An introduction to Business Process Management for your company

Business Process Management for your company.

There is always a way for business processes to be better, faster, more efficient and more cost effective. These are the elements of the business that come in the form of a sequence that is repeated over and over again and which has a crucial role to play in development, results and growth. Simpler business processes can be managed on a skeleton basis with something like a checklist. However, for a more involved process – such as the sequence of events that extends through the lifecycle of procurement – process management can be the key to success.

How do you know when business process management is necessary?

If you’re looking to successfully manage something like business procurement then it’s a good idea to look at why this kind of process management is necessary. It is often best applied to processes that are subject to regulatory change or where there are different locations or different types of software involved in the single sequence of procurement (or other business processes). Plus, there are a number of benefits involved in working in this way:

1. It enables a business to take control of a chaotic process
2. Workflows can be streamlined in a planned and considered way
3. Processes, such as procurement, become much more transparent and auditable
4. This type of management enables businesses to be much more efficient
5. The increase in efficiency applies both to short term process management and to tailoring process infrastructure to enable an organisation to better meet its long-term goals
6. Business processes can be simplified so that the focus is less on obstacles and more on the deliverables that are the end goal

What are the key elements when it comes to business process management?

Whether the process you’re working with is procurement or the cycle of events that leads from customer purchase to delivery, there are three key elements to consider:

1. Integration-centric. The focus here is on the process management being integrated with existing software and systems.
2. Human-Centric. The main purpose here is to ensure that the right tasks are being completed by the right stakeholders and at the right time.
3. Document-Centric. Where there is a document that is the focal point for a business process then this element of workflow could involve everything, from content to approval.

The ideal business process management infrastructure is one that incorporates elements of all of the above, depending on the factors and outcomes of the workflow.

Why invest in business process management?

While products and services define a businesses, it is often the processes within it that dictate how much growth can be achieved and also how efficiently the business is going to be run. Investing in business process management provides sound infrastructure, as well as the opportunity to improve efficiency and to achieve more, both in the short-term and on a longer-term basis. If you’d like to find out how your financial business processes, in particular, could be better managed then we can help – Contact FinanSys today to find out more.