In the ever-evolving economy that we're in today, most businesses are pressured to perform with the limited resources available to them - which mandates them to continually evolve, redesign, implement and manage the processes that are employed to run the business.
Business Process Management (abbreviated as BPM) is a systematic approach to make an organization's workflow (processes) more effective, more efficient and more capable of adapting to an ever-changing environment.
What BPM is all about? BPM is a way of optimizing organizational processes (in terms of effectiveness, cost management, sustainability, etc.). It is best thought of as a practice that seeks to continually identify, monitor and modify the existing processes so as to align with a presumably improved state of affairs. It works on the principle of "Continuous Improvement" (akin to the Japanese business philosophy "Kaizen").
Why embrace BPM? Businesses are incessantly challenged to keep pace with the dynamic economies (with regards to adapting to new gen customers, competitive needs, ever-changing regulatory requirements and/or evolving to provide unrivalled customer experiences). BPM can pitch in by providing:
More about BPM: BPM should not be a one-time exercise. It should involve a continuous evaluation of the processes and include taking actions to improve the total flow of processes. This all leads to a continuous cycle of evaluating and improving the organization.
BPM platforms usually come with inbuilt knowledge management capabilities, a repository of business rules, social collaboration features, mobility, security and multiple deployment options.
Embedded processes—with BPM at its core— can not only automate processes to improve operational efficiency, but can also drive more growth, manage governance, risk and compliance, thereby improving customer and employee engagement.
Priyanka is a multi-disciplinary practitioner in the banking, risk and financial technology space. Backed by a coveted blend of robust technical background and acquired competencies in the BFSI domain, she can intelligently connect the dots between the conventional banking industry needs, customer pain points and contemporary digital solutions. She fervently aspires to drive innovations to the financial services industry - by leveraging disruptive technologies like Social, Mobile, Analytics and Cloud (SMAC), Application Programming Interfaces (APIs), Big Data, Machine Learning (ML), Deep Learning (DL), Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IoT), Chatbots, Blockchain, CryptoCurrencies, Bitcoin (BTC), Ethereum (ETH), Biometrics & Wearables - that would eventually serve to improve the overall financial inclusion & innovation.