05 Jul, 2021 | Blogs
Let this sink in: Companies lose up to 30% in revenue each year due to process inefficiencies. As a business grows, methods become outdated and actively regressive, turning simple processes more complex. Add to it, the lack of documentation for process execution leads to inefficiencies and wasted resources – whether it is time, workforce or money. Even if companies document their processes, very few businesses measure and manage it, leaving businesses exposed to the normalization of deviance. Long story short: poor processes are hurting your company’s performance and the bottom line. That is why most organizations are turning to workflow automation and process optimization to streamline different processes and maximize revenue.
What is Business Process Optimization?
Business process optimization, as the name suggests, is a way to make the most out of the resources available by creating more streamlined workflows for completing tasks. It connects the team or teams in a way that maximizes efficiency and is usually divided into various steps, including major ones such as:
- Identifying the issue
- Optimizing using existing resources
- Deploying the changes
- Monitoring and measuring the benefits
Also read: Understanding the Difference Between Workflow and Business Process
Where to Implement It?
Business process optimization doesn’t need to be a big project. You can always start small. Small processes with minor problems can be your starting point before it gradually snowballs into revealing significant improvements.
Why Business Optimization?
Business Optimization has several direct benefits, including:
- Higher productivity
- Less resource wastage
- Lower costs
- Increased profitability
Additionally, it also has some less obvious advantages, including developing a culture of excellence and eliminating organization and data silos that are detrimental for any company. It makes the overcall business more efficient and moves it towards continuous improvement, which can help you move forward, stay competitive and remain viable.
Major Steps: Process Optimization
1. Identify an issue
The first step is always about understanding the process and its problems. Always start small by picking a single issue that you feel is slowing the process. Understand the reason, which could be anything from lack of communication to slow response from the team. Ascertain a goal you’d like to achieve.
2. Optimize existing resources
You might already have all the tools and workforce to fine-tune your process. It is all about making the most of these resources for optimization. The important question to ask here is: what the best way is to execute a process for saving time and energy? Does your process need automation, or are teams working in silos?
3. Implementing the changes
Implement the changes identified and see how it performs. Hire a vendor or consultant if you are uncomfortable doing it yourself. If it meets your goal, keep repeating and monitoring the steps to optimize it even further in the future.
Automation is the next big thing in process optimization since it saves time and makes the best use of the workforce. By automating repetitive tasks through technologies such as Robotic Process Automation, you can eliminate human errors and get more done in a short time. RPA handles all mundane activities such as data entry, sending notifications, maintaining digital records, etc., to remove all laborious activities from a business workflow.
Also Read: 10 Things to Consider When Choosing an RPA Vendor
With Nuummite Consulting, business process optimization is easier than you think. We follow these basic steps and many more to bring your mundane tasks into the digital world, reduce paperwork and streamline processes for higher efficiency and improved ROI.
Let our experts handle your process optimization needs so that you can focus on the thing that matters the most – growing your business.