If you have been wondering if business process management (BPM) is truly worth the money you spend on it, you are not alone. The C-Suite has forever wanted to know the true value of BPM. They wish to know what kind of benefits, in terms of profits, revenue, and ROI, can they expect. The answer to this question, however, despite being incredibly simple, needs some thought.
Every business could benefit from a good process review, and every company needs effective process management from time to time. It could be as simple as reviewing and documenting everything being done so that you can find out where the problems lie and which aspects of your process need work. Or it could be more complex, like redesigning the entire framework to make the business approach much more customer-focused. It is no secret that every company or organization that has been in business for even a few months now develops a few faults in the system. These can be fairly minor, and you may not even notice them, but over time they affect your company’s efficiency in many ways. These process inefficiencies could be the result of some of the most ordinary things like laziness, improper changes made to deal with the prevalent market conditions, or simply, people taking shortcuts. Because these problems develop so gradually, you never notice them.
Think about your business as a car. It’s most probable that you don’t have any problem with it and it takes you from A to B without much trouble. However, you still take your car in for servicing at regular intervals. Once done, you probably don’t see too much of a change in the way your car looks or feels. However, a simple oil change or engine tune-up can make a huge difference to its performance. It drives much more smoothly and gives you more miles per gallon.
BPM does something similar for your business. You may not always be able to see radical changes in the numbers or an overnight spike in your ROI. However, the benefits it lets your business reap would be easy to spot. The efficiency of your business will show visible improvements, and that would automatically translate to better results and revenues. According to the BPM giant Gartner, a well-structured BPM will help your business achieve larger intangible results and tangible ones that will help your business become more efficient and meet your goals better.