Business Process Transformation
Being competitive in financial services in the 21st Century requires a strong focus on cost management and the ability to minimise the costs of every business process

A business process is any broad collection of activities within the company that is involved in the ultimate goal of developing products or services for the customer. Business processes are typically evaluated from the customer's viewpoint. Ensuring a smoothly running business process is critical in maximizing the added value provided to customers.

Managing the key processes efficiently is critical to the success of the company. But managing the processes is harder than it may seem at first - mostly because these processes don't stand alone, but interact with one another.

Definition of the processes can be a complex task in most multi-functional financial services organisations and can be helped by a through understanding of the value chain for the organisation for each industry sub-sector.

We can help you to develop the value chain for your organisation. The value chain can then be used as a "checklist" in the identification of business processes. It provides a concise presentation of the strategic processes, which can then be subdivided to form the business processes through which the business can be managed.

Business Process Transformation requires the organisation to perform some form of activity analysis in order to identify the activities within each department and permit the grouping of activities across different departments to form processes which can then be reviewed and documented. We can train your project team to perform the activity analysis and document the processes.

Whether seeking to improve quality, reduce cycle times or lower costs, leading companies are improving business processes today to find competitive advantage. Business process transformation describes a technique that, by helping to analyse and understand the work flows within the organisation, provides opportunities to improve the cost, efficiency, effectiveness and adaptability of the processes.

A process is a planned series of actions that advances a material or procedure from one stage of completion to the next. It includes the steps and decisions involved in the way work is accomplished. Most processes are full of duplications and bottlenecks where they cross between departments and that means inefficiencies, delays, mistakes and other failures which can cost time, money and customers. Improving process performance is crucial to virtually any improvement project.

Once the existing processes are understood then they can be evaluated and the organisation can decide how radical the redesign should be. It could be a simple change to existing procedures or paperwork, such as the elimination of duplication of activities in different departments, the reconstruction of the process to remove situations where errors could be created, the development of a shared service centre or the outsourcing of the entire operation.

The true transformation of a process can only be achieved by considering the total breadth of the process, across the entire organisation, or even from supplier to customer. The outcome of the process is the key to the review, and radical process transformation begins by considering other ways of achieving the outcome. Why consider ways of improving the paper flow when it could be possible to provide computerised systems that would automate the entire process, referring to a human being only when the application falls outside normal profiles.

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