Business Process Management

Having stable long-term strategies to mitigate and supercharge business processes is lying on the foundation supported by three static pillars in any organisation: people, processes and technology. Streamlining business processes’ continuity and efficiency is a complicated cycle since these three pillars must be simultaneously nurtured. If the most befitting process management solutions are not deployed in carrying out these tasks; organisations can lead to detrimental failures and corporate incompetence. To evade such adverse outcomes, organisations must be acutely conscious about the ins and outs of what Business Process Management (BPM) is and how exceptional business process managing endeavours can be meticulously exerted. Because competent Business Process Management approaches define whether a company is a good company or a great company with visionary goals.

What is Business Process Management?

Business Process Management is defined as a discipline uncovered by each company to optimise and refine their companies’ unique business processes, especially through automation or by harnessing modern technologies. Business processes can be of three main types: operational, supporting and management; and each of these processes can either be a variant (unstructured) or iterative (structured). Regardless of the nature of the business processes, BPM would use directives to manage, develop and add value to processes with the determination to elevate overall corporate performance. To deploy the outcomes found by this concept, a business should usually house different tools, strategies and instruments to make sure the business processes are streaming flawlessly and efficiently at all times. For example, a BPM initiative would be focused on handling Customer Complaints, Accounts Management, Compliance Management, Employee Recruitments and more; all approaches taken to keep the business procedures ongoing and stakeholders satisfied. However, any BPM cycle traverses through 6 transitional stages:

• Design: Identifying innovative processes or the need for upgrading existing processes; humans and/or machines will execute workflows to study the fluctuating businesses environments and pinpoint how processes can be revamped or created without suffering from massive outages or unproductiveness.
• Modelling: The feasibility of the proposed changes is checked by appropriately analysing the cooperate propensities and available technological solutions.
• Execution: Commissioning the business process and orchestrating business elements as planned in the previous stage. This is the most crucial stage for the business to redefine their operations, and comprehensively explore ways to mitigate corporate endeavours.
• Monitoring: Individuals, teams, departments and the whole organisation will be monitored in this process to check for the success rates of the newly deployed business processes. Companies of the new age now employ predictive business process monitoring to forecast many outcomes by using techniques like Deep Learning, Random Forest and Support Vector Machines.
• Optimisation: Pushing through bottlenecks or possible bottlenecks and cultivating cost-effective and productive improvements and ultimately propagating business values and relevancy in the current market trends.
• Re-engineering: If there is still space for improvement and better outcomes, the organisation’s decision-makers can initiate a re-engineering phase to recreate the whole business process from scratch by using the experiences gained from past events.

BPM is a concept that allows the business to acknowledge and deeply study about specific business processes in their organisation. Given below is one example of how a BPM-enabled compliance protocol can benefit a company.

Regulatory Compliance Assurance using BPM derivatives.
Compliance assurance promoting tools can be combined with BPM systems to ensure that the business processes are not penalising any standard, legislation or organisational policies that are usually perceived as indispensable burdens in the modern age. Software vendors can collaborate with you to customise CRM processes to be future-proof with compatible governance structures and cutting-edge visibility of the business processes. This way, the business would be on the right track for stringent guidelines and scopes for automated business process management systems that can trigger alerts or notification in case of a compliance breach. BPM systems can be trained to foster analytical tools such as ‘Process Mining Applications’ to apprehend the current stages of your regulatory business processes and produce data-driven insights of their current performance and expected performances.