5 Ways to Turn Your Business Processes into Business Assets
Business processes are either liabilities or assets depending on how you define, control, and manage them. According to a June Gartner report titled ‘Successful Approaches to Business Process Improvement’, “90% of organizations are early on their BPM journeys and still struggling to apply BPM as an enterprise program. Changing organizations toward higher levels of appreciation for business processes as an essential corporate asset remains a slow and difficult undertaking.”
The most successful companies figure out how to leverage their processes to become business assets, even when there is no clear ownership within the organization for managing business processes. Below are five actions NEOS has compiled to help your organization use your processes as some of your most valuable assets.
Process inventory lists
A list of relevant core business processes at the highest level enables everyone to speak the same language when discussing practices and their characteristics. From prioritizing needs to scoping projects or making organizational and role decisions, an inventory provides enough information to be useful without unnecessary or overwhelming detail. According to Gartner, using “visual perspectives of processes helps people to see the inefficiencies and identify opportunities for improvements.”
Rating business processes according to an organization’s strategic priorities and objectives engages stakeholders from across the enterprise and integrates diverse perspectives into a carefully crafted rating. This is a practice used by successful companies all over the world.
Providing a deep understanding of current state or a deep focus on defining the desired future state allows organizations to make informed business decisions. To understand current state, subject matter experts document baseline metrics, understand process rules, and map existing processes based on a process inventory before beginning future state process design. A combination of individual interviews and group rapid design sessions help to define future state processes.
Process Control Topology (PCT)
PCT is a NEOS-coined approach that provides a view into how controls, business processes, and application architecture cooperate to achieve compliance with regulatory and risk-management requirements. Unlike traditional BPM approaches, where the object is cost reduction, service improvement, or streamlining, a Process Control Topology focuses on the institutionalization of controls across process and system.
This examination is a way to determine where your processes may have too many, not enough, or the wrong controls based on non-negotiable rules imposed by internal or external regulatory entities (e.g., SEC, compliance departments, customer contracts, product designs).
By using these tools, or some combination thereof, companies are able to rely on their processes, making them as beneficial as possible. NEOS has expertise in implementing these tools with great success. We can help your organization better understand its business processes and how to turn them into assets.