Business Process Management or BPM enables business bodies to streamline their workflows and ensure increased profitability. It refers to the structured approach that start-ups must adhere to efficiently conduct operations, cater to customer requirements and generate revenue.
Business Process Management has a salient role in determining an enterprise’s success. Refer to the sections below to be well-acquainted with the intricacies of Business Process Management.
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What is Business Process Management?
Business Process Management (BPM) refers to the broad discipline where individuals resort to different methods to analyse, discover and automate business operations. Owing to the market demand, business processes can be unstructured and variable. It can also be structured and repeatable.
This process includes analysing current operational process, how it functions in different scenarios, tracking new procedures and continuously striving towards improving operations to scale heights.
BPM tracks the entire business process and is not restricted to task and project management. Developing new products, managing customer service, hiring new employees etc., are all involved in business process management.
By implementing activity monitoring, advanced analytics, business process management etc., start-ups can bring together employees, resources, and systems and achieve the desired operational outcomes.
Lifecycle of Business Process Management
Business bodies must have a complete understanding of Business Process Management lifecycle to achieve their goals.
- Process Design
A business must commence with BPM by observing the existing business pattern and identifying individual tasks along with respective task owners. It will help them understand the business areas that need improvement.
In this step, a visual representation of the redesigned business process is done and analysis on how it works in different scenarios is conducted. The graphic representation must encompass task descriptions, timelines etc. In this stage of BPM, evaluating efficient strategies will prove highly effective.
- Implement / Execute
It is time to execute the redesigned and updated business process in front of a small group for testing purposes. Business bodies must ensure to maintain the confidentiality of sensitive data and restrict access accordingly. In this step, business bodies can initially choose to incorporate any valuable feedback to the new business process management and later provide a demo of the newly updated process to a broader audience.
As the new BPM process is integrated, it is essential for business bodies to keep track of how it functions. They must use different metrics to measure the efficiency and progress of the process after integrating it. It is equally vital to point out the additional bottlenecks.
In the final step, business bodies can make necessary adjustments to ensure more efficiency of business operations.
Benefits of Business Process Management
- Increases Business Efficiency
Business process management optimizes existing business processes and intends to develop the process by incorporating other structures and removing redundancies and bottlenecks that hinder the growth of a business. With proper business management, a business can allocate excessive business resources to give better shape to facets of business and achieves business goal at an expedited rate. It also helps reduce business expenses.
- Uplifts Employee and Customer Experience
Robust business process management uses a suite of financial tools that curbs repetitive business work and makes business details more accessible to customers. Proper management of business workflow helps employees to focus on work and give prompt responses to customers which result in increased customer retention.
A well-thought workflow also limits the time that is usually spent to train employees during the onboarding process which in turn increases employee engagement and productivity shoot upwards.
- Enhances Scalability
The main aim of business process management is to ensure continuous improvement in business operations that will lead to scalability and expand profit margins of businesses. The different tools used in business process management aids in proper execution of business operation and workflow automation, which further ensures consistency throughout business process and brings clarity to roles.
Proper integration of BPM also helps in expanding opportunities for incorporating business operations for automation, thereby facilitating optimised workflow.
- Greater Transparency
As business process management facilitates automation and defines owners for every business task, it helps to maintain accountability, coherence and transparency in the business working procedure. It even develops improved communication among team members.
- Curbs Dependency on Development Teams
Automating and optimising business processes eliminates the need for employees to depend on the development teams. From onboarding employees, and conducting business operations to disbursing salaries and more, BPM has shaped and improved the working of a business body.
How RazorpayX Aids Business Process Management?
RazorpayX, the business banking arm of Razorpay, is a reputed business banking platform that rolls out numerous services, enabling business bodies to optimise their business operations. From scheduling payments, paying taxes, and managing 24*7 instant payments to employees, customers and vendors to automating bank transfers and opening current accounts, business bodies get to access a suite of provisions.
For instance, with vendor payment option, business bodies can add and initiate vendor payouts instantly. Even they can automate TDS deduction. Business entities will have to add the TDS category, the platform will auto-compute, deduct and initiate TDS for every business invoice.
This end-to-end business banking platform automates entire business cash flow movement and ensures that the business soars higher.
What is the difference between business process management and business project management?
The main difference between business process management and business project management is predictability and repeatability. Project management emphasizes on one-time scope of business operations, BPM, on the other hand, focuses on business processes that are recurring.
What does business process refer to?
Business process refers to the wide range of structured business activities that enables businesses to accomplish the desired business goals. In other words, business processes are linked tasks or activities that find their end towards the delivery of a particular business product or service to clients.
What are some of the best practices in business process management?
Some of the best practices that are involved in business process management includes setting up a clear business goals and objectives, involving stakeholders, utilise process modelling techniques etc.