What is Business Process Management (BPM)?
Business Process Management (BPM) is fundamentally a management approach towards business process improvement thorough increased access to information, enhanced collaboration and robust process monitoring. Businesses today, are witnessing a radical shift in market dynamics. The combined forces of increased customer expectations and rising regulatory reforms have put them under tremendous performance pressure.Leaders, however, are quick to gauge the opportunity amidst this chaos – An opportunity to grow and gain distinct competitive advantage by attaining a perfect balance between business objectives and IT innovations. And they are doing so through sophisticated Business Process Management (BPM) tools. Modern day BPM solutions are leveraging advanced technology and existing organizational assets to create smarter processes that render increased operational efficiency, enhanced process visibility, excellent customer services and superior business agility.Essentially, business process management can be described as a IT driven process optimization process.
What to look for in an ideal Business Process Management Platform
In today’s intensely competitive business environment, Business Process Management (BPM) allows organizations to achieve quick time to market, meet dynamic customer demands, comply with regulations, and remain process agile. With the advent of social and mobile forces, Business Process Management (BPM) solutions have acquired a whole new dimension through real-time work collaboration and advanced analytics. Organizations must therefore try to leverage the true potential of a Business Process Management solution by achieving below business benefits.
Traditionally, Business Process Management (BPM) solutions work through a process optimization life cycle to redefine critical processes and strengthen operational frameworks
Process Discovery and Project Scoping
Management first identifies and draws out critical business processes that lie at the heart of the operational framework and play a major role in determining quality of products or services. By closely analyzing these processes, they identify the areas of improvement which forms the scope of the project.
Process Modeling and Design
It encompasses the end-to-end designing/redesigning of processes which includes representation of the process flow and the factors within it, alerts and notifications, escalations, Standard Operating Procedures (SOPs) and Service Level Agreements (SLAs). Also, it involves process simulation and testing through “what if analysis” of the processes by introducing various combinations of variables.
Business Rules & Workflow Management
The processes are automated by defining, implementing and managing business rules to determine their governing behavior under different circumstances. A sequential representation of operations, herein, enables optimal work routing, prioritization and efficient resource management.
Process Monitoring and Optimization
Process mining involves tracking individual processes by analyzing event logs extracted through Business Activity Monitoring (BAM) and comparing them with the original process models. Once potential bottlenecks and areas of improvements are identified, necessary design changes are made to restore business efficiency.
For complex processes which become too inefficient, re-engineering the entire process lifecycle becomes imperative for organizations to achieve productivity and efficiency.
Process Efficiency & Improved Decision Making
Designs, executes and monitors business processes efficiently, ensuring enhanced productivity and improved decision making
Business Agility and Continual Process Improvement
Brings adaptability and intelligence to critical business processes through robust analytics engine to combat dynamic market conditions
Collaborative Business Environment
Ensures real-time collaboration between internal and external stakeholders during process design, execution and management
Process Transparency and Operational Control
Increases process visibility to ensure accountability and performance measurement across business operations
Compliance and Quality Management
Builds robust operational frameworks and define key process metrics with inbuilt deviation triggers for to ensure compliance and standardization
Meaningful Customer Engagements
Enables seamless, real-time customer communications and a unified delivery platform to enhance customer satisfaction