cxo voice
  • Home
  • News
  • Expert Opinion
  • Leaders Talk
  • Cyber Security
No Result
View All Result
  • Home
  • News
  • Expert Opinion
  • Leaders Talk
  • Cyber Security
No Result
View All Result
Interviews, IT and Technology News India | CXO VOICE
No Result
View All Result
Home News BPM

Business Process Management (BPM), Why do businesses need BPM?

Deepa Sharma by Deepa Sharma
January 5, 2022
Reading Time: 3 mins read
Business Process Management (BPM)
Share on FacebookShare on TwitterShare on LinkedinShare via E-Mail

Managing business processes is a big challenge for any business and most leaders think of it as a huge expense and consider it relevant for massive processes. With BPM, Businesses can improve their overall operations. It can gain control of chaotic and unwieldy processes, help analyze, improve business, minimize expenditures, pinpoint operational deficiencies, run operations more efficiently, help achieve organizational goals faster, and fine-tune processes to increase agility.

As per Gartner’s report, 80% of enterprise companies conducting BPM projects gain more than 15% of the return.

What is Business Process Management? 

BPM is a comprehensive methodology and a holistic approach to achieving optimized and monitored business outcomes. In simpler language, owners analyze their current situation of the business, identify areas of improvement and enhance the organizational efficacy. 

It helps to align business functions with customer needs and helps in monitoring and measuring company resources. If properly executed, it can enhance efficiency and productivity by reducing costs, minimizing errors, and thus optimizing results.

Benefits of BPM:

  • Increased Productivity
  • Reduction in Work-In-Process Inventory 
  • Improved Quality 
  • Space Utilization 
  • Increase in Sales volume 
  • Increase in Revenue 

When understanding the BPM, focus on 10 questions associated with a businesses

  • What is done? 
  • Why it is done?
  • Where it is done?
  • When it is done?
  • Who is doing it?
  • Way it is done?
  • What are the resources associated with it?
  • What are the ways to monitor performance?
  • What are problems that need to resolve?
  • What are the methods or tools that can help us to achieve the best results?

70% or more of the budgets are spent on sustaining and less than 30% on improving or finding new business capabilities”.

Why do Businesses need BPM?

When left unorganized and business processes can lead to disruptions.

● Wastage of Time

● More errors

● Blame games

● Lack of data

● Demoralized employees

How should Businesses plan for BPM?

Design: Most businesses need to collect data and a workflow to process it. Design a structure and identify who will own each task in the workflow. Create a visual layout, fix details like deadlines and conditions to get a clear idea.

Execute: Create a model and execute the process by testing it live with a small group first and then opening it up to all users. 

Monitor: Keep an eye on metrics to identify progress, measure efficiency, and locate bottlenecks. 

Optimize: Analyze and optimize to make it more efficient.

Conclusion

Businesses should focus on creating new and more value from money spent on systems and technology. Companies must find ways to reap the kind of benefits BPM delivers in today’s competitive environment. Otherwise, they are chances of missing out on profits that competitors can quickly overtake. By following the BPM approach, a business can innovate and transform its way to achieving more business value.

If you want to drive your company forward, you must have calculated processes. Investing in BPM will help you control your costs, keep consistent productivity levels and satisfy customers.

Tags: BPMBusinessBusiness Process ManagementFeaturedTechnology
Deepa Sharma

Deepa Sharma

Senior Writer and Editor at CXO VOICE, She covers technology, cybersecurity, and financial and other tech news and updates. She can be reached at "deepa@cxovoice.com"

Related Posts

Sony Bungie
News

Sony closes $3.6 bn acquisition of Bungie

July 17, 2022
hybrid work challenges
Business

5 Major Challenges of Hybrid Work Model

March 28, 2022
Verizon
5G

Verizon and BlackRock partner for private 5G network

March 2, 2022
corporate budget
Finance

What is the corporate budget and Why is it important for a business?

February 25, 2022
Employee Engagement
Productivity

How Technology Can Enhance Employee Engagement

February 23, 2022
security threats in 2022
Cyber Security

How should business leaders address the cyber security threats in 2022?

January 24, 2022
Wealth Management
Finance

5 Trends in Wealth Management to Watch Out in 2022

January 18, 2022
IT Service Management (ITSM)
Enterprise

The need of ITSM to start a digital transformation journey and ensure high ROI

January 17, 2022
Load More
Next Post

Hybrid Cloud Solutions has Empowered Industry Leaders to take Informed Decisions

Discussion about this post

ADVERTISEMENT

Expert Views

Sundar Balasubramanian, The Dawn of a New (Ransomware) Age
Cyber Security

The Dawn of a New (Ransomware) Age

August 5, 2022
AI Cloud Enterprises
AI

What can AI Cloud do for Enterprises?

March 9, 2022
Data Modernisation
Technology

4 Key Trends Driving Data Modernization Across The Enterprises

January 28, 2022
IT Service Management (ITSM)
Enterprise

The need of ITSM to start a digital transformation journey and ensure high ROI

January 17, 2022
Cloud Adoption
Cloud

Cloud Adoption Needs to Be Accelerated

January 12, 2022

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Inerviews

Enterprises, and MSMEs IoT
Leaders Talk

IoT is now seen as an essential enabler for the enterprises to be future ready : Joyjeet Bose

-
Security While Working Remotely interview with Filip Coftas
Cyber Security

Security While Working Remotely [Interview]

-
Akita Security Device Help you Protect your Security During COVID-19 [Interview with Zakir Hussain]
COVID-19

Can Akita Security Device Help you Protect your Security During COVID-19 [Interview]

-
digital transformation and customer experience Newgen software
Interview

Digital Transformation Journey helps Newgen Software Improve Customer Experience [Interview]

-

Entrepreneur

Inspiring Women Entrepreneurs in India (2022)

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

Significance Of Ethical Entrepreneurship In The Post COVID-19 Economy

CXO VOICE is a premier resource for the enterprises, SMBs and Startups CXOs and business leaders, It enables CXOs and business executives gain access key insights, experts views, analysis, business strategy, and leaders interviews on what’s happening in the market and its impact.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

contact@cxovoice.com

Newsletter

Subscribe to our mailing list to receives newsletter direct to your inbox!

  • Home
  • About
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

© 2021 CXO VOICE

No Result
View All Result
  • Home
  • News
  • Expert Opinion
  • Leaders Talk
  • Cyber Security

© 2021 CXO VOICE