- February 2, 2015
- Posted by: Olabode
- Category: blog, breaking-news, Uncategorized
Banks and other companies can reduce their cost of operations by deploying sound Business Process Management (BPM) tools in running their businesses, Managing Director, SPNS Consulting, Debo Adebayo, has said. Speaking during a breakfast meeting with key industry operators on how to implement BPM processes, he said strategic success comes not simply from crafting sound strategy and implementation plans. He said both are essential ingredients, but results come from activities that people engage in. Adebayo who spoke on the theme: ‘Discovering the Value of Business Process Management for Business Productivity & Profitability’ said company’s staff can only deliver strategic results if their actions are closely aligned with those of their employers on the course, direction, implementation plans, and priorities established in their strategic planning process. He said a business process is a set of logically related business activities that are combined to deliver something of value to the staff and company. Adebayo said the combination of task that constitutes an activity flow tailored towards achieving a set process goal. He said business process management helps company owners to determine how to direct, monitor and measure company resources. It has the capacity to reduce costs, enhance efficiency and productivity, and minimise errors and risks – thereby protecting and optimizing corporate resources. “It increases accountability and helps avoid waste, improves reliability, simplifies regulatory compliance and promotes safe working conditions while protecting company resources and information,” he said. He said BPM also enables organisations to align internal business functions with customer needs. He said there is need to continuously evaluate customers’ needs and how they want them met.