A key focus of many organisations is the ability to optimize their current business processes. Business processes are the foundation to running a business or organisation effectively, however over time business operating procedures and processes can become inefficient, wasting time and resources. According to market research firm IDC, this can cost businesses 20 to 30 percent of their yearly revenue and also lead to internal dissatisfaction and missed opportunities for growth. To ensure businesses continue to grow and operate effectively, it is important for companies to regularly revaluate and update their business processes.
There are three main benefits to optimising business processes:
1. Increased efficiency
By identifying the inefficient systems in place and automating tasks, an organisation can work towards optimizing their business processes. Eliminating inefficient processes will allow employees to be more productive as they can focus on more important tasks on hand. As processes become more efficient, they will also become more effective which will lead to better informed decisions and execution of tasks and assist with organisational growth.
2. Access to accurate information
A key part of process optimization involves having a central repository that can deliver accurate information at any time of the day or any part of the business cycle. By having this single source of truth that is accessible by all relevant parties it creates value to an organisation by ensuring that all information communicated is up-to-date and useful.
3. Improved flexibility
If business processes are optimized successfully, it will result in more flexibility, meaning that individuals, teams, departments and organisations can respond in an agile manner and adapt to any significant changes affecting the business. Subsequently, businesses are able to cope with sudden mishaps and remain competitive within the market.
It is clear to us that an organisation needs to regularly update their existing processes to operate efficiently and effectively. Implementing a business management system that is a true reflection of an organisation’s current processes, controls and deliverables allows organisations to function at their highest potential and manage their growth in an ever changing business environment.