Business process management (BPM) can be defined as the systematic approach to align the existing and future business processes of an organization. Various business enterprises are adopting this advance and highly productive business tool to achieve the maximum internal rate of return and quality customer service. It enhances the business efficiency and productivity, minimizes errors and risks and reduces the total expenditure when executed by the skilled professionals. Some of the key advantages of BPM are as follow:
· Business process management system models -
- BPM's functions such as Automating, Analyzing, Monitoring, Modeling and improving the business processes help organization to achieve growth and profits within short duration.
- Its business models visualize the functions within the organization and business-to-business (B2B) transactions.
- The BPM's process and data flow models visualize the process flows within the organization and business-to-business (B2B) transactions. The process flow model visualizes the process flow relationships between process flows as well.
- The decomposition diagrams for process flow diagrams, modeling and data flow diagrams visualize the processes and activities very precisely.
· Workflow -
Its workflow help to define, develop, deploy, automate and manage business procedure within the organization and business-to-business transactions to increase productivity and gain maximum profit.
· Documentation -
The business procedures can be documented in a shared multi-user repository which provides non-technical and technical human resources to understand the various processes of different departments. It helps to analyze the performance and overall profit of every process in business.
· Quality -
BPM improves the quantity and quality of the services or products of organizations.
· Reports -
The BPM reports are very important and useful for the high-rank executives of an organization and the people who require them.
· Resources -
It reduces the total working hours of the employees.
· Exceptions -
In comparison to the manual process, the BPM reduces the errors and exceptions.
· Regulations -
BPM helps the organization to abide by the regulations of the government.
· Business-to-Business transactions (B2B) -
BPM is one of the most important parts of B2B transactions to gain leverage with customers, vendors, consumers and suppliers.
· Competition -
It provides sharp competitive edge and advantages over competitors.
· Simulation -
The simulation techniques of BPM with different scenarios can be used on processes to explore the effect of change.
· Increase Accountability -
The foremost objective of BPM is to provide accountability for the different internal business processes, from tracking to monitoring expenditures to ensure the on time delivery of services and products. It creates a system of balances and checks by reducing the potential for frauds, loss, errors and affirming.
· Improve reliability -
The BPM improves the information reliability and its dissemination effectively. It records and monitors the business processes, locates the required data and produces relevant reports.
· Simplify regulatory compliance
The implementation of the best BPM solutions results in sound financial management with proper feedback on the organization's performance. There are various business process management consulting firms offering smart advice with effective and advanced solutions.