Business processes can be complex and time-consuming at a times. This can lead to operational stagnancy or affect customer experience. The management teams need to do regular analyses to understand the scope of improvement in the processes.
Technology solutions are proving to be effective for local to global businesses in streamlining processes and cutting manual lapses or errors. Business software and services integration has increased significantly in recent years, allowing businesses to draw a wide range of benefits.
One of the technology solutions and practices that have a wide scope in improving business outcomes is business process management (BPM) software and services. Not only it helps in easing different business processes but also aids in saving costs and optimizing the use of resources.
What is Business Process Management?
Business process management involves analyzing, optimizing, and modeling end-to-end processes to help businesses reach their strategic business goals. The BPM practices can be adopted with on-premise software or cloud computing solutions for enhancing customer experience processes and also can be implemented for automating or optimizing repetitive and predictable processes.
The business process can vary based on strategic goals or targets set by an organization. Business process management is categorized into three types integration-centric BPM, document-centric BPM, and human-centric BPM.
These BPM methods facilitate the evaluation of existing processes or requirements of new processes to find ways to improve efficiency, eliminate errors, optimize costs, and support digitization. The key focus of the above three is to optimize and streamline business operations to achieve set targets by an organization.
For gaining improved and sustainable results, BPM has to be a continuous process. The optimization achieved with the help of BPM enables businesses to provide customers with improved products and services, which is a highly important requirement of the time owing to increased cut-throat business competition.
Important Stages in BPM Lifecycle
According to experts, the BPM lifecycle consists of five important stages. They are: design, model, optimize, monitor, and execute. Some experts also suggest that the BPM lifecycle includes six or more stages. These stages have various names/titles based on the process and solutions.
Design: In the design process, a complete analysis of the existing process is performed to understand the workflow. Design analysis allows deeper knowledge of the process, and involves interviewing the stakeholders, studying documents, understanding rules/guidelines, and if possible, observing the process while it is in action.
The design analysis allows an understanding of what factors are working for the process, what is not working, and what can be improved or changed to optimize the process. According to analysis the improvements in the process can be adopted.
Model: This stage involves modeling the existing process with the visual depiction, on the basis of understandings gained from the design analysis stage. This allows an understanding of process flow and then upgrading the visual model by making design changes that create better efficiency in the process.
After the remodeling process, critical analysis and reviews need to be taken from key stakeholders involved in the process to find out any lags. The stage also requires creative and innovative thinking, to add new aspects to enhance the process. For instance, digital signatures, branding, contact details, and other factors could be added to the documentation business processes management with automation tools.
Execute: This stage involves testing an upgraded model for executing the intended business process. This is where the functionality of the new model can be tested to check if it is working as planned during the earlier stages of the BPM lifecycle.
Monitor: The lapses or lacking in the business process cannot be understood in a day. To have better insights, the new model requires monitoring to see if there is any scope for improvement. Over the period of pre-defined timelines, the data points can be collected against the set business goals, to know if the intended results are achieved or not.
Monitoring can help detect delays, bottlenecks, or potential mistakes. In addition, points such as efficiency, costs, and customer experience can be compared against the old and new BPM models.
Optimize: Since the challenges and needs keep evolving in business process management regularly, it requires to be optimized with continuous monitoring. The quality of monitoring data is important for optimizing the bottlenecks and lapses in the business process. If the process is working as intended, options to automate steps can also be explored.
Why is the Demand for BPM Solutions Increasing?
The advantages of implementing BPM solutions include optimized use of resources, cost saving, and increased efficiency in processes. It helps in enhancing the experience of stakeholders like customers, employees, owners, and investors. The BPM solution also supports creating clarity and transparency in operations,
Some of the top providers of business process management solutions are Appian; TIBCO; Bizagi; ProcessMaker; Genpact; Pegasystems; Newgen Software; OpenText; Creatio; AgilePoint; Nintex; Software AG; BP Logix; Bonitasoft; Oracle; IBM; Kissflow; Kofax; and AuraPortal.
The business process digitization and availability of cost-effective cloud computing solutions are boosting the demand for BPM solutions. Moreover, the increasing adoption of automation technology solutions such as artificial intelligence (AI) and machine learning (ML) for improving operations and customer experience is driving the demand for BPM solutions across global organizations.