Corporates and IT firms rethink business model

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Corporates and IT firms rethink business model
Bangalore: The global economic slowdown has forced corporate houses and IT firms to rethink their strategies and business model for further improvement in terms of impact on organizational performance through better alignment from the planning stage, according to a survey conducted by auditing firm KPMG. The report by KPMG is titled 'Business Excellence through Process Maturity' and is aimed at understanding how process maturity enables business excellence in knowledge based organizations, which in turn will provide insights that will help organizations achieve excellence. The report also says that 90 percent executives feel that aligning to process models and standards have significantly improved their individual roles and perspectives of business processes. While over 80 percent feel that aligning to process models and standards have significantly improved team and organizational performance. Attaining certifications and attestations has got the highest ranking for organizations to initiate work on excellence. Drivers such as increasing employee morale, reducing cost of poor quality, recognition in business community and improving effectiveness of business processes are at the next level of ranking.