Financial leaders have a lot to manage. There are many software and automation tools to help make your job easier. When it comes to tracking business transactions and forecasting the future accurately, automation creates efficiency. But, before such devices are implemented, it pays to monitor internal processes. A business’ success all begins with its organisational structure and day-to-day operations. Technological tools can assist in this realm, too.
Business process modelling tools are designed to help organisations align their inner workings to meet their overall business goals.
Business process modelling (BPM), also known as process modelling, is creating a visual representation of business processes. Business process modelling software creates these representations for you to analyse, improve and monitor.
The main point of using Business Process Modelling is to get a clear look at current operations and model how they can be better. Then, you can implement changes throughout your organisation to achieve optimisation.
Within an organisation, a lot happens daily that can go unnoticed. By being able to see how processes work, the business can improve for both internal and external stakeholders. Business Process Modelling tools matter because it allows your organisation to:
Within financial teams, processes are often created and then continued without changes for years. However, at that time, rules and regulations undoubtedly evolve. In the same vein, customers’ needs change, too. This makes it essential to continuously revisit how processes are functioning because if something isn’t right, there can be detrimental financial consequences from lack of compliance. It is your job as a CFO to tackle these inefficiencies and support the business to achieve optimisation of resources and output.
Once you realise that business process modelling is an essential component to benefit business performance positively, you’ll want to choose the technique that’s best for your needs.
There are a variety of business modelling techniques to choose from. Here’s a look at some of the most common methods:
There are a variety of software tools that were created to help business leaders employ business process modelling quickly. Processes should be continuously analysed to locate bottlenecks that could appear over time.
Here is a list with some software tools that can help you outline your business processes:
As previously mentioned, a CFO is meant to serve as a strategic partner to the CEO. Together, they need to be able to make informed decisions to keep the business operating at its best. Business process modelling is key to making sure that this can happen.
This type of modelling can help you see how processes are currently running or how they could be running. Making changes, especially within a financial department, comes with a lot of challenges. From buy-in to monitoring to maintaining processes that comply with regulations, methods have to be carefully overseen. However, there is so much happening at once that things can easily fall through the cracks.
Nowadays, implementing the proper techniques and automation toolstack can protect your business. For example, once you use business process modelling to evaluate how things are operating, you will be able to pinpoint places for improvement. With that, you can introduce or expand data automation tools within your organisation, like those from SolveXia.
By automating low-level and repetitive tasks, you can free your team to focus on analysis and big-picture action items. SolveXia helps by automating business processes and providing real-time dashboards to measure KPIs. With all your data in one, secure place, you can optimise business processes and increase transparency within your team.
With it is brand grade secure platform, processes can easily be set up so that only individual employees have access to data, while also allowing for a smooth transition of roles if staff are sick, on holiday or leave the company.
Its deep analytics and audit trails allow for deep insights into processes that are working well, and those that have weaknesses so that any issues can be spotted in real-time.
The executive suite decides on business goals and business strategy. However, without measuring the processes that work towards accomplishing these goals, how is one to know what’s working and what needs fixing?
By using tools such as SolveXia, everyone within an organisation can be privy to the success and failure of a particular process. Then, you can know where to allocate resources to make changes and procure operational effectiveness to accomplish your business goals better