In today’s economic climate, organisations are striving to improve operational efficiency to cope with market changes and increasing competitive pressure. Failure to do so is likely to result in higher costs, lower revenues, less motivated employees and fewer satisfied customers. To deliver ongoing operational efficiency organisations need to take a proactive approach to controlling their business processes and managing them effectively. This is where Business Process Management (BPM) comes in.
BPM is a powerful tool organisations can use to keep all aspects of operations running optimally. It is a management approach used for describing, controlling, modelling, and optimizing business processes. It builds a bridge between various business processes and forms the basis for organizational and information-technological initiatives aiming at improving the value-added chain within companies and between companies and their suppliers. In this respect, it has the ability to quickly adapt to the frequently changing conditions and plays a key role into new business situations which requires very high degree of flexibility.
How does it Work?
BPM begins with drawing out your process into electronic workflow diagram. Once the complete process is mapped out, you can test your workflow in a virtual environment, plugging in various assumptions and forecasts to determine the total cost and time of your process. The virtual test environment also allows you to modify your workflow to eliminate bottlenecks and improve your process. Managing your process is made easy with advanced tracking and reporting capabilities that are built into BPM Software.
Key Benefits of implementing BPM
According to a recent study by Grand View Research, Inc the global business process management (BPM) market is expected to reach USD 23.04 billion by 2024. The growth is attributed to the increasing number of benefits offered by the BPM solution including:
- Operational efficiency – Streamlined business processes lead to streamlined operations, with greater visibility and control. The automation of repetitive, low value tasks can also lead to cost savings.
- Compliance – All business processes are carried out in-line with a company’s procedures and process documentation can be generated for demonstrating compliance in an audit.
- Competitive edge – A BPM solution ensures that processes drive operational efficiency, business visibility and can adapt to customer requirements, which helps to provide a strong edge over the competition.
- Scalability – Automated processes scale much better than manual processes – ideal if an organisation is expanding.
- Agility – A BPM solution will enable a company to quickly update its processes in response to developments in its operational environment.
The landscape has become intensely competitive for almost all businesses. Thanks to Business Process Management programs, companies have the platform to change their existing processes or implement new processes faster, smoother, and more efficiently than they could ever do with any other option. This ability to stay flexible and quickly adapt in the face of changes both foreseen and unexpected is a powerful driver of competitive advantage for every company.