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- 7 key benefits of Business Process Management (BPM)
7 key benefits of Business Process Management (BPM)
- Last Updated: August 16, 2022
- 906 Views
- 5 Min Read
Business process management (BPM) is a term that's often heard but not always well understood. What does it mean, and why should you care?
In business, there are always processes that need to be followed in order to achieve specific goals. For example, if you want to increase sales, you'll need a process for identifying and targeting new customers. If you want to improve customer satisfaction, you'll need a process for tracking and addressing customer feedback.
Traditionally, business processes have been managed manually, often using paper-based systems—but this can be slow, inefficient, and prone to error. Over the last decade, however, business process management has become a more popular way of managing business processes electronically. BPM is the practice of improving business processes by using technology to make them more efficient.
In this blog post, we'll explore seven key benefits of business process management that can help your business grow and thrive:
- Increased efficiency
- Reduced costs
- Improved customer satisfaction
- More accurate data
- Easier scalability
- Faster turnaround times
- Greater compliance with regulations
Each of these benefits can be extremely valuable to your business, so it's important to understand them and how they can help you. Let's take a closer look at each one.
1. Increased efficiency
One of the most obvious benefits of business process management is increased efficiency. When processes are automated and streamlined, it becomes much easier for employees to complete their tasks quickly and accurately. This can lead to significant savings in terms of time and resources, leading to a more productive and profitable business.
2. Reduced costs
Business process management can also help reduce costs by streamlining operations and eliminating waste. By automating tasks and making processes more efficient, businesses can save money on things like labor costs, materials, and shipping. In addition, business process management can help businesses become more agile, allowing them to respond quickly to changes in the market and stay competitive.
3. Improved customer satisfaction
When business processes are efficient and accurate, it leads to a better overall customer experience. Customers appreciate being able to get what they need quickly and without errors, and they're more likely to return if they have a positive experience. In addition, business process management can help businesses better understand their customers' needs and preferences, allowing them to create products and services that meet those needs.
4.More accurate data
Business process management can also lead to more accurate data. When tasks are automated and coordinated, it becomes much easier to track and analyze the data that's generated. This can help businesses make better decisions based on accurate information, rather than relying on guesswork or intuition.
As a business grows, it often becomes necessary to add new employees and processes in order to keep up with demand. With business process management in place, this can be done much more easily and efficiently. By automating tasks and creating standardized processes, businesses can quickly and easily add new employees without disrupting the flow of business. This makes it easier to scale up or down as needed, which can be essential for businesses that are expanding or contracting rapidly.
6.Faster turnaround times
In today's competitive business environment, fast turnaround times are essential for success. Business process management can help businesses achieve this by streamlining tasks and eliminating waste. This leads to a more efficient business that's able to respond quickly to changes in the market.
7.Greater compliance with regulations
Businesses are increasingly being required to comply with government regulations. BPM can help businesses meet these regulations by creating standardized processes that ensure compliance. In addition, business process management can help businesses track and analyze data to ensure that they're in compliance with all applicable regulations.
Frequently asked questions about Business Process Management (BPM)
What is business process management?
Business process management (BPM) is a systematic approach to improving business processes by using technology to make them more efficient and effective. BPM can lead to a number of benefits for your business, including increased efficiency and reduced costs.
What are some examples of business processes?
Order processing, payroll processing, and invoicing are all business processes. Each company has its own set of business processes that are unique to its business model and industry. You can find some ready-made apps for various business processes here.
How do I implement business process management?
BPM is a systematic approach for improving business processes by using technology to make them more efficient and effective. It involves analyzing existing business processes, identifying areas of improvement, designing new solutions that address these areas of improvement, and implementing those new solutions.
You can build process-based applications, automate routine tasks, and manage your data more efficiently with Zoho Creator's business process management software.
What is the difference between business process management and workflow management?
Workflow management is a subset of business process management. Workflows are specific tasks or actions that need to be performed in order to complete a business process. Workflow management systems help businesses track and manage these workflows.
What is the difference between business process management and enterprise resource planning (ERP)?
ERP is a business management system that integrates all aspects of the business, including finance, human resources, manufacturing, and marketing. BPM is a methodology for improving business processes using technology. While ERP can help businesses improve their overall efficiency, business process management can help businesses specifically improve their operational efficiency.
What are some common problems with business processes?
Common problems with business processes include inefficiencies, lack of standardization, and compliance issues. Inefficiencies can lead to wasted time and resources, while a lack of standardization can lead to confusion and inconsistency. Compliance issues can result in fines and penalties for businesses that aren't in compliance with government regulations.
How can low-code help in achieving business process management?
Low-code platforms are a great way to quickly and easily design, build, and deploy business processes. Low-code platforms allow business users to create applications without having to write code. This can speed up the process of implementing business process management solutions.
BPM is a systematic approach to achieving overall organizational goals, and it’s an important piece of the puzzle for any company that wants to be successful in today’s digital economy. The benefits of BPM are many and include increased efficiency, reduced costs, improved customer satisfaction, more accurate data, easier scalability, faster turnaround times, and greater compliance with regulations.
Our ready-to-use apps can help you get started on your own path towards becoming a BPM success story.
Pranesh is a serial entrepreneur and the Founder of Studio 31, a 12 year old, deep tech enabled, wedding photography and film company that has been recognized by many publications for its zero inventory model and unique culture in the unorganised sector.
Zoho Creator has helped Studio 31 redefine its business model by automating over 37 processes and save three hours every single day. He is also a growth consultant for Zoho Creator and helps the team address real-world challenges from a customer's point of view.