For a long time, technology has been a double-edged sword. It gives organizations the ability to capture an enormous amount of information, from email communications to contracts, purchase orders and invoices, employee forms and more. But the problem most businesses experience isn’t gathering the information—it’s how to manage and process it.
Business Process Management (BPM) software offers cutting-edge solutions for professionals inundated with a constant flow of data and multi-formatted documents. BPM software gives businesses a way to organize the documents necessary for everyday operations in a timely, cost-efficient manner. Regardless of the industry, this BPM solutions can help streamline workflows, improve efficiency, and decrease errors. If your business struggles with the organizational flow of records between and within departments, BPM offers a bevy of solutions to improve efficiency and even bolster employee satisfaction.
Areas Improved Through Business Process Management Software
BPM can be used throughout your company, top to bottom. It aids employees in any capacity with storage, retrieval, and updating documentation needed for day-to-day business. The following are just a few of the key ways BPM proves beneficial to efficiency and productivity.
- HR Department:
As discussed in this blog, BPM provides fantastic improvements to standard HR practices. Your HR department is dependent on accurate data. This includes employee records, healthcare, and benefit packages. It also includes the lifecycle of employees, from initial interview through termination, resignation, or retirement. Documentation in this department is precise and, in many cases, sensitive. BPM allows HR staff to create a streamlined route of documentation from capture to approval and archival, which eliminates the need to manually input the same information repeatedly, while ensuring a secure environment for records.
Perhaps the most beneficial place to utilize BPM, Accounts Payable and Accounts Receivable are the lifeblood of any business. Without effective document management in these areas, your company can run the risk of damaging its financial reputation. You might also miss key deadlines or information that could potentially compromise your ability to collect outstanding balances. Streamlining AP/AR Department document initiatives means you’ll be able to easily view analytics on current finances and trends overall, allowing you to take advantage of early pay discounts and better plan for your business growth.
- Regulatory Compliance:
Observing regulatory compliance is integral across many industries. For example, if your benefits package includes medical coverage, you’ll need to abide by the current HIPAA regulations. Other regulations observed in finance include FINRA, SEC and even the ESIGN Act for digital signatures. With Business Process Management software, regulatory needs are built into the format of your workflow and can be updated as changes may be necessary within your field. BPM eliminates risk while enabling your company to abide by government regulations through digital methods of capturing, storing, and managing documentation.
Should Your Company Invest in Business Process Management Software?
For most companies, business process management software allows for better productivity. It also eliminates many manual errors, saving time and money. There is a real and solid record of improvement and growth with the addition of BPM across many industries. Like any type of technological advance or program, the benefits can only be felt if the work is put in. If you’ve decided to upgrade or add a new BPM software, be certain it’s a company-wide effort. Employees should be adequately trained, and commitment to the new protocol should be addressed. Doing so will ensure a smooth transition into using BPM, and taking processes digital through document workflow automation.