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Doing a static business in today's cut throat competition is like living on the edge of a mountain. One miscalculated step, and everything would go down the cliff. Technologies to techniques, everything is changing the speed never even wondered and thus everyone has to be on their toes to quickly adapt and get going with the change. With a tremendous roar happening around Business process improvement, there are many theories and concepts being constantly adapted, molded and remolded.One concept which works well for one enterprise may just flip another enterprises and bring nothing good out of it. It is therefore very essential to understand each concept and choosing the best one to incorporate in your business. There are two basic concepts which are used interchangeably by everyone but have a huge difference in terms of their application. Two such concepts are: Business Process Management and Business Process Re-engineering. Let's first begin by understanding the two concepts. Business process management is described as a process and management discipline that analyzes, implements, documents, monitors, controls and sometimes redesigns the business processes. On the other hand, Business Process Re-engineering is a "radical approach" to current business process. Business process reengineering necessarily means replacing the existing system. Business process re-engineering does not prophesize on documenting or implementing certain changes in the existing business processes. It only takes into consideration the input and the desired output and comes up with an efficient process to achieve the aim. Business Process Management can be looked at as a soft approach which considers the current processes, and believes in flexibility. However, the business process reengineering strives to create a perfect process from scratch and lays emphasis on replacing manual labor by automation. Business Process Management is a continual process which aims at attaining efficiency throug

Implementation of BPM - Three Key Aspects Business Process Management If we go a level deeper, there are three main benefits business process management delivers to an organization. First, BPM helps to focus on what really matters. Studies and research show, that a company only competes with 15 to 20 percent of their processes. 80+ percent are commodity processes that you need to have, that you need to perform, but they can be performed on an industry average level. You cannot gain a competitive advantage by being the best, e.g. in ordering your toilet paper. You need to focus your innovation and optimization activities on what really matters, the 15+% of high impact processes. BPM helps to set the right focus by providing the necessary transparency over the operations of an organization and related specific tools and approaches. The second big impact of BPM is to "Improve in the appropriate context". Process management is not about just applying one improvement method. Many organizations still think they can apply Six-Sigma everywhere and that's the solution. No, not at all. In our digital world, there are areas where you lead with technology, where you automate and other areas where you can try first your people-centric more traditional methods. And there are lots of areas where you combine both. There are processes where you need to innovate, where you apply techniques like design thinking. BPM helps you to select the right approaches, for a specific process in a specific company context. That's improvement the right way. That is the second very important ingredient that BPM brings to an organization. The third aspect is that BPM, BPM helps to sustain those improvements. Again many organizations struggle with the fact that they improve for example their customer relationship process and half a year later they have the same or similar problems again. A value-driven BPM-Discipline puts the right governance around those processes in place to keep them on track, f

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In finance, the term "expiry date" is pretty standard. You've probably seen it on food labels, contracts, and coupons. That date tells you when something expires or is no longer valid. But did you know that there's an expiry date in the trading world, especially in derivatives like futures and options? Let's break it down in simple terms.

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Major economies of the world are under the threat of an upcoming recession. Understand its causes and is recession coming in India too.

When we think of insurance, the first thing which comes to our mind is LIC. Although LIC is a big player in the insurance industry, the industry is much more than that and there are many public and private players who are thriving in this industry. As they say, life is uncertain and there is a constant fear of losing it all in an instant, which is why insurance is considered to be one of the basic necessities of life. India is one of the biggest industries in the world when it comes to insurance. Know in detail about best insurance stocks in India