In any business, the opportunity for improvement is infinite. With the number of processes occurring, people involved and ever-evolving technology, process optimisation is one way to help improve your organisation continuously.
1. What is Process Optimisation?
2. The Benefits of Process Optimisation
3. 5 Steps for Process Optimisation
4. Process Automation in Action: Travel Industry Use Case
5. How to Choose the Perfect Optimisation Software
Process optimisation is the practice of enhancing organisational efficiency through process improvement. It is done to accomplish business goals. While there are many ways to implement process optimisation, the main gist is that you can lower costs and maximise outputs.
As such, business process optimisation is a quantitative tool that aids in better decision-making. There are three fundamental organisational places where optimisation can be achieved, including:
While business process optimisation is nuanced for every type of business, it remains an aspect of business process management (BPM). Here are some common examples of process optimisation:
Along with increasing your bottom line and decreasing costs, process optimisation has a multitude of benefits. Many process optimisation benefits are gained through enlisting software automation tools, like SolveXia, to help do the work. These automation tools can help aid in achieving the following benefits:
To start process optimisation in your business, follow these five steps:
To know what you have to improve, you first must identify the places for improvement. You can use process mapping to do so. While outlining processes, you can utilise your team and those involved in the daily operations to help pinpoint where challenges exist. You should focus on one issue at a time.
Business process optimisation can be achieved through the usage of existing resources. You may have everything you need to implement changes. It could just require some rethinking or creative problem-solving. If you find that you are missing tools that can help solve the issue, then consider adding to your tool stack. While this is an upfront cost, you can make a case for the extended benefits that come along with making the change.
Plan the “to be” process. You’ll want to develop an action plan that outlines the boundaries, defines objectives, and establishes a team who will be responsible for implementing the change. At this same time, you should describe how you will measure success by defining KPIs (key performance indicators). For example, if you plan to implement an automation tool like SolveXia to help manage financial processes like reconciliations, you can measure success by comparing the time it takes to complete automatically versus manually.
Automation is likely to come into play when you are optimising processes. This is because it’s one of the best ways to lower costs and improve efficiency. You can use automation to manage repetitive and time-consuming tasks. With the automation of data entry tasks, as one example, you will notice a decrease in errors that often occur at the hands of humans. Business automation software can help to: maintain records, store data, match data, send notifications, track records, and more. Automated workflows also help to enhance employee satisfaction as they are removed from low-level tasks and can focus instead of high-level analytical duties.
Process optimisation is continuous. This means that after any change or optimisation has been made, it should be tracked and monitored for success or downfalls. One way to easily monitor processes with automation tools is by relying on reports and live-time dashboards.
Want to understand automation tools like SolveXia in action? Here’s a use case in the travel industry that used automation to optimise their revenue.
A group of travel management companies has commissioned arrangements with significant airlines to pay bonuses based on year-over-year revenue growth. The goal was to increase revenue, but the challenge faced was having the ability to process ticketing data and forecast airline revenues. SolveXia’s automation technology made it easy to collect ticket data from IATA and booking systems. Then, the analytics provided an accurate way to forecast revenues against commission goals.
The automation system was deployed in under three months and included more than 50 steps in the automated processes. The actions took less than 30 minutes to process. SolveXia successfully processes more than 20 million records automatically and forecasted revenue for over 30 airlines.
There are so many tools in the marketplace to choose from when optimising your business processes. Rather than feeling overwhelmed in the decision-making process, be sure to seek a tool that can manage the following aspects:
All organisations strive to reach their maximum outputs with minimum input. But, some different challenges and processes need optimisation depending on the business needs.
With automation, you can reach process optimisation. With tools like SolveXia, they can be easy to implement and can lower your business and finance risks and streamline your business processes.
The order to cash process is what keeps money flowing into your business. Check out these best practices and how you can utilize automation.
Considering tools for continuous improvement and looking to know what will work best? Look at this guide for how to make change happen.