Business process management is used by many organizations to manage computerization of the existing and future processes with the business. Business management’s key is to achieve the total potential of the firm’s internal rate of return and quality customer support. As a result of popularity of the business management, organizations develop and take advantages of the business management system.
Features of business process management includes the usage of business process tools or models like modeling, monitoring, automating, analyzing and optimizing business processes might help the business achieve their profit goals. It also enhances smooth workflow for increased productivity. Business process management also facilitates effective documentation and storage for future reference. Additionally, it improves the quality customer service and product quality. Reporting is patterned for management’s use and also to anybody (stakeholders or owners) who needs it. It also reduces costs and time by lessening the working hours from the workers. Business process tools are developed or purchased by top management due to the several advantages that business management gives to the organizations.
Performance management balanced scorecard is also a management tool balancing some aspects of a business: financial, customer, operations and learning and growth. A balanced scorecard management approach aims in balancing these four aspects to have the over-all objective of the organization.
Advantages of balanced Scorecard include balance itself, wherein as opposed to aiming limited to financial performance, management also make sure that the other aspects of the business are performing well.
No part of the organization is compromised in order that the other aspect will perform well. In the end, this may cause serious issue. An additional of the balanced scorecard is that it is scalable, which means that as a result of metrics found in the scorecard, individual performance is measurable. This may let the top memberhub bonus to gauge how their managers are accomplishing inside their respective departments. Customer focus can also be the advantage of the scorecard since it is in line with the outlook during the customers as opposed to the organizations internal goals. With all the balanced scorecard also enables the management to gain employees insights. Growth and development for employees are metrics useful for gauging employee satisfaction resulting to low turnover and increased productivity. Balanced scorecard approach ties the employees’ satisfaction with all the organizations goals which makes them feel part of the organization eliciting loyalty and ideal performance. Lastly, balanced scorecard helps management to be proactive rather reactive. Meaning, that a good scorecard also current performance and factors that influence results.
Therefore managers monitor performance and anticipate issues that may arise preventing complications in the future. A good example could be attending to customer complaints immediately before it’s going to result in poor customer retention causing low profit margin.
Total business process management and also the balanced scorecard can be a holistic approach of management in operating a business. Keeping the four aspects always in balance, by using business Software and power, this ensures the achievement from the organizations’ mission and vision leading to its success.
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