Modern business is a complex entity, comprised of disparate systems, platforms and departments. Troubleshooting problems and maintaining operational capacity at this scale can be extremely difficult if each corner of an organization is left to its devices.
Despite what the well-known phrase "What you don't know can't hurt you" might have you believe, in fact the opposite is often all too true. For small and medium-sized businesses especially, the unknown presents pretty major risks.
Businesses are riddled with both obvious and hidden costs, especially in the manufacturing industry. Employee salaries, infrastructure and materials all represent known expenses that can be relatively easy to account for. However, less concrete costs associated with required activities such as machine setup, power consumption and quality assurance audits can eat away at revenue and negatively impact the bottom line.
How far will businesses go to acquire new customers and keep them in the fold? For many, the answer is way too far. Whether they're providing costly services and goods for free, or giving overly generous price cuts, some organizations wind up doing more harm than good while chasing clients.