope with the situation.