Top 12 ways to drive business growth using BPM software

Every success-minded business has processes in place. But what happens when you cannot find the best way to keep your processes updated? Or even worse, you don’t have the right tools for managing them?  

That is where business process management (BPM) software comes into focus. BPM software is a tool for managing processes and data across enterprise departments. 

Although it was initially created for large corporations, BPM has evolved into an invaluable tool for all company sizes. Nowadays, small businesses seeking new ways to reduce costs while improving customer satisfaction are adopting BPM software. 

It’s no wonder that the 2020 BPTrends survey found that 69% of businesses that are implementing BPM are doing so to save money and increase efficiency. 

This article explores BPM software‘s benefits and how you can maximize a process automation tool to drive growth in your business.

What is BPM software?

BPM software is a set of sophisticated IT tools that help organizations analyze, design, and manage their business processes. Almost every company has its way of doing things, and there is no one-size-fits-all approach. 

However, BPM software can streamline most business processes because it monitors workflow, reports on progress, and automates repetitive tasks. It also provides a centralized place for all your records so that your employees and stakeholders do not have to keep track of multiple documents or spreadsheets.

To fully understand process management, you must clearly understand what constitutes a “process.” The term can be confusing because it often confounds work with tasks or projects, but some key elements sets it apart from both.

Business processes are the core business operations. On the other hand, tasks are smaller work packages that can be performed independently or in sequence. And projects are usually the outcome of processes, but they are more extensive than tasks.

For instance, BPM software might notice that the order-placing process at an online retailer is unnecessarily redundant. This discovery would lead to a new “project” that involves researching and selecting a new software package. Then, this project would be divided into a series of “tasks” that are designed to help streamline the ordering process.

How does BPM work?

The business process management approach uses six core concepts that make up the BPM lifecycle: 

Design 

At the design stage, business analysts identify existing processes and workflows that need improvement. They create a roadmap for improvement from this insight by designing new processes.

This phase also entails identifying any limitations that might affect the company’s ability to implement a BPM solution or process improvement initiative.

Modeling 

After the design phase, the modeling phase follows. For the newly designed processes to be successful, you need to test run them using theoretical scenarios to see how they may be impacted during real changes.

That could mean introducing variables like a hike in the cost of raw materials, hiring employees, or other factors that could alter the designed process.

If the new processes can cope with these changes, you can move on to the next stage. Otherwise, there will be a need to start over.

Execution

The execution phase entails bringing the tested processes into action. Execution can be manual or automated. In the case of manual execution, an individual or a team is appointed to run the process regularly.

In an automated system, processes are executed automatically by BPM tools, but they may still require human intervention at intervals.

If there are any hitches or issues with the process at this stage, it’s important that you critically research and analyze the situation to improve the processes.

Monitoring

After implementing the new processes, it is necessary to monitor their performance against the intended goals and objectives. This is not exactly a phase but an ongoing necessity.

Like the execution stage, monitoring allows you to identify any issues that may occur during the process. This is also the stage where you create reports or analyze the data collected from the previous stages.

Optimization

Optimization is the process of addressing the hitches noticed during the monitoring phase to increase efficiency, reduce costs, and improve operational effectiveness.

In any case, you need to continuously monitor and optimize your business process. And that’s why it’s crucial to have BPM software in place because its automation feature eliminates the burden of carrying out this repetitive activity. 

How can BPM software drive your business growth?

You can’t afford to be slow on the uptake in today’s business environment. The market is moving at a rapid pace, and new technologies are popping up like daisies. The BPM market is not left out.

According to a BPM market research report, its market is expected to grow to approximately $16 billion by 2023, with a compound annual growth rate (CAGR) of 14%. 

This affirms that companies worldwide have recognized the need for improvement in their business process and that BPM software can drive business growth in many ways.

First, BPM software streamlines processes. Your employees will be able to focus on creating value for customers rather than spending time on repetitive mundane tasks.

Second, by equipping each department with a BPM solution, you’ll have less administrative burden because you won’t have to manage multiple systems or update them often. This will also save time spent on training new employees since they won’t need to learn new systems or update them often.

Another way BPM software can help your business grow is by allowing you to gain real-time visibility into crucial metrics such as sales or customer satisfaction. You’ll be able to see where there are opportunities for improvement and take action before things get out of control.

Ways to drive business growth using BPM software

It’s one thing to have BPM software in place, and it’s another thing to know how to maximize its robotics, digital transformation, process automation, and integration capabilities. That said, ways you can propel your business growth with BPM solutions include: 

1. Create a flow chart 

To create a flowchart using BPM software, you need to define your process and its steps. Once you have identified the steps, you can begin connecting them using different connectors such as arrows and boxes.

An excellent BPM software will enable you to create an effective flowchart that is easy to read and understand by everyone involved in your business processes.

2. Automate repetitive tasks

One of the key features of BPM software is its ability to automate repetitive tasks, but that’s after you’ve established your business process. Your designed processes will run automatically with little or no intervention from you or anyone else on the team.

This, in turn, saves time as well as increases productivity and overall efficiency of your business operations.

3.  Facilitate collaboration among your team

The ability to collaborate and share information is essential for businesses to grow. You can facilitate collaboration amongst your team by using the BPM software’s messaging, file sharing, and notification tools.

Some BPM tools such as Workato enables employees, IT specialists, and stakeholders to collaborate on automation implementation, operation, and development, allowing them to stay updated on any business operation.  

4. Define KPIs

Business KPIs are the metrics that measure the performance of your business. To define your business KPIs, start by defining what success means for your company. Is it revenue? Number of customers? Number of employees? 

Once you have decided on your target goals, use the BPM software to create custom reports showing you how close you are to achieving your targets. This will help you identify areas where you need to improve.

Kissflow is one of the best user-friendly BPM tools for solely monitoring business performance. It also features a built-in notification system for keeping you informed on your project updates.

5. Monitor business performance 

Monitoring your business performance is another key growth driver. To monitor business performance, use the software’s dashboard. 

The dashboard is a visual representation of your business performance. It highlights the time you have spent on each activity and how much time is left before you complete all tasks.

6. Collect, share, and manage customer data 

A company’s success largely depends on its ability to keep customers happy. As such, it’s crucial to collect, share, and manage customer data when using BPM software. 

To collect accurate customer data, you need to have a data architecture in place so that you know where your information resides and who has access to it. This helps ensure your data’s security and prevent any unauthorized access. 

You should also ensure that the major stakeholders within your organization can access and share information about customers, products, and services within the same centralized repository.

7. Maximize process analytics 

In a digital world where information is king, there is a need to be able to analyze and improve processes. And that’s why your BPM software should be able to provide analytics of your processes.

An ideal BPM software is one that can integrate with other systems such as ERP, CRM, project management tools, etc.

The integration of these systems allows you to have a holistic view of your business and its processes. This helps identify bottlenecks in processes and take action on them before they become big problems for your company.

8. Introduce new technologies and strategies

When using the BPM software, you should have a clear vision of what you want to accomplish. If you’re unsure what would work best for your business, use the test feature available in the software.

The test feature allows you to test different scenarios in your project and see which one works best. It also enlightens you on areas you need to improve and how best to implement them. 

Quixy is an excellent BPM software for testing your workflow in different scenarios. 

9. Set up a system compliant with the necessary regulatory bodies 

You need to ensure that your BPM software complies with all the necessary regulatory bodies and laws. You must be able to demonstrate that your software meets all compliance standards of the industry or country you plan on operating. 

If you can’t clarify this, you run the risk of legal petitions, which would be additional expenses for your company.

10.  Customize the software 

Customizing the software entails defining your business processes and specifying how they should be represented on the screen of your BPM tool. 

For instance, if your process involves creating new product designs and sending them out to be manufactured, then you should make sure that these two steps are represented on the screen in an easily accessible manner.

The second step would involve identifying other areas where these two processes interact or affect each other positively or negatively. If a particular customer has already purchased a product but needs another one urgently, this would impact the first product’s sales figures. 

Therefore, making sure that this customer reflects on both processes would ensure that no sales gap occurs between products when she needs them both at once.

11. Increase revenue by improving customer experience 

It is important to improve the customer experience so your customers will want to return for more. There are many ways in which you can achieve it. 

For example, you can leverage the BPM software to improve your customer service by using chatbots. This will help you serve your customers better and make them feel like their queries and satisfaction matter.

12. Appoint process leaders to oversee specific tasks 

It’s true that BPM software process leaders are invaluable for driving business growth. This is because they can understand at a more detailed level how each process works and what steps the team should follow to complete it successfully.

The process leader’s job is to ensure that all assigned processes run smoothly so that employees can do their jobs without being hindered by unnecessary delays.

Conclusion

With the help of BPM solutions, you can easily increase your business growth. 

Keep in mind that there are several solutions in the market. You will have to compare each one with one another so that you can find a perfect match that would meet all your business needs. 

To learn more about the latest trends, technology, and software that can help you maximize your business efforts, visit our website.