BENEFITS OF BUSINESS PROCESS MANAGEMENT
All companies rely on business processes to function. Business processes are the blueprint through which business activities are achieved. In short, business processes break down common business activities into a series of distinct, repeatable tasks in hopes of achieving greater consistency and reliability. Thus, the need for business processes to be clear, efficient and adaptable cannot be overstated.
What Is Business Process Management?
Business process management is a process that involves a combination of designing, automating, controlling, executing, measuring and optimizing business activity workflows, in order to support the goals of the organization.
It includes some or all systems, employees, customers, partners or any other stakeholders within and beyond the organization’s boundaries.
Importance of Business Process Management;
With the rise in the digital age, competition between companies is also increasing. Barriers to entry are lowering allowing more competitors to enter the market and forcing them to advance and come up with innovative strategies to be the industry leader. Business Process Management can serve as a foundation to achieve the desired results and attain competitive advantage.
Business process management provides a transparent and clear understanding of the business, its strengths how it works and areas of improvement. It helps in aligning business functions with customer needs and also helps you measure and analyze company performance by each department.
BENEFITS OF MANAGING BUSINESS PROCESS IN YOUR ORGANIZATION
1) Improved Business Agility
Companies must have the ability to react to change. These changes may come from advancements in technology, an upstart competitor or a new regulation affecting an aspect of the organization’s business activity. Whatever the source, changes demand a quick response in order for the company to remain competitive.
Adopting BPM can give companies the speed and ability to meet these demands. A well-integrated BPM allows a company to pause its business processes at the first sign of a problem, make adjustments to the process and then bring it back on track quickly and with minimal lost time.
2) Increased Efficiency
All companies face the challenge of making their business processes function more smoothly and efficiently. Inefficient processes waste valuable time and money, but are often difficult to identify and hard to change. BPM practices are designed to pinpoint these inefficiencies and to eliminate the slowdowns they create. BPM allows managers and workers a greater understanding of each step of the business process.
Ideally, BPM can help determine how the process might work under optimal conditions, allowing users to make alterations to the process with that goal in mind. BPM can also automate manual tasks to increase productivity and cut down on the chance of human error.
3) More Complete Visibility
BPM uses refined software to track and monitor business processes from initiation to completion. BPM allows for an ongoing register of automated processes, gauging the effectiveness of each step in real time.
By studying the performance of each step in the process, management can gain a better understanding of the overall business activity, further enabling them to adapt or modify the flow of each business process.
4) Ensured Compliance and Security
Rules and regulations affecting business productivity can create unnecessary complications and result in costly fines. A company using BPM has a greater ability to create a workplace that is compliant with changing regulations and secure against the threats of fraud or theft. Because each phase of the process is mapped out with a detailed workflow, managers and users can ensure that all necessary documentation is in place to meet compliance standards.
5) Easier Transfer of Business Knowledge
As a company’s workforce shifts and expands, the need for a reliable way to transfer business knowledge grows. Too often, companies rely on an individual employee to have a thorough understanding of any particular process. But changes in workforce make this an inefficient, and potentially costly, model.
As employees retire, transfer or take employment elsewhere, the knowledge they’ve gained goes with them, leaving the company with a significant gap. BPM practices offer a solution to this problem. Because BPM encourages a well-documented process map of each workflow, company knowledge can be recorded, archived and shared with other members of the workforce.
This knowledge can then be used in the training and orientation of successive employees, with the hope of reducing the level of disruption that shifts in workforce can create.
6) Increased Opportunities for Continuous Improvement
Continuous improvement initiatives operate on the assumption that, businesses can be more successful by making a series of small, ongoing improvements rather than a sudden top-to-bottom change. The information that BPM gives a company with regard to its various business processes encourages process refinement and adaptation. BPM can ensure that the decisions governing these incremental changes are backed by the evidence and data needed to assure success.
Business Process Implementation, Modeling and Optimization
Strugz, is a Business Management, Public Relations and Legal firm, that can help you begin your BPM efforts with a clear understanding of the issues and pitfalls integral to sustain process implementation. Processes, technology, and people are fundamental to process implementation.
We identify your current business process and business model; create new processes; execute and govern these processes using our BPM governance mechanism; and refine the deployed processes to match them to them to your stated requirements and business goals. Let our experts help you on this journey of change.
Contact us today:
Phone No: +23458424788| +2348142477508
Office address: Office33 – No 12D Wole Ariyo street, off Admiralty way, Lekki phase 1, Lagos, Nigeria.