Press release - New York, NY, USA - February 19, 2016
Business process management (BPM) is a systematic and business solution approach to make an organization's workflow, more efficient and more capable of adapting to an ever-changing environment. It allows all the processes to run smoothly and effectively. It is a way that leads to the "process optimization". BPM views a business as a set of processes or workflows or we can also say that it is a set of activities that are to be performed for the overall development of the firm. BPM Software is software which enables businesses to model, implement, execute, monitor and optimize their processes.
The goal of BPM is to reduce human error and miscommunication and focus stakeholders on the requirements of their roles. BPM is a subset of infrastructure management, an administrative area concerned with maintaining and optimizing an organization's equipment and core operations. For running this infrastructure we require some BPM tools that are as follows:
1. Planning and budgeting
2. Key performance indicators (KPIs)
3. Balanced scorecard (BSC)
5. Business excellence model
6. Enterprise risk management (ERM)
7. Six sigma
8. Performance dashboards
9. Customer relationship management (CRM)
10. Performance appraisals
These are the tools or sub-system components residing within BPM , that plays a major role in the organization development.
Horizontal BPM Solutions:
These are those BPM solutions that can be applied across several industries. Horizontal frameworks deal with design and development of business processes and are generally focused on technology and reuse.
Vertical BPM Solutions:
BPM solutions that are specific to a particular industry or type of process. Vertical BPM frameworks focus on a specific set of coordinated tasks and have pre-built templates that can be readily configured and deployed.
BPM Life Cycle
The BPM life cycle follows a chain of steps that are as follows:
Process design encompasses both the identification of existing processes and the design of the processes. Areas of focus include representation of the process flow, the factors within it, alerts and notifications, escalations, standard operating procedures, service level agreements, and task hand-over mechanisms. What processes should be present or what process are not required are to be done under this stage.
Modeling takes the theoretical design and introduces combinations of observations that are needed for the further steps. It determines how the process might operate under different circumstances.