There is no question that in today’s volatile economy, extreme business-cycle fluctuations can occur often. With proper business process management implementation, you’ll have the ability to manage an array of business changes that constantly transpire. Without proper BPM training, understanding the key components that make workflow management successful can be daunting. Some of the most critical reasons to embrace business process management include:
1. The Customers
Because of the global reach of the Internet, there has been a shift in power – away from the company and towards the customer. Customers have essentially changed the landscape through ruthless demands, so much that entire industries have been re-shaped. In response, companies have had to adjust their products and services accordingly.
2. The Technology
Technology is advancing at such a rapid rate that new industries are being created as some are being completely eliminated. For example, Wal-Mart wanted its top 100 suppliers to use Radio Frequency Identification (RIFD) tags on all cases shipped to certain distribution centers. This action would allow companies to automatically track items within the supply chain. Both suppliers and competitors had to immediately learn everything they could about wireless technology. BPM can help you and your business stay current with evolving technology.
3. The Competition
Competition is fierce and, through the Internet, customers are only a click away from all the information they need to make a decision. Many industries are being hit by declining prices and low profits (often called a commoditization wave). When this happens, an entire industry can experience a significant margin squeeze.
Looking at areas around the world it’s clear that globalization is happening at record paces. China is viewed to many as the leading production factory. India is becoming the backoffice to many companies worldwide. In order for businesses to remain competitive they need to continuously adjust their models to factor these shifts in business.
5. Government Oversight
With rules and regulations constantly changing, companies that service customers in different nations must pay close attention to the many local, regional, and even global rules. Companies quickly realize how much time and resources must be dedicated to regulatory compliance.
Utilizing business process management is the single greatest opportunity available to managers who want to lead their organization to success. With the use of modern technology and the key tools needed to manage the end-to-end business processes, BPM now has the proper IT infrastructure to support that success. Gaining insight from various management strategies like BPM, and being able to apply them, is what sets apart the managers from the leaders. It’s the difference between companies that are just “getting by” and those that are “setting the bar.”
Where do you want your organization to be? And how are you going to get it there?
The University of San Francisco, in partnership with University Alliance, has provided this article. The University of San Francisco offers online education opportunities through a variety of courses and certificates, including a master certificate in business process management. To see additional information please visit http://www.usanfranonline.com