4 Key components of Business Process Maturity
Business process maturity (BPM) is key to tapping into the full potential of an organization’s capabilities. As the business grows, optimizing the process and improving process efficiency are essential to delivering better quality. It also unlocks new revenue streams and enables business owners to maintain a competitive stand in the industry. Based on the industry, product, and service area, the business process maturity definition changes, however, there are some key components that remain essential to make a successful transformation.
Essentials Components to Explore while Building Business Process Maturity Model
Comprehensive knowledge of current process: Get a complete view of the business before moving on to build a transformation model. The current model’s success relies on its subject matter experts, key resources that run the process, and its demand in the market. In order to make any changes to the process, the stakeholders must identify how their contributions are leading to the process’ success. Finally, they must assess the demand variability in the days to come. It is essential to time your transformation. Early adoption of change is good but if the business can’t find customers for the new product/service model in the expected timeline, the process maturity will prove expensive.
Risk associated with change: Risk in the process represents gaps in people, processes, and capabilities. Businesses work with vendors, suppliers, external staff, and customers, and changing an existing model could affect these elements. The risk can vary depending on the extent of process reliance on these elements. Weigh in their capability to support the planned maturity model and include them in the process to ensure these entities/individuals also mature along with the process. Regulatory risk is another factor that must be clearly identified because if the intended change doesn’t fall in the accepted regulatory purview of the location in which the process must be enabled, then the effort will become invalid. Liaison with the policymakers through the right individuals to understand whether the new standards of the product or service are acceptable saving time and resource costs by adjusting the business process maturity levels.
Technology integrations: In the quest to achieve better results, people must be complemented with the right technological support as they bring in new capabilities to scale up the process. However, this decision must be carefully considered against the expectations of the business process maturity model. Automated tools, robotics process automation bots, analytical tools, and other reporting tools must be capable of integrating and working together to give the best output. Inconsistency in their performance will prove counterintuitive. However, it is not possible to test every tool in a real-world scenario due to time limitations and possible cost overruns. It is ideal to engage with a process maturity consultant who can outline process parameters and identify rights toolsets depending on the process and people’s capabilities.
Define roles & responsibilities: People’s capabilities are invaluable to the process’s success. In order to achieve the intended transformation, it is important to define their roles and responsibilities as the process matures. Defining a role involves identifying their relationship to the work, the skills required and setting the reporting levels all of which will allow the organization to assign respective management responsibilities. Document and report the roles and responsibilities to the process owner in tandem with the maturity process plan so that they can plan remediation if any gaps are identified.
Along with these key elements of process optimization, setting up benchmarking and change management is pivotal and can prove decisive to the longevity of matured process. Evaluate and align these key components with your business process maturity plan to maximize chances of success.
Exalogic Consulting capabilities: Acting in line with industry-leading standards, Exalogic Consulting’s business process maturity consultants evaluate the process and provide a plan to move up the value chain. They also offer clear guidelines on the business’ readiness to achieve maturity. Our BPM services are aimed at lowering the overall risk associated with change and accelerating the efforts of transition.
