A business process is a set of comprehensive tasks and steps performed by company stakeholders to achieve an existing organisational goal or objective. Your business productivity is defined by your company’s ability to manage its business processes and delegate existing resources towards them. This process is known as business process management.
Managers are slowly realising the utility of business process management. The global business process management industry is expected to be worth between $13 billion and $14 billion by 2021. Business process management can help your business automate and optimise business activities to achieve targets and milestones much faster.
Why Business Processes Are Important
1) Reduced opportunity cost
Opportunity cost is defined as the benefits foregone when choosing an alternative option over the other. However, by clearly defining business processes, your employees can save time on specific organisational tasks. And then, utilise this valuable time performing other tasks. This means that your organisation can achieve much more than ever before without having to abandon other high-level tasks.
2) Better efficiency
Business processes provide a clearly defined chronological order by which business tasks are to be accomplished. Having clearly defined time goals attached to your business processes can help your company exponentially reduce redundancy in organisational tasks and increase overall clarity amongst employees. This will then increase your business’s production efficiency, leading to better performance in the future.
3) Time optimisation
Clearly defined and aligned business processes can help your organisation better deliver promises to your consumers. When you can deliver satisfactory customer service in a more optimised time frame, to increase customer satisfaction significantly. Furthermore, this can help improve your client retention rates.
By improving your client retention rates, you will be able to considerably accelerate your company’s profit and revenue. In fact, according to Forbes, 84% of companies that strive to improve their customer retention strategies reported an enhancement in their overall revenue.
4) Standardised procedure
Managing business objectives without clearly defined business processes can become hectic and unorganised. Having a standardised procedure for complex organisational tasks can help achieve business goals in a much shorter time frame.
Defining objectives, analysing possible alternatives, testing, and analysing results are all part of an effective standardised procedure for optimizing organisational processes. Your business’s standardised procedures should be specific to the size and scale of your organisation as well as your long term goals for the future.
The Open-Source Business Process Automation Tool
Planet Crust built Corteza’s peripheral workflow engine, which is the perfect BPMS platform to help you build a comprehensive execution plan for your business processes. The open-source platform also provides various dashboards and graphic visualisation tools that can assist your business process management. Get a free trial to see how you can automate and optimise your Business Process Management strategies.