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What Is Process Excellence?

Process excellence, also called business process excellence, is a method for improving business processes to enhance efficiency, effectiveness, and productivity. To achieve process excellence, a process is examined, changed, and tested until it fulfills the objective. Additionally, it sets a benchmark for quality against which processes are evaluated. The process excellence goal is to optimize the process while considering all variables in order to achieve continuous process improvement.

Process excellence emphasizes that there is never a final level to reach and that continuous monitoring is crucial. As long as a procedure is in place, there will always be opportunities to streamline it, make it more efficient, and produce better results. Businesses identify and address bottlenecks, fix issues that may arise in a process, and monitor its progress.

Businesses aim for process excellence because it helps them improve how they create and deliver value to their customers and stakeholders.  Excellent processes lead to consistent outputs with little room for variation or waste. The operational benefits of process excellence have been proven through research. Creating, following, and adjusting processes for efficiency leads to tangible and sustainable business success.  

What Are the Obstacles to Process Excellence?

As with many things in life, goals are rarely achieved without the right drive. Once leaders and employees get the motivation to improve, that’s when sustained growth can occur. However, even with the best intentions, achieving process excellence is much easier said than done.  

Some companies are overly optimistic about their existing processes. Unfortunately, looking at things through rose-colored lenses doesn’t allow leaders to recognize and acknowledge potential gaps that could be improved.  

On the flip side, some management leaders are overly pessimistic about the investment they would need to improve their processes and are unsure about the ROI. If they believe that the ends may not justify the means, they are less likely to make any changes to their current processes. Unfortunately, sooner or later, the gaps in processes usually widen if they aren’t resolved or improved, leaving these companies lagging behind competitors who focus on business process excellence.  

What Are the Benefits of Process Excellence?  

When measuring sustainable business success, it’s important to look beyond profitability. The main benefits of process excellence include:  

• Satisfied, loyal employees  
• An agile workforce  
• Effective teamwork  
• Smooth integration of technology 
• Reduced risk of human error 
• High quality standards 
• Improved productivity  
• Value-based products and services  
• Happy customers  
• Sound market reputation and solid brand identity 

Now that we have understood the benefits, how can businesses work toward process excellence?  

5 Essential Tips to Achieve Process Excellence 

1. Keep an Eye on Processes!

Peter Drucker famously said, “If you can’t measure it, you can’t manage it.” If you don’t measure, then how do you know how you are doing? 

The best way for companies to monitor their processes is to visualize and track their progress. Looking at the big picture, efficient management methodologies and tools like the Six Sigma principles can help achieve the required results by delivering consistent, positive outcomes with minimum variation.  

As a business manager, by breaking down each business process and analyzing each step, you can clearly understand potential loopholes. Reviewing your processes regularly will help identify and eliminate risks on time. Business Process Management platforms align the delivery of business goals through the organization, management, improvement, and automation of simple or complex processes.

From time-tracking software to programs that monitor your budget and resources, the right technology can help you keep an eye on each step of your business process.  Even the most successful businesses may find it challenging to keep up with daily operational costs while working toward sustainability and growth. You need working capital to:  

• Successfully maintain your processes 
• Account for emergencies  
• Tide through cash outflows  
• Fund new opportunities when they arise 
• Expand your services or product line(s)  
• Keep up with seasonal demands  
• Invest in new technology  
• Onboard skilled manpower

When you constantly evaluate and measure your requirements, you will know how much working capital you need at any time.  

2.  Keep Processes Lean

Shigeo Shingo, an expert on manufacturing practices and the Toyota Production System, said, “The most dangerous kind of waste is the waste we don’t recognize.“ 

Process excellence involves improving existing steps and tasks by planning, organizing, and preparing for long-term growth. When you know your business goals, you can then map out the best and easiest way to get there. However, it is equally important to recognize what to avoid.  

When you identify ways to save money, resources, and time without compromising on the quality of your output, you eliminate waste and keep your processes lean.  

3. Keep Processes Agile  

 “Excellent firms don’t believe in excellence — only in constant improvement and constant change.” Tom Peters said. 

Businesses need to be more productive and innovative if they want to beat the competition and scale up. However, the last few years have taught us that we also need to expect the unexpected. So, staying on our toes and remaining agile is the key to survival and long-term growth.  

Keep up with the latest trends in your industry to identify which processes you can change or upgrade to build a business model that truly evolves with the times!

4. Keep Processes Customer-centric  

Customers keep businesses in business! So, it’s easy to understand why customers are the key ingredient to consistent growth.  

This is also why you must consider your customer’s experience when planning your processes. Invest in the time and resources required to understand your target audience and their pain points, and evaluate their touch points with your business. Then, you can identify ways to optimize your processes to satisfy them with personalized experiences and exceptional targeted services. This is process excellence at its best!  

5. Keep the Culture Alive  

“Coming together is a beginning. Keeping together is progress. Working together is Success.” Henry Ford, Founder of the Ford Motor Company and sponsor of the Assembly Line said. 

Creating a culture of process excellence starts at the top and seamlessly flows down to every employee, driving efficiency, innovation, and long-term business success. When the C-suite emphasizes the importance of continuously working on its processes, they lead by example.  

Develop an “all hands on deck” approach to business process excellence. Involve and empower your employees and team members while making changes so that they are equally invested in the outcomes.  

Another part of a productive culture is fixing problems in the workflow. People can’t work efficiently if their processes hinder instead of accelerating their progress. According to industry research, 36% of employees said visualizing their organizational goals more effectively would amplify their satisfaction and job performance. When creating your processes, walk in your employees’ shoes to understand their obstacles and find practical solutions. Satisfied employees are more motivated and willing to achieve more, which in turn drives home the need for continuous process excellence.  

Key Methods for Achieving Process Excellence

By applying the following process excellence methods, organizations can streamline their processes, improve quality, and enhance overall performance.

1. Continuous Improvement (Kaizen)

Focus on making small, ongoing process improvements over time rather than large, sudden changes. This approach fosters a culture of constant growth

2. Lean Management

Eliminate waste and inefficiencies in processes, ensuring that resources are used in the most productive way possible. The goal is to create more value with fewer resources.

3. Process Mapping

Visually represent processes to understand current workflows, identify inefficiencies, and design improvements for better performance.

4. Benchmarking

Compare processes with industry standards or best practices to understand where improvements can be made and set performance goals.

5. Agile Methodology

Use flexible and iterative approaches to process improvement, allowing for quick adjustments and adaptations to changes.

6. Total Quality Management (TQM)

Involve everyone in the organization in improving processes for organizational development, focusing on quality at every stage of production or service delivery.

Conclusion  

Process excellence is a time-perfect endeavor that corporations need to improve upon existing workflows and introduce new methodologies to ensure not only organizational success but also long-term benefits to employees and executives alike. The shapes and forms it takes depend on the industry, timeline, and objectives of your corporation. Whether you are setting up a new venture or optimizing your existing operations, working towards process excellence provides you with an evolving, flexible, and outcome-based business model that can survive and thrive! Make sure to keep our 5 handy tips in mind when mapping out your process excellence goals!

The post What is Process Excellence? | Definition, Benefits and Tips appeared first on Comidor Low-code Automation Platform.

At least 74% of businesses have expressed a growing interest in adopting BPM, with 70% of surveyed companies already utilizing at least one process management application. However, in 2024, simply having a BPM system is no longer sufficient. Industry leaders are integrating AI tools as an essential part of their daily operations. So do BPM vendors, integrating the AI-powered features into their systems. So, if you’re striving to stay ahead of the curve, then it’s the right time to bring AI into your business processes.

We’ve tested, evaluated and compared the top AI-Powered BPM systems that rank high on trusted review sites, such as G2. Keep reading to choose the best fit for your company’s needs!

Top 5 BPM Systems Powered With AI

Here is a table where you can compare the top three BPM systems powered by AI.

5 Smart BPM Systems 2024: In-Depth Look

Now, let’s go through the detailed descriptions of the top 5 AI-powered BPM systems that have been earning 5-star reviews from verified users. We’ll explore how these products leverage AI and what benefits they can offer to your business.

1. Comidor

Rating: 4.8 out of 5 on G2.

Comidor has been helping businesses to undergo digital transformation and modernization for more than two decades. It’s an all-in-one Low-code BPM system that integrates cutting-edge technologies and features into a single platform. An important part of the Comidor platform is the integration of AI and ML technologies. The core modules of the system are:

• Cognitive Automation
• BPM and Workflow Automation
• Low-code/No-code App Development Environment
• Data Master Management
• NLP (natural language processing) Chatbot Leia

We have managed to create a unified intelligent platform where you can analyze, automate, and improve all aspects of your business. AI capabilities play a key role in this transformation. They enable you to build a holistic knowledge base that AI/ML models learn from. Once they learn how your organization works, they can provide accurate and specific recommendations. That’s, for example, the principle behind Leia, an NLP chatbot. Leia understands the user’s queries and gives clear, human-like responses based on the data stored in the system.

Comidor’s AI-driven features go beyond natural language processing capabilities. The integration of prescriptive and generative AI in low-code application development is just as impressive. Rather than building an app from scratch, both professional and citizen developers can simply issue a command to AI. That’s all it takes to get a ready-made application that can be further modified.

Finally, Comidor enables you make data-driven changes within your organization. You can use AI to track the workflow performance, analyze data, and make strategic decisions based on insights from the system in real-time. This is particularly useful for proactive risk management in workflow automation. Comidor notifies you about potential issues before they even arise.

2. Laserfiche

Rating: 4.7 out of 5 on G2.

Laserfiche is a reputable provider of BPM solutions that entered the market a long time ago—in 1987. Since then, it has been consistently upgrading its product portfolio.

The latest, 11 version of the Laserfiche, reflects the company’s innovation-driven approach. Just like Comidor, it has integrated AI into all of its core features. These include AI-based solutions for data management, low-code app development as well as advanced document and form recognition. Any business, regardless of size, can efficiently manage big data volumes with Laserfiche. The system processes both structured and unstructured data to make it searchable in one centralized place. The NLP and analysis capabilities of AI play a crucial role in this procedure. Paired with OCR, the intelligent document automation solution quickly transforms scanned documents into editable text, including hand-written ones. The cognitive capabilities also enable automated file organization and retrieval.

Laserfiche’s strength lies not only in its intelligent document management but also in low-code app development. On top of intuitive drag-and-drop functions and ready-to-use templates, the platform offers the RexBuilder tool. RexBuilder leverages AI capabilities to help you translate ideas written in natural language into code. It also serves as a virtual “consultant” that explains what highlighted pieces of code or diagram elements mean. You can dramatically reduce the time needed to build custom business apps of different complexity.

3. iGrafx Process360 Live

Rating: 4.6 out of 5 on G2.

Process360 Life, developed by iGraph, is a comprehensive intelligent process management platform. It comprises solutions for process mining, design, simulation, AI-based automation, and analysis. The system is quite similar to the products we’ve discussed before, especially in terms of AI integration and design. But there are some unique features you’d want to know about.

First, Process360 Life uses machine learning to train a chatbot that not only extracts information from your repository. It’s also able to execute commands and give suggestions on how to improve the process. You don’t need great prompt-building skills to make it do the job. Due to the fact that the bot is powered by NLP, you can tell it what you need in simple words.

The system also leverages NLP to respond to support and inquiry requests without human intervention through email, live chat, and messaging platforms. If your CS team is struggling with a high volume of repetitive inquiries, this feature can be a huge time-saver.

Another standout feature of Process360 Life is AI-based workflow automation. It helps you analyze, improve, and monitor existing processes as well as create new workflows that are more efficient and error-free.

4. Appian

Rating: 4.5 out of 5 on G2.

Appian is a low-code software development platform that provides multiple advanced solutions for business process management and automation. It offers complex AI tools that have a steep learning curve. Appian’s standout solution is a low-code app development platform with AI-copilot. Developers create user-friendly AI-powered apps taking advantage of the platform’s AI capabilities. The Appian’s Copilot creates workflows in response to simple instructions. You can then ask questions about your workflow, request necessary information, and receive AI-based suggestions to improve the app’s performance. It’s also possible to use Copilot for process mining.

What’s more impressive is that you can build and train your custom AI models on your business data. This lets you make Appian’s Copilot even “smarter.” The well-trained models can provide your team with more accurate and relevant suggestions.

Also, you can integrate AI into your workflows. For example, you can have AI analyze your emails to send only the relevant information needed for the next steps. The other, more “traditional” AI-powered features of Appian include document management, data unification, and analysis.

5. Nintex

Rating: 4.3 out of 5 on G2.

Nintex has put 15 years of experience into a powerful and user-friendly platform for BPM and low-code application development. Its portfolio includes AI-powered tools for data management, document generation, workflow building, and automation. You can easily generate documents in bulk using Nintex. All it takes is giving an accurate description of its content and structure. For faster results, users can use templates provided by Nintex to reduce manual work. The supported document formats include MS Office documents and Adobe PDF.

On top of that, Nintex offers an AI-translation tool that generates natural-sounding and accurate translations of your documents. This capability is embedded within the workflow and form building tools. If your business operates globally, this feature can greatly streamline collaboration between your teams.

AI-based workflow generation is another USP (unique selling point) of Nintex. This feature lets you create, edit, and automate workflows just by sending the right commands to AI. On top of the advanced generative capabilities, the system offers an NLP chatbot for quick data retrieval from a unified database.

Conclusion

The best AI-powered BPM systems go beyond the “simple” generative capabilities we are used to.These tools take on complex tasks to help your teams make data-driven decisions faster and more accurately. They are not just enhancing operational efficiency, but they’re also transforming how businesses innovate and adapt.

With Comidor, you can streamline workflows, automate repetitive tasks, and integrate AI tools to optimize your business processes effortlessly. Why wait? Take the next step towards transforming your business.

Try Comidor for free or book a personalized demo to see how AI-powered BPM can drive growth and efficiency in your organization.

The post The Best AI-Powered Business Process Management Systems appeared first on Comidor Low-code Automation Platform.

In this blog, we’ll define document management workflows, and explain their significance, the steps involved, benefits, and real-world applications.

Ready to learn more? Let’s go!

What are Document Management Workflows?

Document management workflows are structured sequences of tasks designed to streamline the creation, review, approval, and distribution of documents within an organization. These workflows ensure that documents move seamlessly through various stages, eliminating bottlenecks and reducing manual intervention. From capturing initial data to archiving final versions, every step is orchestrated to optimize efficiency and accuracy.

Now that we’ve defined document management workflows, let’s delve into the specific steps and elements that comprise these workflows.

The Steps in a Document Management Workflow

Understanding a document workflow is the first step in business process automation (BPA). The exact function will depend on your industry, document type, and regulations that may apply.

Generally speaking, a document management workflow contains a few simple elements:

1. Document Capture: The process begins with capturing documents from various sources, including emails, scanners, or cloud storage.
2. Indexing and Classification: Documents are then indexed and classified based on predefined criteria, making them easily searchable and retrievable.
3. Document Routing: Next, documents are routed to the appropriate stakeholders for review, approval, or further action.
4. Collaboration and Editing: Stakeholders collaborate on documents, making necessary edits and providing feedback.
5. Approval Workflow: Documents undergo approval workflows, ensuring compliance with organizational policies and standards.
6. Distribution: Approved documents are distributed to relevant parties via email, shared folders, or document management systems.
7. Archiving and Retrieval: Finally, documents are archived for future reference and retrieval, maintaining a comprehensive audit trail.

Having outlined the steps involved, let’s explore the many benefits that document management workflows offer businesses.

The Benefits of Document Management Workflows

Adopting a document management workflow can provide a wide range of benefits for a business, such as:

1. Enhanced Efficiency: By automating repetitive tasks and streamlining data-related processes, document management workflows significantly improve operational efficiency.
2. Reduced Errors: Standardized workflows minimize the risk of errors and ensure consistency in document handling.
3. Improved Collaboration: Workflows facilitate seamless collaboration among teams, enabling real-time sharing and feedback on documents.
4. Compliance and Security: Document management workflows enforce compliance with regulatory requirements and enhance data security by controlling access to sensitive information.
5. Workflow optimation: Document management workflows can optimize workflows by introducing automation and lessening the time and effort involved in manual tasks.
6. Cost Savings: By reducing paper usage, streamlining processes, and minimizing manual intervention, workflows contribute to cost savings over time.

The last thing to cover is how businesses can use document management workflows. In the next section, you’ll find the most popular use cases.

Use Cases of Document Management Workflows

Document management workflows can be adapted to fit the distinct needs of any industry or organization. Let’s examine some real-world applications:

Accounts Payable Processing

Automating invoice processing workflows can streamline accounts payable operations, reducing cycle times and improving accuracy. Companies utilize document management workflows to digitize invoices upon receipt, automatically routing them for approval based on predefined criteria.

Through integration with receipt OCR technology, businesses can efficiently record expenses by extracting relevant data from receipts, eliminating manual data entry, and minimizing errors. This streamlined approach accelerates expense management and invoice processing, optimizing cash flow and enhancing vendor relationships.

Contract Management

Document management workflows simplify contract creation, review, and approval processes, enabling faster contract lifecycles. Companies leverage workflows to automate contract generation based on predefined templates, facilitating collaboration among stakeholders for review and negotiation.

With version control and audit trails, businesses ensure compliance with contractual obligations and minimize the risk of errors or discrepancies. By streamlining the contract management process, organizations reduce administrative overhead and expedite time-to-signature, thereby accelerating revenue generation and mitigating legal risks.

HR Onboarding

Automating HR onboarding workflows accelerates the onboarding process, ensuring a seamless experience for new hires while minimizing administrative overhead. Companies utilize document management workflows to streamline the collection and processing of new hire documents, including employment contracts, tax forms, and employee handbooks.

By automating document routing and approval, HR teams can efficiently coordinate and automate tasks across departments, such as IT provisioning and benefits enrollment. This standardized approach enhances the onboarding experience, improves compliance with regulatory requirements, and empowers HR professionals to focus on strategic initiatives that drive employee engagement and retention.

Customer Service

Document management workflows enable customer support teams to handle inquiries and resolve issues more efficiently by providing quick access to relevant information. Companies implement workflows to centralize customer communications and documentation, ensuring that agents have instant access to case histories, product manuals, and troubleshooting guides.

By automating customer service requests, businesses can expedite resolution times and enhance customer satisfaction. Additionally, integrated analytics tools enable organizations to gain insights into customer interactions, identify trends, and proactively address recurring issues, fostering long-term customer loyalty and advocacy.

Conclusion

In conclusion, document management workflows are essential tools for modern businesses aiming to enhance efficiency and streamline operations. By automating key processes—from document capture to archiving—organizations can significantly reduce errors, improve collaboration, and ensure compliance.

The adaptability of these workflows allows them to be tailored to the specific needs of various industries, making them invaluable across diverse applications such as accounts payable, contract management, HR onboarding, and customer service. By implementing a structured document management workflow, businesses not only save time and reduce costs but also position themselves for sustained growth and improved productivity.

Ready to Experience the Power of Workflow Automation for Document Management?

Comidor offers powerful solutions for automating document management workflows, and streamlining business processes to improve efficiency and reduce manual tasks. With Comidor’s platform, organizations can automate document generation, storage, approvals, and distribution, ensuring seamless collaboration and tracking. Its intelligent automation tools enable businesses to process and analyze documents, centralize document handling, enforce compliance, and minimize errors. By reducing administrative burdens and speeding up approvals, Comidor enhances productivity and helps businesses stay organized and agile in a fast-paced environment. Start your free trial today and experience the benefits of workflow automation firsthand!

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Business Process Management (BPM) has emerged as a strategic ally in enhancing business processes. BPM ensures businesses adapt to the dynamic market by optimizing workflows and enabling data-based decisions. Using BPM to manage your resources and enhance allocation helps streamline communication and improve product development quality.

Whether you develop in-house software or outsource your software requirements to build custom BPM software solutions, both help you achieve high-quality results and maximum revenue. Additionally, BPM automates parts of the process, ensures greater agility, and accelerates time to market.

In this article, we have listed the top 10 Business Process Management statistics to understand the significance of BPM in the modern business ecosystem. Learn why BPM software is important for all kinds of businesses.

The Top 10 BPM Statistics to Understand the Significance

Let’s explore the top 10 Business Process Management statistics you must know before adopting BPM for your business.

#1 $65.8 billion Market Size by 2032

The Business Process Management market is growing exponentially. It is currently valued at $15.4 billion, according to the research conducted by Allied Market Research.

The need for organizational excellence and reduced operational costs drive this increasing market size. This increase is also influenced by the evolving business landscape and the need to thrive in the digital realm.

#2 74% Claim Increased Interest in BPM

There has been a spike in interest in Business Process Management. At least 74% of businesses have shown an increased interest in adopting BPM. 70% of the businesses surveyed use at least one application for process management. 63% of businesses use two or more tools.

This statistic indicates the increasing use of BPM as businesses believe it can help them manage tasks and increase efficiency.

#3 Only 4% of Companies Track their Process

Of the organizations examined in a survey conducted in 2016, by Procesowcy.pl’s Lukasz Tartanus, only 69% had established processes for the BPM review. 4% of organizations measured them in detail. Businesses must understand that measuring the BPM and tracking it continuously can help enhance the processes. Knowing the processes or creating them isn’t enough. You must automate processes and track the process performance for continuous workflow optimization.

If you fail to manage the processes or deviate from your goals, you may not be able to accomplish them. Businesses must understand this statistic and ensure their procedures are fully documented.

#4 74% believe automation saves time

Process automation has helped businesses reallocate their resources to more strategic and defined tasks. At least 74% of IT and engineering leaders believe that automation saves close to 50% of their time. According to 51% of people, it can also help save costs.

62% of businesses use triggered actions to build their automation. Chatbots and AI have also joined the automation to enhance the processes. This indicates that businesses must use BPM to strategize and enhance automation outcomes.

#5 38% formalized the BPM programs

38% of the organizations measure the BPM in a formal manner, which increases the returns on investment.

When you have a formal tracking method, it becomes easier to understand what went wrong and how. These formal processes help you track with an end goal in mind, which results in successful processes and maximum returns. It is crucial to spend some time understanding the best ways to formalize the processes and align them with the goals.

#6 46% Resisted Change

Before you adopt a new process automation solution, your organization must be ready for the change. At least 46% of the surveyed people mentioned they were not ready for this change. This was a barrier to entry for the BPM solutions in the organization.

This resistance led to reduced returns on investment for organizations taking into consideration the competition.

#7 Lose $1.3 Million to Inefficiency

If you have been depending on manual processes or paperwork, you may experience inefficient systems. This inefficiency can result in recorded losses that can have a financial impact on your business.

At least $1.3 million was lost annually by businesses owing to inefficient processes. You must prepare your business to adopt automation for efficient processes. BPM is one way to solve inefficiencies.

#8 40% Reduction in Errors

Companies that have embraced Business Process Management have seen a reduction in their workload. Automation has helped them reduce manual intervention and the errors that arise from them. It has also helped them improve the quality of work and ensure better retention. At least 40% of organizations surveyed relayed they observed reduced errors and more precise decisions.

#9 Highest Adoption in BFSI

A good 35% of the banking, financial services, and insurance market segment adopted BPM to improve their processes.

Apart from the BFSI, healthcare, and retail also benefited from the automation.

#10 Spend 10% to Nearly 40% Time on Mundane Tasks

At least 70% of the C-Execs believe that they spend 10% to 40% of their work hours completing mundane tasks. This has led to an increased inefficiency at the top level, which hinders their work and decisions. Automating these tasks can help them increase productivity and accomplish their goals faster.

Conclusion

The modern business realm is continuously shifting, calling for greater agility and efficiency. Business Process Management statistics and BPM trends reveal that Business Process Management can shape industries and businesses as a catalyst that enhances the process times and accelerates time-to-market. BPM software can help define a clear trajectory for application development and mitigate the risks proactively. You can use automation to eliminate complexities and identify opportunities.

You need a good software development company to help you determine the ideal BPM solution for the business. Comidor can ensure the solution is perfectly aligned with your process needs and business goals, offering expertise and tailored support for optimal results. Our comprehensive approach integrates advanced technology with your unique business requirements, driving efficiency and fostering sustainable growth. With Comidor, you gain a strategic partner committed to elevating your business operations through innovative BPM solutions. Come in touch to schedule a demo call today!

The post 10 Must-Know Business Process Management Statistics appeared first on Comidor Low-code Automation Platform.

1. Leverage Business Process Management Techniques

1.1 Why Should You Automate Business Processes in 2024?

• Boost team productivity: Automating your business processes frees up your employees from repetitive routines. Hence, they can have more time to handle more complex business aspects.
• Higher accuracy: Business process automation indicates a future where the reins of control are confidently handed over to computers, empowering efficiency and streamlining operations like never before.
Hence, it can reduce human errors and generate higher accuracy.
• Better customer relationships: Streamlining processes, especially customer-facing ones, also allows for instant responses, proactive support, and personalized engagements.
• Seamless scalability: You can effortlessly scale up your business as automated workflows adapt to changing demands without additional resources.

1.2 What Tools Should You Use?

• Workflow Automation Tools

You can adopt some workflow automation software offering pre-built connectors such as CRM (Customer Relationship Management System) and ERP (Enterprise Resource Planning). They can seamlessly integrate with existing systems, orchestrating tasks, routing information, and triggering actions automatically.

• AI/ML and RPA

Artificial Intelligence/Machine Learning (AI/ML) tools can learn from data, make decisions, adapt, and improve your business process. Robotic Process Automation (RPA) refers to the automation technology using digital robots or bots to handle manual work or tasks.

RPA tools can automate repetitive tasks such as inventory level tracking, purchase order generation, and warehousing process optimization. Meanwhile, AI/ML gets insights from in-depth analysis of historical sales data, seasonal trends, and external factors for more accurate demand forecasting. It can proactively adjust inventory levels to minimize stockouts and overstocking and streamline logistics accordingly.

Hence, your team has more time on more sophisticated tasks like strategy development rather than being stuck with tedious and time-consuming tasks.

• Business Process Management Software (BPM)

Business process management software can help you automate process mapping, reduce bottlenecks, and monitor real-time performance.

There will be unique advantages for your business if you combine BPM with RPA in your management. The combination enables you to integrate your existing systems with modern ones more efficiently. It will generate process improvement, which sets up for long-term development of your business.

2. Invest in Low-code Solutions

The Low-code Development Platform Market is projected to be valued at USD 16.17 billion in 2024 and is forecasted to surge to USD 62.15 billion by 2029, with a remarkable compound annual growth rate (CAGR) of 30.90% during the forecast period from 2024 to 2029

A low-code platform is a visual software development environment that allows you to build custom applications with minimal coding. Its big advantage lies in a drag-and-drop interface and pre-built components.

2.1 Why Should You Adopt Low-Code Applications in 2024?

• Increased productivity: Low-code applications remove the complexity of app development or adjustments. So, it makes the process happen roughly 6 to 20 times faster in many cases.
• Enhanced agility and innovation:
  • Your business users can join the creation of solutions for your applications easily thanks to the features of a low-code platform. It opens opportunities for citizen developers to participate in building basic applications.
  • Your pool of potential contributors can expand. It also results in a shorter feedback loop between identifying a problem and implementing a solution.
• Cost savings: By empowering citizen developers to build simple applications, you can reduce dependency on expensive coding resources.

2.2 What Tools Should You Use?

• Low-code application studios have features such as drag-and-drop functionality, enabling potential citizen developers to join the app development process. Besides, they can ensure the streamlined operations of the business apps while limiting errors during the process.
• Cloud integration allows you to upload your applications to the cloud and reuse them anywhere, anytime. Besides, your teams can easily access the essential information and data in the platform.
• Artificial Intelligence is a great combination with your low-code app development to automate the repetitive steps and proactively adapt to changes based on history data analysis.

3. Strengthen Security with Blockchain Technology

Blockchain is a distributed database or ledger facilitating the process of recording transactions and tracking assets. It is mostly used in cryptocurrency systems, yet many other industries apply blockchain technology to level up their business process management.

You can see the contribution of blockchain to the supply chain in tracking the movement of goods and materials by its immutable blockchain records. Besides, it offers smart contracts, which facilitate the automatic execution of agreements. It can profoundly reduce manual work and process bottlenecks.

In retail management’s security, blockchain can combat counterfeits by issuing unique digital identities for your products, verifiable on the chain. Explore the specific advantages of security that the technology helps your business below!

3.1 Why Should You Apply Blockchain Technology in 2024?

• Robust security and transparency: Blockchain’s data distributed across a network of nodes can protect sensitive customer data from breaches and unauthorized access.
• Advanced Counterfeit Detection: Each product on the blockchain can have a unique digital identity, which accelerates its authenticity verification. Thus, you don’t have to worry about counterfeit goods in your supply chain.
• Immutable Data Trail: Blockchain acts as a tamper-proof ledger, where every transaction and product movement is cryptographically secured and permanently recorded. It saves your business’s database from being altered or trapped in fraudulent activities.
• Enhanced Access Control: Blockchain tightly controls access to your data, as only authorized individuals can view or modify specific information. So, insider threats and unauthorized access attempts can profoundly drop.

3.2 What Tools Should You Use?

• Blockchain-as-a-Service (BaaS) platforms can simplify the process of blockchain application building and management without extensive infrastructure setup.
• Decentralized finance (DeFi) tools eliminate traditional intermediaries when you want to use financial services, e.g., lending, borrowing, and trading.
• Combining blockchain with artificial intelligence (AI) creates a powerful boost for your business by making productive processes and smooth operations.

4. Upgrade Your Production with Digital Twin Technology

The year 2024 will see digital twin technology becoming more than just a futuristic concept. Businesses across industries are leveraging their power to drive tangible benefits.

Digital twin virtually represents an object or system, spanning its lifecycle. The technology uses real-time data updates, simulation, and machine learning to support the process of your product design and production.

4.1 Why Should You Use Digital Twin Technology?

• Better product research and development (R&D): Digital twin technology allows you to test new designs and processes in a safe, virtual environment before physical implementation. Thus, it alleviates the process of product research and design in terms of its features and necessary refinements.
• Effective process creation: Digital twin technology can simulate different production systems, which eases your monitoring and selection of which models bring the highest efficiency.
• Optimizing energy consumption: Digital Twin supports you in tracking and analyzing energy usage to identify and implement efficiency measures. It also stimulates different scenarios to optimize production processes for sustainability.

4.2 What Tools Should You Use?

• Simulation and modeling tools can accurately model your physical systems’ behavior, incorporating physics-based simulations and scenario testing for robust predictions.
• Data analytics and visualization tools transform raw digital twin data into actionable insights, providing data cleaning, analysis, visualization, and predictive capabilities.

5. Implement a Cybersecurity Mesh Architecture

Cybersecurity Mesh Architecture (CSMA) is a collaborative and dynamic approach to ensure security across your business on digital platforms. You can think of CSMA as a web of interconnected and resilient defense against modern cyber threats.

The Gartner Report showed companies adopting a CSMA with security tools will undergo around 90% less financial impact by individual security incidents by 2024. Such an insight puts the cost-related benefits in the limelight. Is it all about its benefits?

5.1 Why Should You Implement a Cybersecurity Mesh Architecture?

• Comprehensive and proactive protection: CSMA’s distributed security fabric shows considerable advantages over traditional walls. The collaborative and interconnected ecosystem adapts to new threats faster and shares intelligence in real time.
• Consistent enforcement and optimal security posture: Its centralized dashboard enables you to monitor security policies and configurations across all connected solutions while quickly detecting cyber threats.
• Building up your customers’ trust: The robust and proactive adaptation to ransomware and supply chain vulnerabilities by CSMA can emphasize your commitment to customers’ data protection and security.

5.2 What Tools Should You Use?

• Identity and Access Management (IAM) is a centralized solution for managing user identities, enforcing access controls, and enabling single sign-on (SSO) and multi-factor authentication (MFA).
• Security Information and Event Management (SIEM) refers to a platform for collecting, analyzing, and correlating security data from various sources to detect threats and anomalies.
• Zero Trust Network Access (ZTNA) replaces traditional VPNs with secure, application-level access to resources based on user identity and device posture.
• Cloud Security Posture Management (CSPM) tools can monitor and manage cloud security risks, ensuring compliance with regulations and best practices.

6. Facilitate Data Integration

Data integration, as its name suggests, collects data from multiple sources across your business in one place for a holistic, accurate, and real-time dataset.

6.1 Why Should You Start Data Integration in 2024?

• Reduced errors and redundancies: Data consistency across systems minimizes duplication and human errors, saving time and resources.
• Improved resource allocation: You can gain real-time insights into resource utilization to optimize staffing, inventory, and budget allocation.
• Making better decisions: Data integration provides a more comprehensive view of your business or organization. So you can identify underlying trends, patterns, and issues to take timely actions.
• Effective business management: Information sync across various sources helps you take better control and management of your business.

6.2 What Tools Should You Use?

• ETL (Extract, Transform, Load) tools move data from sources to a destination, often a data warehouse, while cleansing and transforming it.
• Data Integration Platforms as a Service (iPaaS) are cloud-based platforms for connecting and integrating applications and data sources.
• Real-time data integration tools handle high-volume, fast-moving data streams for real-time analytics and decision-making. For example, an ecommerce POS is a popular tool to sync your eCommerce databases between online and offline stores.

Conclusion

The six modern business solutions above will provide your business with a competitive edge in 2024 and beyond because of their superior functionalities. We hope our thorough guidelines can equip you with essential information. As a result, you can effectively apply them to improve your business.

Being updated and having experts’ consultancy are two important factors to keep your business thriving in this competitive market. Contact us to have expert support with personalized vertical solutions to enhance your business management and development today.

The post 6 Game-Changing Modern Business Solutions to Watch in 2024 and Beyond appeared first on Comidor Low-code Automation Platform.

Company founders face an imposing challenge when they move to scale their startups into an established, fully functional, profitable business. Scaling is critical, but it must be done correctly to grow a business successfully; improper scaling can result in business failure, even in the initial growth stages. Nearly 70% of tech startup failures are due to an organization scaling too early in its development.  

Efficiently using Business Process Management tools makes a tremendous difference in whether or not your company achieves its goals. Scaling up a startup involves expanding and determining measurable aspects of a company, such as investing capital, user acquisition, hiring employees, and growing profits. You can ensure that scaling your startup steers away from costly errors by using effective Business Process Management strategies. 

Understanding the Importance of Business Process Management for Startups 

Business Process Management refers to the systematic approach of identifying, analyzing, and improving core business processes within an organization. It involves mapping out workflows, identifying bottlenecks or inefficiencies, and implementing solutions to optimize these processes. While it may seem like a daunting task for startups with limited resources and manpower, investing time and effort into BPM can yield significant benefits.

One of the primary advantages of implementing BPM is enhanced operational efficiency. By clearly defining processes and eliminating unnecessary steps or redundancies, startups can streamline their operations and reduce waste of time and resources. This increased efficiency not only leads to cost savings but also allows businesses to deliver products or services more quickly and effectively.

Furthermore, effective Business Process Management enables startups to adapt to changing market conditions more efficiently. As startups grow and evolve, their processes need to be flexible enough to accommodate new requirements or market shifts. By having a solid BPM framework in place, startups can easily identify areas that need adjustment or improvement without disrupting their overall operations.

In addition to operational efficiency and adaptability, BPM also promotes better collaboration among team members. By clearly defining roles, responsibilities, and workflows through BPM practices such as process mapping or process automation solutions; startups can foster better communication within their teams. This improved collaboration leads to increased productivity as employees have a clear understanding of their tasks and how they contribute towards achieving organizational goals.

Lastly, effective Business Process Management provides valuable insights into key performance indicators (KPIs) that help measure success accurately. Startups can track metrics such as turnaround time for processes, customer satisfaction levels, or resource utilization to identify areas that need improvement. By having access to these data-driven insights, startups can make informed decisions and continuously optimize their processes for better results.

Optimizing BPM for Startup Growth and Minimized Risks

When scaling up your startup, it’s crucial to evaluate and mitigate potential risks. Identifying risks as early as possible makes it easier to address them on a manageable timeline.  

Employing effective Business Process Management is key to addressing and minimizing these risks, thereby ensuring sustainable growth.

Managing Employees and Burnout 

As your startup expands, your existing workforce may face an increasing workload. As a result, they may suffer from fatigue and burnout. Leverage Business Process Management to map your processes, orchestrate steps to streamline processes, organize your business operations, and ensure employee well-being. 

Scaling Up Too Quickly 

Premature scaling poses a significant threat to your company’s future growth. Leverage process management to redirect your focus on enhancing internal processes and evaluating your market position and company goals.  

Remaining Compliant 

As your startup grows, staying compliant with legal obligations is paramount. Even minor oversights in compliance can pose long-term threats to your business. Embed a comprehensive compliance assessment into your scaling strategy, considering recent legal changes and ensuring adherence to all regulations.

Ensuring Consistency and Quality in Scaling Operations with Business Process Management for Startups

Business Process Management software brings the quality and consistency necessary for successful startups, as with established workflows, you can consistently streamline tasks to complete a business project. 

A subcategory of process management is process improvement, and it can help your company remain consistent and maintain quality while scaling operations. Process improvement involves finding ways to assess current business processes, and make them faster and more efficient, reliable, and accurate.   

Other benefits of process improvement include the ability to:   

•  Automate repetitive, time-consuming tasks for scaling faster 
• Employ efficient time management practices for employee and resource cost savings 
• Increase competitive edge through product improvement 
• Stay compliant with updated security protocols, regulatory requirements, and procedures 
• Increase employee satisfaction by allowing employees to work on critical tasks rather than repetitive ones 
• Make customers happy with faster response times, consistent service, and product fulfillment accuracy 

Your company will develop a culture of discipline and responsibility through process improvement when all employees understand these processes and refer to them consistently. 

Productivity, Accountability, and Robust Process Management 

Process management plans allow for improved workflows, thereby creating transparency on what team or department is accountable for which parts of your plans. Proper process management encourages accountability in the company, building and improving team performance and productivity. Goal-setting and leadership development through people management techniques will provide direction and clarity to employees as they work on company projects.  

When employees understand their company’s processes and workflows, their role in it is clearly defined. They feel more motivated and connected to the business. Low employee engagement means increased turnover and decreased productivity. Effective process management, while your startup is scaling up, creates a positive company culture and the employee buy-in necessary for a successful business.

For a startup company, good process management means avoiding these “don’ts,” including: 

• Setting unrealistic expectations and goals 
• Being afraid to change 
• Imitating large companies 
• Adopting complex project structures and organizational charts 
• Overlooking the strength of your employee team 

It’s not about having the most talented employees in your company but instead giving your employees the process management tools they need to lead your organization successfully.  

Best Practices for Implementing Process Management in Startups 

Depending on the company’s pace and needs, multiple Business Process Management methodologies can complement your startup. Here are some best practices that can help you scale up: 

1. Focus on the Customer 

Any plan to gain and maintain customers should originate with categorizing your company’s products based on customer orientation. Prioritize those processes that solve customer issues and deliver services to them. Use your internal data and reach out to customers through surveys and interviews to obtain critical feedback and determine what your customers like and want most. 

2. Set Realistic Performance Goals 

When you know what your business processes are, you can identify where your company needs to improve and its pain points. Devise realistic key performance indicators (KPIs) that you can easily measure and monitor. You can track the progress of any changes that you implement, which can help your management plan lead to improvement and progress. 

Machine Learning is another technology startups can use, regardless of industry or sector, to help define and achieve realistic performance goals. These solutions will also assess your company’s processes and identify processes where employees are spending time on basic tasks that can be automated. Process automation can be beneficial for growth, due to increased productivity and reduced operational costs. 

3. Effectively Communicate with Employees 

Once your company has several teams or departments, the number of people involved with a single process can impact its execution and performance. To avoid setbacks, you must communicate clear tasks and responsibilities to your teams. Observe how your teams work, and if you notice workflow issues, then make a change. Clarifying each team’s role will determine if you can begin work or realign the teams’ roles. 

4. Find a Balance 

In process management, each task includes multiple sub-tasks, and you need to find the number of detailed tasks that won’t overwhelm you or your employees. Balance the level of detail your tasks require while remaining focused on the impact on your business. Process mining is a way to visualize your whole process, and it lets your team zoom in on one specific task for further analysis.  

Wrapping Up: Empowering Your Startup Through Robust Business Process Management

In the dynamic landscape of startups, mastering the art of scaling is pivotal for success. Robust Business Process Management emerges as the cornerstone that propels your startup towards scalable growth. By optimizing processes for efficiency, you pave the way for accelerated expansion and enhanced operational performance.

The post Scaling Startups Efficiently with Business Process Management appeared first on Comidor Low-code Automation Platform.

Business process management is a key component of any modern-day financial institution. It is a set of tools and techniques that helps to streamline and simplify the organization’s business processes, thereby improving customer service, reducing costs, and increasing profitability. BPM is often used in the financial sector as it helps with decision-making and reporting, amongst other things. With the use of BPM software, organizations are able to standardize their internal processes. The efficiency of these processes is measured in how well they can complete tasks in a timely and accurate manner.

In this article, we will discuss how BPM has changed and how it will continue to shape the future of finance, as well as how the use of BPM in financial services can help to improve customer service, reduce costs, and increase profitability.

BPM in Financial Services 

Over the past decades, the financial industry has started utilizing BPM. More and more bankers are becoming more tech-savvy as they can access their accounts online. Users expect convenience, speed, security, and accuracy in all their transactions. Financial institutions can handle change with effective BPM and provide efficient customer service. 

BPM helps financial firms move towards full digital transformation and create bigger organizational goals. The change includes utilizing new tools, such as automating tasks and gathering data. 

Key Advantages of BPM in Financial Services 

Here are five key advantages of using BPM in financial services:

1. Compliance, Safety, and Security 

Seasonal audits are common for financial institutions. Regulatory compliance management is challenging as policies and regulations get updated regularly. Unfamiliarity with the changes can result in the business’s loss. 

At the same time, safety and security are two of the primary concerns of people. Bankers want to feel secure; thus, cyber security is critical in banking.

With adequate protection, more people would trust a financial institution. With BPM, organizations can easily follow regulatory compliance. The tools used for it allow the business to see what changes have happened. This will make it easier to comply with and follow the standards. Furthermore, BPM helps financial institutions be more secure and safe for people. You’ll be able to provide services while giving them peace of mind. 

One of the tools for BPM is to automate repetitive transactions. For example, customers will receive the current balance via text message or email. They will have more visibility over their accounts, avoiding risks such as fraud. For instance, you can see any untrusted transactions from one of your customers. Using BPM, you can create a strategy to alert the person automatically. This will let them know if there is any suspected fraudulent activity using their account online. 

2. Improved Business Agility and Flexibility 

Businesses are changing nowadays, including financial industries. Most organizations are shifting towards technology to keep up with the growing market. 

For example, many financial firms offer a straightforward account opening. Some don’t even require new people to go to their physical office. If a person wants to open a bank account, they can do it online. They can also use the organization’s app for easier access. 

Since changes are happening quickly, it’ll be difficult for financial firms to keep up. Many consumers have been utilizing online applications for their financial transactions. They can transfer funds, pay bills, check balances, and shop using various apps and websites. 

Using BPM will prepare the financial firm to adapt to the changes effectively. It’ll put the current process on hold, implement changes, and proceed with the new process. Financial firms can easily apply automation in their systems and other improvements in the future. 

Since updates and changes often happen regularly, financial firms need to have BPM set up. 

 3. Higher Efficiency 

Making the business more efficient and productive is essential. Financial firms process various forms and emails every day. They have to ensure that all clients receive the services they opt for. 

The integration of business processes takes the potential improvement into action. With the correct data, financial services can monitor delays. They’d be able to avoid any risks and allocate resources if needed. Automation is one of the solutions regarding BPM. It removes repetitive tasks such as sending new information to the bankers. They can receive messages regarding their recent transactions. 

Since there is automation, employees can become more productive. They’d be able to focus more on pressing matters that the customers may need assistance with. They can help them make their accounts more secure. Customers will feel more appreciated, thus resulting in a high retention rate. People will also have services available for them most of the time. 

4. Better Visibility 

Visibility is one of the most critical aspects of financing. Since all the transactions involve money, customers want to see how their cash flows. If customers can see their finances clearly, they’ll trust the bank or the financial firm more. 

However, the visibility factor isn’t only for the consumers. Your financial firm can benefit from it, too. 

You’ll be able to see and improve the team’s performance as the automation results are in real-time. Of course, you wouldn’t want the members to decrease their performance metrics scores. BPM software can let you see which factors they need to focus more on. You’d be able to identify which areas your business needs to improve and provide quality services inside and outside the firm. 

For instance, if some members scored low in their KPIs, you can create a program. Under the training, they’ll be able to improve their skills. If you find that they excel in other areas of the firm, you can reassign their tasks. It’ll make the whole organization productive. 

Visibility means building trust between your customers and your employees. 

 5. Enhanced Customer Experience 

BPM streamlines business operations and drives automation so processes can run smoother and quicker. As mentioned above, employees can concentrate on more critical issues. 

Automation handles repetitive tasks. For example, a customer wants to know the process of employee onboarding. Explaining the same information to all customers could take time. The people who need assistance more will be left unattended. 

On the other hand, if customers have pressing concerns, your team can deal with them faster. Let’s say their card was stolen, and they would like to lock their account. It could already be too late if they would wait in a queue. If customers get reliable customer service immediately, they’d most likely remain loyal to your firm. They’d be happy to continue banking and trust you with their finances.

How Comidor Helps Financial Businesses in the Financial Services Industry

As the world becomes more digitalized, our use cases for finance are becoming more complex. We need to provide our clients with the best possible automation and application development solutions, and in order to do so we use advanced low-code and intelligent automation technologies. This is where our use cases for financial services come into play.

Loan Request

Applicants expect a fast, data-driven, and evidence-based approval or decline decision on their loan requests. The cognitive automation capabilities of Comidor make the loan request process smart while performing extremely complex tasks. The Comidor Machine Learning model is used to establish patterns based on historical data, resulting in a decision regarding a borrower’s creditworthiness. The ML model indicates a decision (approval or decline) based on the applicant’s financial information, such as their annual salary and credit score. After the model suggests a decision, the employee accepts or rejects it.

Supplier Due Diligence 

Supplier due diligence is an important process in supply chain management. Suppliers are selected based on their ability to provide quality products and services. In this specific case, the need of our customer was to orchestrate and automate end-to-end the supplier due diligence process that included multiple levels of evaluation and approval. Comidor’s solution in this case was a powerful workflow with multiple parallel approvals, the ability to start the process from a 3rd-party system, and the ability to manually enter supplier data or upload them via CSV files. For every new supplier, a member of the Compliance team initiates the supplier due diligence process. Legal & Compliance, Credit Control, Treasury, and Account Payable departments will review the supplier’s details, and only if all of them approve the supplier can become active. A report with 4 departments’ reviews and comments is produced with Comidor RPA Document Creator.

The Bottom Line 

Financial services are continuously evolving. Changes are coming, along with their daily tasks. With plenty of financial firms’ challenges, it’s time to step up and prepare. 

Using BPM tools can help financial companies manage financial challenges much better and faster. You would be able to provide quality services. The onboarding will become more straightforward for the customers. 

With the benefits BPM can give your financial institution, it’s all worth it. Your organization will continue to improve while keeping up with our fast-paced world.

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