Your business relies on a set of tasks being completely efficient every day. Across departments and between different people, your business processes possess a lot of influence over your operations and outcomes.
Using automation solutions, you can maximise your business process design to make the most out of your people and processes. Here, we will uncover everything you need to know about automation and business processes.
1. What is a Business Process?
2. What is Business Process Management?
3. What are Business Process Related Concepts?
4. Why is a Business Process Important?
5. What is an Example of a Business Process?
6. What are the Steps for Business Process?
7. What are the Benefits of Business Process Software?
8. What are the Key Business Process Attributes?
9. Which Business Process to Improve in Finance?
10. What are the Types of Business Process?
11. Why Automate Business Processes?
12. What are Business Process Automation Examples?
13. How to Implement Process Improvement?
14. Why Continuous Improvement is Important?
15. How to Improve Business Processes in Finance?
16. Which Process Automation Tool is Best?
A business process is a set of activities geared towards accomplishing an organisational goal. When designed properly, they should be able to be carried out ad infinitum, while maintaining consistent outcomes.
Someone is assigned responsibility for each task within a business process. Across organisations of all sizes, business processes are what are used to transform inputs to outputs and add value to customers and stakeholders.
Business processes are important to your business for many reasons, including:
Business process management (BPM) is a practice by which organisations can improve their business processes. Instead of letting processes run without review, business process management analyses and monitors current processes to spot regions in which business process improvement can be applied.
BPM takes place systematically and is geared towards achieving organisational goals.
When designing, analysing, optimising, or monitoring business processes, there are many other terms, procedures, and notions that come into play.
Let’s take a look at some concepts that are related to business processes.
Business process automation is what tools like SolveXia are known for! Business process automation means that you can incorporate automation tools to manage your day-to-day tasks.
Instead of requiring a human to conduct manual and repetitive tasks, the software leverages robotic process automation and machine learning to take care of manual tasks and boost analytical abilities.
This means that your organisation benefits from: saving time, reducing errors, saving money, and streamlining activities.
Business process modelling, or process modelling, is the act of illustrating and visualising processes during business process management. It can either be completed manually or by way of a software solution.
Process modelling helps to see how current processes are running in order to become aware of how or where processes can be made better.
Business process improvement (BPI) is a way of evaluating current processes in order to make them more efficient. Depending on your organisation’s desires, you can choose from a variety of business process improvement methodologies by which you can assess and redesign processes for the better.
BPI helps to lessen waste, improve output quality, work faster, and reduce mistakes.
Business process integration offers a way for organisations to connect systems and information to optimise workflows.
For example, implementing an automation tool like SolveXia into your organisation means that you can connect and centralise data from legacy systems and your existing toolstack so that all the information you need is at your fingertips in an instant.
Business process analysis is how organisations review their processes and develop solutions to make them better. This ranges from change management to process improvement, policy development, strategic planning, and the like.
Business processes might seem like unnecessary documentation at the start, but once you see how managing your business processes will transform your business, you’ll never operate without them again.
With business processes clearly defined and executed, you will realise:
Every business consists of processes. Whether you’ve clearly mapped them out, automated them, or conducted them manually, they are all around. From customer onboarding to recruiting, strategy, procurement, and more, business processes exist in each department.
Here, we will share the example of a finance business process that is regulated and of high importance, namely account reconciliation.
Account reconciliation entails comparing internal financial documents to external financial statements to see that they match and are in accordance. It’s a paramount process for the production of accurate financial statements.
Due to the repetitive nature of the process, amount of data involved, and timeliness, automation software like SolveXia is perfectly suited for this type of job.
If you think that designing, analysing, and monitoring a business process has to be complicated, think again. The good news is that there exist 7 clearly defined steps that can be followed to create any business process. These include:
Any business environment is dynamic and constantly changing. This means that if you have the ability to remain agile and adjust processes on a moment’s notice, you can maintain an immense competitive advantage.
Business process software allows you to test, design, implement, and execute business processes with minimal effort. Business process software can be used to achieve affordable and intuitive solutions for most business processes.
Automation software like SolveXia will:
While business processes are everywhere, there are some identifiable characteristics that business processes possess.
The ideal business process (and also one that is ripe for automation) is:
At the heart of every business sits the finance team. The processes that take place in regard to finance will affect every aspect of business. For this reason, it’s always a great place to focus your automation and process improvement efforts.
You’ll rely on both historical data and forecasts in order to budget successfully for your business. You can utilise automation to do so and ensure that your estimations are staying in line with reality.
Wherever your business operates, you’ll create financial statements at the end of the year to close accounts and understand the health of the business. This regulated process requires that the process be performed by a deadline, so you can utilise automation to make sure this is the case.
Every employee or freelancer deserves to be paid on time. You can automate your payroll process.
Other support business processes include customer success and operations, all of which have a direct impact on your bottom line. You can use automation software to carry out:
Business processes can be categorised into three main types. These include:
Most business leaders are aware of why they should be automating business processes. For those who are aware, but have yet to take the first step in doing so, the following points may be the push you need.
Automating business processes will transform your organisation in the most positive ways. You’ll take advantage of benefits like:
No matter what industry you operate in, you can utilise business process automation. Take a look at these examples:
When automating business processes, business process improvement becomes a no brainer. You can implement process improvement by following these surefire steps:
From both a business perspective and customer perspective, define the opportunity for improvement. You’ll begin by acknowledging that something isn’t working as well as it could be. Examples could include: production, delivery times, service quality, billing cycles, etc.
In order to quantify and analyse whether or not your updated process is successful or not, you can focus on two forms of measurement, namely:
Automation solutions are key in the analysis process for multiple reasons. For starters, in order to successfully conduct analysis, you need to make sure you have complete and accurate data. Once you have this, you can conduct analysis to locate inefficiencies and then define solutions.
In order to find the best solutions, involve your team and those closest to the issue. Redesign the process collectively and test it out on a small scale before shifting entirely.
A major aspect of process improvement is the continuous aspect of maintaining control through measurement. Review the new process to ensure it’s running as intended and reaping the desired results. You can utilise benchmarks, reports, and analytics to review.
Once you’ve performed process improvement and reaped the positive results, the job isn’t over. Now, it’s time to continue on this path in what’s known as continuous process improvement.
Continuous process improvement is the ongoing process of optimising processes incrementally.
In order to implement continuous process improvement, you can rely on the PDCA cycle. PDCA stands for: Plan, Do, Check, Act.
In practice this means that you will:
Automation solutions make the PDCA cycle easily doable because you can test a new process within the software and choose when and how to deploy it on a larger scale once you review the results (in real-time)!
Since continuous process improvement doesn’t have an end point, you want to be able to maintain a culture that supports constant evolution. To make this happen, you can put into effect the following best practices:
Process automation benefits any type of department within an organisation. But, when it comes to finance, business process automation serves as a total game changer.
Within the finance department or team, there are hundreds of repetitive financial processes. Financial processes not only allow you to understand the financial health of your organisation, but they also play a role in every business decision you make. As such, you need to be sure that your financial processes are being properly and accurately managed and executed.
This is where automation comes in. You can streamline any financial process that you want through the implementation of automation. To give you an idea of some finance processes to automate, take a look at this list:
Based on the abbreviated list above, let’s see a use case of finance process automation in action:
When it comes to choosing the process automation tool that is best for your business, there’s a lot to consider.
Once you know what type of tool you want, you can further narrow down the options by paying attention to these criteria:
Automation tools like SolveXia, have human an analytical software solution that boasts all of the above and provides a low or no code solution to your automating needs. The software is scalable and easily deployed. Plus, if you ever need a hand or a question answered, the team is always available to offer support.
The best type of business processes are those that are automated. No matter how big or small your business is, you can utilise the power of automation tools like SolveXia to maximise your output, minimise errors, make better decisions, and save money.
Ready to get started and reap the benefits? Book a demo with a process automation tool today.
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