Category: Blog

In today’s fast-paced and ever-evolving business landscape, the importance of efficient and updated business processes cannot be overstated. 

These processes are the backbone of your organisation, guiding daily operations and shaping the customer experience. Yet, many companies fail to prioritise the regular review and update of their processes, leading to a myriad of issues. 

In this article, we’ll delve into why updating business processes should be a top priority for your organisation.

No Control

When you lack control over your business processes, they are outdated or incorrect. This means you run the risk of doing things wrong, affecting the quality of your products or services, and also introducing inefficiencies that can be costly in the long run:

• Increased Error Rates: Outdated processes are often misaligned with current best practices and industry standards. This misalignment opens the door to higher error rates, as employees unknowingly follow processes that are no longer optimal or accurate. These errors can manifest in various ways, from manufacturing defects in products to service quality issues in client interactions. The consequences can be significant, leading to customer dissatisfaction, rework, and, in severe cases, costly product recalls or service disputes. These errors not only undermine your reputation but also place additional burdens on your workforce to rectify mistakes.
• Reactive Problem-Solving: When employees lack accurate and updated processes, they are forced to resort to improvisation and ad-hoc problem-solving. This reactive approach can introduce inconsistencies in how issues are addressed. Without clear guidelines to follow, employees may take different paths to resolve similar problems, making it challenging to identify and address the root causes of issues. This can result in a patchwork of temporary fixes that fail to address underlying systemic problems. It’s like putting a band-aid on a wound without treating the infection beneath, leading to recurring issues and prolonged inefficiencies.
• Lost Efficiency: Outdated processes often include redundant steps or unnecessary tasks. These redundancies not only waste time and resources but also erode the overall efficiency of your operations. Employees may find themselves bogged down in tasks that no longer contribute to the end goal, causing frustration and inefficiency. This inefficiency can have a cumulative impact, as multiple employees may be navigating a labyrinth of outdated processes, further slowing down operations and diminishing productivity.
• Overdependence on Colleagues: In the absence of clear and updated processes, employees may overcompensate by relying heavily on their colleagues for guidance. While collaboration is valuable, excessive dependence on colleagues can strain the productivity of your team. It can lead to delays as employees wait for guidance or clarifications, creating bottlenecks in the workflow. Additionally, the inconsistency introduced by employees seeking different colleagues’ advice can lead to varied approaches, further undermining the uniformity and quality of work.
• Repetitive Mistakes: When employees lack clarity on how tasks should be done due to outdated processes, they are more likely to make the same mistakes repeatedly. This pattern of repeated errors can have a detrimental impact on your product or service quality, causing dissatisfaction among customers. Furthermore, the failure to address the root causes of these mistakes perpetuates a cycle of inefficiency, resulting in persistent quality issues and customer complaints.
• Frustration and Burnout: The constant struggle to figure out the right way to do things can lead to frustration and burnout among your employees. Poor process management not only affects morale but can also result in higher turnover rates.

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Duplicated Efforts

Failing to update your business processes consistently can lead to a frustrating cycle of duplication and inefficiency within your organisation. This cycle often stems from a lack of clarity and direction in your workflows, which can have far-reaching consequences for your efficiency and productivity. 

Employees may begin duplicating efforts and wasting precious time to understand the process they’re assigned to, as they’re following outdated practices and unclear guidelines. It becomes challenging for your team to understand their goals, and this will begin to affect their motivation and confidence. 

As such, in organisations where business processes are not regularly reviewed and updated, employees may be uncertain about the correctness of the processes they’re following. This uncertainty can result in various consequences:

• Time-Consuming Questions: Employees spend time asking colleagues or supervisors what the correct process is. These inquiries can be disruptive and lead to delays in task completion.
• Lack of Confidence in Documents: When employees are unsure about the accuracy of process documentation, they may not bother looking for documents. This lack of confidence in your documentation renders it ineffective and underutilised.
• Constantly Updating Documents: In the absence of clearly defined and up-to-date processes, employees may attempt to update documents themselves. This can lead to inconsistency and version control issues, as different individuals make changes without proper oversight.
• The Cost of Uncertainty: The time and effort spent on clarifications, searching for documents, and updating processes can add up to substantial costs in terms of lost productivity and resources – between 20 to 30% in fact.

Employees who feel caught in this cycle of duplication and confusion are less likely to bring their full creative potential to their roles. The lack of clarity can stifle innovation, as employees may perceive the organisation as resistant to change or unwilling to invest in optimizing operations. This not only hampers your organisation’s ability to adapt to market shifts but can also deter talent retention and recruitment, as potential employees are drawn to organisations with streamlined, well-maintained processes and a culture of innovation.

No Accountability

When your business processes fall into disrepair due to a lack of regular reviews and clear ownership, a sense of ambiguity can pervade your organisation. Employees may find themselves uncertain about who is responsible for specific tasks or the entire process, and this uncertainty can lead to a host of problems.

First and foremost, the lack of clear ownership can result in a culture of blame-shifting. When things go awry or mistakes occur, employees may point fingers at one another or simply disown the problem altogether. This reluctance to take responsibility not only hinders problem-solving but can also foster a toxic working environment, where finger-pointing and a lack of accountability are the norm.

Furthermore, ambiguity around process ownership can lead to inefficiencies and bottlenecks. With no one to oversee or maintain the process, it may remain unchanged and unimproved over time. This stagnation can result in operational inefficiencies that slow down your organisation’s productivity. Additionally, when no one takes the initiative to optimize or update processes, you miss out on opportunities for improvement and adaptation to changing market conditions. The lack of ownership can stifle innovation and hinder your organisation’s ability to remain competitive in dynamic business environments.

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Low Confidence

When business processes are outdated or unclear, it can erode employee confidence in their own abilities and in the organisation as a whole:

• Insecurity: Unclear or outdated processes create an environment where employees often find themselves second-guessing their every move. The lack of clarity regarding the correct way to perform tasks can breed insecurity, as employees wonder whether they are doing things right. This insecurity can undermine their confidence in their own abilities and competence in their roles. As a result, job satisfaction can plummet, and motivation wanes as employees grapple with self-doubt and anxiety about their performance.
• Disengagement: The persistent uncertainty and low confidence stemming from unclear processes can lead to disengagement among employees. When individuals don’t have faith in their ability to perform their tasks effectively, they become disheartened and disinterested in their work. This disengagement has cascading effects, ultimately reducing their productivity and innovation. Disengaged employees are less likely to contribute their best ideas or efforts, leading to missed opportunities for growth and improvement within the organisation.
• Hesitancy to Innovate: In an environment where processes are perceived as uncertain or untrustworthy, employees may hesitate to suggest or implement changes and improvements. This hesitancy stifles innovation and adaptability within the organisation. When employees feel that their recommendations or innovations will not be taken seriously or that their efforts will be in vain due to unclear processes, they are less likely to propose new ideas or methods. This can be detrimental in a rapidly evolving business landscape where innovation is often the key to remaining competitive and agile.

Updating Business Processes is Vital to a Healthy Business

The regular review and update of business processes are essential to maintain efficiency, quality, and employee confidence. Failing to prioritise this critical task can lead to incorrect processes, duplicated efforts, a lack of accountability, and low employee confidence. These issues can hinder your organisation’s growth and competitiveness in the market.

To address these challenges, businesses must establish a culture of continuous improvement, invest in robust process management and documentation tools such as Skore, and encourage employee involvement in the process review and update efforts. By doing so, organisations can ensure that their business processes remain up-to-date, effective, and supportive of their overall goals and success.

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Financial institutions are entrusted with vast sums of money and the responsibility to manage it effectively and responsibly. And with great financial power comes the need for stringent risk and compliance management. 

The finance sector operates within a complex web of regulations and potential hazards, making it essential to have robust processes in place. In this article, we will explore the vital role of process management in finance, particularly concerning risk and compliance. 

We will discuss the importance of process management and delve into how it is executed, from risk identification and control design to the critical aspect of auditing. Additionally, we will explore the use of process management software as a tool to streamline risk and compliance efforts. 

By the end of this article, you’ll have a comprehensive understanding of the synergy between process management and financial risk and compliance.

Reminder: What Is Risk and Compliance & Importance of Process Management

Before we dive into the nitty-gritty of financial process management with risk and compliance, it’s crucial to have a firm grasp of these concepts and why process management is so vital in this context.

Risk and Compliance: A Quick Recap

In the financial world, risk refers to the potential for financial loss or negative consequences arising from various sources, such as market fluctuations, credit defaults, operational mishaps, and more. Managing these risks is paramount to ensure the stability and sustainability of financial institutions.

On the other hand, compliance refers to adhering to the myriad of laws, regulations, and industry standards that govern financial institutions. These regulations are in place to safeguard the interests of stakeholders, maintain the integrity of the financial system, and prevent illicit activities such as money laundering and fraud.

The Importance of Process Management

In the context of risk and compliance, process management is the systematic approach of planning, executing, and monitoring processes to achieve specific financial objectives while adhering to risk and compliance requirements. It’s a structured framework that ensures that risk is identified, addressed, and mitigated and that the organization is in full compliance with relevant regulations.

Process management is vital for a variety of reasons, including:

• Risk Mitigation: Effective process management helps identify and mitigate risks by implementing controls and ensuring that risks are well-understood and managed.
• Regulatory Adherence: It ensures that an organisation’s operations and processes align with regulatory requirements, reducing the risk of non-compliance and associated penalties.
• Operational Efficiency: Process management can streamline operations, reduce waste, and improve efficiency, all of which contribute to a healthier financial institution.
• Enhanced Accountability: It fosters a culture of accountability by defining roles, responsibilities, and expectations for every process, thus reducing the risk of errors and misconduct.
• Transparency: Process management enhances transparency by documenting processes, making it easier for stakeholders to understand, review, and improve them.

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Finance Process Management with Risk and Compliance

Now that we’ve refreshed our understanding of risk and compliance and recognized the importance of process management, let’s explore how these concepts come together in the realm of finance.

Risk Identification

Identifying and understanding risks are fundamental steps in managing them. In finance, risks can be multifaceted, ranging from credit and market risks to operational and reputational risks. Through process management, financial institutions systematically analyse their operations and transactions to identify potential sources of risk. This process involves:

• Data Analysis: Examining data to detect patterns or trends that may indicate potential risks.
• Scenario Modeling: Creating hypothetical scenarios to understand the impact of different risk factors.
• Internal Controls: Reviewing internal controls and safeguards to ensure they are robust enough to manage potential risks.

Clear process documentation simplifies the process of risk identification by enabling a detailed, step-by-step examination of potential risks. It provides the advantage of a granular perspective, allowing for a systematic assessment, without relying on memory. Utilisng Skore can enhance this process by facilitating the attachment of identified risks as Custom Fields. This feature provides the capability to consolidate all identified risks into a single view. While duplications may occur, they serve the valuable purpose of pinpointing the precise location of risks within the process.

Control Design and Implementation

Once risks are identified, the next step is to design and implement controls to mitigate them. Control design involves creating safeguards and processes to manage risk factors effectively. 

This process may include:

• Policy Development: Creating policies and procedures that detail how risks will be managed and outlining the roles and responsibilities of various stakeholders.
• Technology Implementation: Using technology, such as risk management software, to automate and enhance risk control processes.
• Employee Training: Ensuring that employees understand the control measures in place and are well-prepared to execute them effectively.

These controls can be seamlessly integrated as additional steps within the process. Skore offers the valuable feature of highlighting these controls for enhanced visibility and providing clear descriptions. Furthermore, it allows for comprehensive reporting, enabling a holistic view of control measures across various processes. Additionally, Skore facilitates the establishment of a direct relationship between the identified risk and the controls put in place to mitigate it by linking them to the corresponding activity in which the risk is situated.

Audit

The auditing process plays a crucial role in verifying the effectiveness of risk and compliance processes. Regular audits are essential to ensure that the controls and processes are operating as intended. Audit in financial institutions may encompass:

• Internal Audits: Conducted by internal audit teams to assess the effectiveness of risk and compliance controls within the organization.
• External Audits: Carried out by independent audit firms to provide an objective evaluation of the organization’s risk management and compliance efforts.
• Regulatory Audits: Regulatory bodies may conduct audits to ensure that the financial institution is complying with industry-specific regulations.

In Skore, you can provide a comprehensive presentation of all your controls and the rationale behind their integration into your processes. The next crucial step is demonstrating that these controls are actively executed by individuals, meaning that evidence of their implementation is collected. While this is a feature we hope to implement with the introduction of new forms, for now, you can establish links to locations where the evidence is stored.

Process Management Software for Financial Process Risk and Compliance

In the dynamic and data-intensive world of finance, process management software has emerged as a critical tool for managing risk and compliance efficiently and effectively. Aside from the specifics seen above, process management software such as Skore offers several advantages:

• Data Analysis: In the finance sector, data is the lifeblood of decision-making and risk management. Process management software such as Skore boasts a robust data analysis capability, allowing financial institutions to delve into large datasets and extract valuable insights. By identifying patterns and trends, these tools play a pivotal role in early risk detection. Whether it’s spotting anomalies in transaction data or uncovering irregularities in investment portfolios, process management software serves as a vigilant sentinel in the world of finance.
• Automation: The finance industry operates on a tightrope of precision, and even the smallest human error can have significant consequences. Process management software steps in to mitigate this risk by suggesting the correct places to automate routine tasks. Whether it’s data entry, document processing, or transaction verification, automation reduces the reliance on manual processes, significantly lowering the risk of errors. This consistency in task execution ensures that controls are applied uniformly, enhancing the overall risk management and compliance efforts.
• Real-time Monitoring: Finance operates in a dynamic environment where market conditions can change in an instant. Process management software with real-time monitoring capabilities allows organizations to stay vigilant and agile. By continuously tracking processes, these solutions enable financial institutions to react swiftly to emerging risks. For example, they can detect sudden fluctuations in market values, unauthorized access attempts, or unusual transaction patterns, triggering immediate responses to mitigate risks and ensure compliance.
• Documentation: Regulatory compliance in finance is often synonymous with thorough documentation. Many industry-specific regulations mandate the comprehensive recording of processes and transactions. Process management software simplifies this aspect by providing a central repository for all process documentation. It serves as a digital archive, making it easy for financial institutions to maintain compliance with the stringent regulations that demand meticulous record-keeping. Having a well-organised, searchable, and secure repository ensures that all necessary documents are readily available for regulatory audits or internal reviews.
• Reporting: Financial institutions are obligated to demonstrate compliance to regulators, stakeholders, and investors. Generating comprehensive reports that encapsulate the entirety of risk management and compliance efforts is no small feat. Process management software excels in this regard by producing detailed, well-structured reports. These reports serve as a clear, tangible record of the institution’s commitment to risk mitigation and regulatory adherence. They provide an essential tool for communicating the institution’s risk management strategy and achievements to regulatory bodies and stakeholders.

Conclusion

Process management in Finance is a multifaceted and indispensable practice that intersects with risk and compliance management. It is the bedrock upon which financial institutions build their ability to identify, mitigate, and manage risks while complying with a complex web of regulations. Through systematic risk identification, control design and implementation, and rigorous auditing, financial institutions can maintain their stability, integrity, and the trust of their stakeholders.

Moreover, the integration of process management software has revolutionised the way these organisations tackle risk and compliance. These tools offer the promise of more efficient, data-driven, and streamlined processes that enable financial institutions to stay resilient in the face of evolving risks and regulatory demands. 

If you’d like to learn more about how process management can help you achieve your objectives then you can sign up for resources to help you started on your process improvement journey.

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Are you having a hard time capturing and communicating your business processes with your employees and stakeholders? Is it maybe because they are hard to find?

Effective business processes are the backbone of any successful organisation. They provide structure, consistency, and a roadmap for how tasks should be executed. 

However, when these processes become hard to find, it can lead to chaos, inefficiency, and a frustrating work environment. 

In this article, we’ll explore the reasons behind why your business processes may be causing you issues, and provide insights into how to tackle this problem.

Hard to Find

Let’s start by delving deeper into how your business processes being hard to find affects your organisation. There are several aspects to consider in this regard.

1. Extended Training Times

Training new employees is a fundamental aspect of sustaining and growing your organisation. However, when your business processes are hard to find, this training process becomes more time-consuming and challenging. New hires must invest extra time and effort to grasp the intricacies of operations, often relying on shadowing colleagues or learning through trial and error. This extended training period not only hampers the productivity of new team members but also strains the resources allocated to their onboarding.

2. Costly Process Recreation

The lack of easily accessible business processes can be financially draining. When employees can’t locate essential processes, they often resort to creating their own makeshift solutions. This duplication of effort wastes both time and money. It can lead to inconsistencies in how tasks are performed and erodes the efficiency of your organisation. Moreover, recreating processes without a standardised approach can result in errors and inefficiencies, which can further amplify costs.

3. Uncertain Workflows and Planning Challenges

Predictability is crucial in business operations. When your processes are hard to find, the predictability of workflows and project timelines goes out the window. Inconsistent processes and ad-hoc solutions create a climate of unpredictability, making it challenging to plan and allocate resources effectively. This uncertainty can lead to missed deadlines, reduced project quality, and strained relationships with clients and partners.

4. Eroding Customer Confidence

Your customers are at the heart of your business, and their confidence in your work is paramount. When your business processes are hard to find, it often leads to inefficiency, errors, and a lack of consistency in the services or products you deliver. As a result, your customers may lose confidence in your ability to meet their needs reliably. This erosion of trust can result in customer dissatisfaction, complaints, and, in severe cases, the loss of valuable clients.

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No Central Location

One of the primary causes of elusive business processes is the absence of a centralized location for storing and accessing these critical assets. Without a central location, your employees are often dealing with each situation blindly.

Having a central location for your processes offers several benefits:

1. Accessibility: A central repository makes it easy for employees to access processes whenever needed. It eliminates the need to search through various platforms or ask multiple people for information.

2. Consistency: When processes are stored in a central location, you can enforce consistent formatting, language, and accessibility. This consistency makes it easier for employees to understand and use the processes effectively.

3. Version Control: Maintaining a central repository allows for proper version control. When processes are updated or revised, the changes can be tracked and documented, ensuring that everyone has access to the latest information.

4. Security: Centralised storage provides a secure location for sensitive and critical processes. You can implement access controls and permissions to protect your processes from unauthorised viewing or editing.

5. Saves Time: It saves valuable time by streamlining the process of finding and accessing critical information. Employees can focus on their tasks rather than searching for the right documents.

To establish a central location for your business processes, the Skore platform enables you to easily create a process library. Your employees can revisit processes as needed and, when the time comes to study them for improvement, they are easily accessible to all relevant parties. 

Inconsistent Naming

Another major stumbling block when it comes to finding business processes is inconsistent naming conventions. Here’s why this is a significant problem:

Confusion

Inconsistent naming creates confusion within your organisation. Imagine having multiple names for a single process or similar names for entirely different processes. Employees may struggle to identify which process they need, leading to delays and errors in their work.

Difficulty in Searching

Inconsistent naming makes searching for processes a Herculean task. When your processes don’t follow a standardised naming convention, employees have to rely on trial and error or depend on tribal knowledge, further contributing to the problem of processes being hard to find.

Communication Breakdown

Inconsistent naming can also lead to miscommunication. When employees refer to processes using different names, it can result in misunderstandings, disagreements, and inefficiencies in daily operations. Additionally, not knowing who is in charge of what will create constant slowdowns affecting the entire process.

To tackle this issue, it’s essential to establish and implement a clear and standardised naming convention for your processes. Here are some tips to help you get started:

1. Gather Input: Involve your team in the process of creating naming conventions. Gather their input to ensure that the conventions are practical and align with your organisation’s culture.

2. Simplicity: Keep the naming convention simple and easy to remember. Complicated conventions can lead to errors and resistance from employees.

3. Consistency: Ensure that the naming convention is applied consistently across all processes. Consistency is key to making processes easily identifiable.

4. Document the Convention: Once established, document the naming convention and make it accessible to all employees. This documentation should be part of the central repository where processes are stored.

5. Training: Train your employees on the naming convention and its importance. Provide examples and guidelines to help them adhere to the standards.

By standardising the process and naming conventions, you can make it much easier for employees to identify and access the right processes when they need them.

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They Don’t Exist

The most critical issue that can make business processes hard to find is when they simply don’t exist in a documented form. When processes are stored in people’s heads or passed down verbally, they become elusive and can cause several problems:

Knowledge Dependency

When processes are not documented, your organisation becomes overly dependent on specific individuals who hold the knowledge. If these individuals leave the company or are unavailable, it can disrupt your operations and lead to costly errors.

Training Challenges

New employees face a steep learning curve when processes aren’t documented. They must rely on shadowing others or learning through trial and error, which is inefficient and can lead to inconsistencies in how tasks are performed.

Inefficiency

Undocumented processes can result in inefficiency and wasted time as employees struggle to figure out the best way to complete their tasks. Sometimes, employees will give up looking and do their own actions. This leads to a lack of consistency and runs the risk of tasks being done incorrectly, leading to dissatisfied customers.

Unhappy Customers 

The impact on customers of not knowing where business processes are can be significant and often detrimental to your business. Customers are the lifeblood of any organisation, and their experiences directly influence your reputation, customer loyalty, and ultimately, your bottom line. Anything that results in higher customer service tickets, missed deadlines or delays, or a decrease in service quality such as not knowing where your processes are will lead to unhappy customers, eventually decreasing your brand reputation and affecting your revenue directly.

Risk and Compliance

By not knowing what your processes are or where they are, you don’t know if you are following vital risk and compliance regulations. Processes are incredibly important to make sure these are followed and you are not breaking the law. You run the risk of breaking the law and landing in serious problems if you do not know where your processes are or how your business is run.

Conclusion

Efficiency is the linchpin of success. Your business processes serve as the roadmap, guiding your organisation towards its goals. However, as we’ve explored in this blog post, when these processes become hard to find, they can become stumbling blocks instead of stepping stones.

In a world where business landscapes are constantly evolving, having easily accessible and well-documented business processes can be a competitive advantage. It enables your organisation to adapt to changes, scale efficiently, and provide consistently high-quality services to your clients.

At Skore, we aim to provide knowledge of processes and how to fix them to everyone in our community, you can gain access to the tools and resources we offer by joining our community below.

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Process management is vital to the success of any organisation.

Poor process management essentially means that you do not know how your organisation is working and it won’t get better by itself. In this blog we’ll be identifying the hidden and the not-so-hidden costs of poor process management and how to fix them. 

Let’s dive in.

Time Lost on Understanding Processes

The clearest cost is the amount of time lost on understanding processes.

Whether it’s an employee spending time training or teaching new employees, analysts going back through previous processes, or even a current employee or stakeholder seeking to understand how things are running – this is valuable time that you are losing and spending on re-learning and understanding how your business is currently running.

Valuable time that might be better used elsewhere, slowing everything down significantly, resulting in less output and a higher possibility of unhappy clients.

We recently shared a deep dive into the world of process management for clinical trials. One of their biggest concerns is the amount of wasted time they have during each trial.

Because processes are not understood correctly, managers keep spending time retracing employee steps whenever anything shows up in the data that may indicate something was not followed as it should have been. With clinical trials, this is especially problematic as any divergence in procedure affects the overall data and results, which may mean the entire trial is tainted and cannot be used.

While this is a more extreme example, it paints a clear picture of the amount of time wasted on understanding processes, and the effects this may have on a business that is not managing them correctly. And it can happen in any business. 

Plus time lost is simply the most obvious issue that stems from poor process management.

Other Losses of Poor Process Management

There are several other losses to your business that stem from poor process management, let’s go over a few:

Money

The clearest example of the cost of poor process management is loss of revenue – up to 20-30% in fact.

This is in large part because you are spending time understanding your process instead of being able to simply follow it as a company, since it is constantly being re-learned or re-taught or simply done incorrectly, resulting in no standardisation. 

Such circumstances tend to slow down even the most efficient processes, leading to delayed product delivery and unsatisfactory services for clients. When clients do not receive products or services on time, it may cause them to be disappointed, and frustrated, ultimately seeking alternative providers. The results of this can be catastrophic for a business as they are likely to lose customers, clients, and revenue.

Businesses often tend to not realise the effect of poor process management on their financial status. 

Wasted resources can build up over time, leading to significant financial losses. You might be investing in unnecessary tools, forms, tasks, or even inventory space which cannot be accurately developed or administered if the process management is not up to par. 

This will increase unnecessary expenses, which can cause problems down the line leading to cuts in budget where partnerships will be affected and laying off of staff, which would be incredibly detrimental.

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Lack of team unity and loyalty

Without a clear process, your employees do not know what and how theycontribute to the company. Being unsure of how their daily tasks relate to the company’s goals, they may begin to feel that their work is meaningless and has little impact. This can lead to a sense of frustration and disengagement, as well as a lack of loyalty to the company.

In turn, a lack of employee loyalty can quickly lead to high turnover rates, which is both time-consuming and costly. Continuously hiring and training new employees can be a significant drain on resources, and can also have a negative impact on team dynamics.

Additionally, successful businesses understand that team unity is a crucial factor in achieving success in the long run. Without a shared understanding of how individual roles contribute to the company’s overall success, team morale can quickly deteriorate. This can lead to a lack of collaboration, communication breakdowns, and even conflicts within the team.

Businesses must prioritise the development and maintenance of clear processes that demonstrate how each employee’s work contributes to the overall success of the company. 

This includes setting clear company goals that are communicated to each member of the team, ensuring that each employee understands their role in achieving those goals, and providing ongoing support and feedback to help them stay motivated and engaged. By doing so, businesses foster a sense of purpose and understanding among their employees and achieve greater success and growth in the long term.

Mental health

Studies have shown that the work environment has a significant impact on employees’ mental health. The lack of a clear purpose and understanding of their contribution to an overall goal can lead to feelings of disengagement and unhappiness in the workplace. 

This is especially true in workplaces where there is poor process management. When employees are not given clear steps to success, they can feel like they are constantly performing tasks with no understanding of their quantifiable goals, which can lead to a sense of frustration and hopelessness.

If employees feel that management is constantly criticizing them for not doing enough, it can amplify their negative thoughts and emotions, leading to a further deterioration in their mental health. Stress and anxiety can take a toll on their overall well-being, making them more prone to depression and burnout.

Furthermore, poor mental health can have far-reaching consequences beyond the individual employee. It can lead to reduced productivity and efficiency, increased absenteeism, and higher turnover rates. Companies that fail to address the mental health of their employees risk losing their top talent while also damaging their reputation as an employer.

It is essential for companies to create a healthy work environment that prioritises employees’ mental health and well-being via good process management.

How to Fix Poor Process Management

Fixing poor process management is not an overnight task, but it is achievable for any company. So it’s best to start as soon as possible by following some basic steps:

Take it back to basics

The first thing to do is to remove all the excess from your current processes and understand how you need them to work. It’s time to re-draw your process map and simplify what your goals are for each task. 

This will help you re-center your thoughts and orient and align your processes with what the company needs to be successful at this stage.

Involve everyone in the process

As you spend time re-mapping your processes (or mapping them for the first time), it is crucial that you involve all employees. Not in all the processes, but in the ones they are a part of.

It will help you understand how the process is currently being run and working in their daily tasks, and also allow them to contribute and showcase their knowledge. This fosters communication and provides a clear purpose for teams to strive for.

Collectively find spots to improve

Having mapped out your processes, it’s time to find areas to improve on.

Once again, remember to involve the relevant employees per each process. They themselves may have suggestions or may remember a step at this point that takes them longer and a way to fix it. Additionally, this is a good way to provide them with a sense of purpose and agency urgency?? in their role, as their suggestions are heard and taken into account. They will realise they have the capacity to help make the needed changes to improve the company.

And, you will have found places in your processes that are slowing you down and affecting your success. 

Make it a habit

Finally, you must make this a habit. You don’t always have to re-draw your process maps – in fact, with a process library you can save all of the existing documentation and re-visit it as many times as you like!

Process management software can now also provide you with built-in reminders to check in on how your processes are running, and how they can be further improved. No need to remember yourself, making it much easier to avoid poor process management and instead have healthy processes in place.

Conclusion

Simply put, inefficient process management will have a considerable impact on the success of your business. 

Poor process management has a cost, and it is not one to take lightly. 

To avoid these negative consequences, businesses should prioritise standardised process management, efficient delivery of services and products, and proper resource allocation. In doing so, businesses can ensure customer satisfaction while also maintaining growth and profitability.

At Skore, we hope to show all businesses how they can adapt their existing processes to avoid falling into the pitfalls of poor process management and instead achieve continuous improvement and further optimise.

Find out more about how processes can be improved by signing up to our resource community

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Any organisation seeking to streamline and optimise their operations and improve on its processes needs to ensure that they are not difficult to read. 

Not just to experts, but to entire teams that are involved or need to know about these processes. 

If your business process map is difficult to read, it will only cause confusion and grief further down the line: stunting business growth, affecting company morale, and prohibiting you from improving and maintaining a quality product or service for clients.

To avoid this, we’ve put together a list of four ways your business processes may be difficult to read for your organisation, so you can keep an eye out and make changes where necessary..

Inconsistent Notation

An all too common issue when mapping out business processes is the lack of standard notation. 

Historically when processes were mapped out by hand, it would be difficult for employees to revisit processes drawn out by previous team members as they would each write them out with their own shorthand. This would leave a lot open to interpretation, causing processes to never be captured as they actually were or duplicated successfully.

There may have been some excuse for that. Yet even with computers, this can be tricky. For example by using a flowchart for your process management – you need to be in agreement on what each symbol you use means, or how you expect the flowchart to be read. Without a standardised notation, it is very easy for information to be lost over time, and for different interpretations to arise – from stakeholders to employees. 

So at Skore we’ve taken it down to basics by relying on Universal Process Notation (UPN), a simplified notation that allows no room for miscommunication or misinterpretation. By paring notation down in this way, we ensure that all process maps can be easily read by all members of the organisation, ensuring the knowledge is kept and passed on as employees or stakeholders come and go.

It makes continuous improvement possible, as processes continuously can be edited to show how they are actually being performed and understood by all relevant parties. When it is time to study them for improvement, there is no need to double-check nor is there any doubt as to what steps you can take to improve on your existing tactics to achieve your strategic goals.

Too Technical

Another issue you may be running into with your business process maps is that they are too technical. If you utilise Business Process Modelling Notation (BPMN), then this is definitely something you may be running into. 

BPMN has its own set of rules, symbols, and meanings to bridge the gap between process design and implementation. There is a governing body in charge of disseminating this information, the Object Management Consortium. This used to be your best bet at having a standardised process notation and is in fact still championed by many business analysts.

After all, there was an overseeing body and this helped avoid any miscommunication.

The problem is the level of technicality required to understand BPMN. From notation-specific certifications to 538 pages of information to understand the symbols and their meanings, this type of notation is difficult to grasp for those not in the know.

And many of the people that interact with the process daily will not be trained in such detail. Stakeholders who need to study the process to make decisions or employees who need to train or consult it or may have suggestions for improvement cannot do this either as it is too complicated for them.

While BPMN may work for very specialised industries or cases, it is best for your notation to be easy to understand to everyone at once, and for that, it needs to be simple and not overly technical. It’s another reason why we champion UPN over BPMN here at Skore.

Too Much or Not Enough Details

You may also run into an issue when it comes to the amount of detail you can share on a process map. If you are using flowcharts or swim lane diagrams, there is a finite amount of information you can successfully add to the map before overcrowding it.

On the other hand, it is very common for people to be so fearful of overcrowding the map, that they do not provide enough information for the map to be truly useful.

The key here is to narrow down the important information to be seen at a glance – at Skore, we focus on answering the questions of What? And Who?. The latter is especially important as alternative mapping styles often have problems assigning responsibility, which tend to slow processes considerably and affect business productivity and success. Lets add a link to RACI here 

The timeline of events is represented by the diagram itself of boxes one after the other, and within the boxes, we answer both of these questions. After all, these are typically the chore components of any task and thus the most pertinent information to visualize at a basic level.

From here, our tool allows you to attach additional information, such as forms or spreadsheets, or to drill down to processes within processes if needed. This allows a full picture of the events and all the associated information, without overcrowding the map and making it confusing.

Finally Skore takes a hierarchical approach to process mapping, allowing your processes to stay high level and clear whilst enabling you to drill down to the smallest detail with a click of a button. You can find out more about that here

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Text-Heavy

​​When it comes to creating business process maps, the key is to ensure that they are effective in conveying how your organisation operates. Unfortunately, many companies make the mistake of relying heavily on text when creating these maps, which ends up defeating the purpose entirely and making your business processes difficult to read.

Text-heavy descriptions are not in line with the purpose of process maps, which is to create a visual representation of a process. They do not allow for quick and easy identification of potential issues and can make it difficult for stakeholders to approve necessary changes, as well as for employees to understand what their role and tasks are within the process.

A process map that is too heavy on text will be overcrowded and difficult to understand. Too many unnecessary details provide information overload and can make it easy to miss key aspects of a process.

When creating process maps, it is important to focus on visual representations rather than text-based documentation. Clear and concise boxes, arrows, and flowcharts are an effective way of communicating the necessary information without overwhelming the audience.

In addition to visual representations, it is also essential to consider the audience when creating process maps. For example, if the map is intended for high-level company executives versus front-line employees, the presentation of information may vary.

Ultimately, a well-executed process map should be simple, easy to understand, and effective in conveying the necessary information. By focusing on visual representations and simplifying text-based descriptions, any organisation can create an effective process map that will help drive success and productivity.

Difficult to Read Business Processes are Over.

Process maps work best when they’re pared down to the basics.

It is at this point that all pertinent parties – from employees to stakeholders – can follow along with your business processes and understand them. This results in knowledge retention of how things are run, an easier time training new employees, an understanding of how everyone is contributing to company goals which boosts morale, continuous improvement can be practiced constantly, and stakeholders can sign off a lot quicker.   

Because at the end of the day, to make your processes successful, you need the right structure for your needs. Using process management software such as Skore means you can build in and embed that framework into your organisation. 

Be on the lookout for the problems we’ve listed in this article when mapping out your business processes, and if you’d like to learn even more about how Skore can help you achieve your process improvement goals then get in touch below.

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Are you looking for an alternative to Tibco Nimbus? As a well established Business Process Management tool Nimbus has been around for over two decades and used by businesses globally. While it is an accomplished tool many users have found it costly and cumbersome to implement and maintain.

Skore is a central process library, process management and process improvement solution. Based on the same principles of end user engagement and creating a simple common language for your business Skore makes an ideal alternative to Tibco Nimbus.

What is Tibco Nimbus?

Tibco Nimbus is an enterprise process documentation and management software. First released in 1997, it was targeted at Quality Managers and grew to be used across many different sectors as a Business Process Management (BPM) platform. What set Tibco Nimbus platform apart from most other process tools in the early 2000s was its focus on making process understandable across ALL areas of a business.

Tibco Nimbus is still in use today across many large enterprises including Nestlé, Novartis and Chevron, among others. It is popular where most process improvement and management platforms are too technical for the average person.

Like Skore, Tibco Nimbus is based on the Universal Process Notation, or UPN, approach for documenting business processes.

Is Skore an Alternative to Tibco Nimbus?

As an alternative to Tibco Nimbus, Skore has several key similarities as well as some significant improvements. The founding team at Skore worked with the Nimbus platform for many years and have considerable experience using it for process improvement, change and transformation.

It was this experience that led the team to build Skore. Skore takes the things that make Tibco Nimbus great but makes it even easier to use.. If you are looking for something that’s intuitive, easy to learn and provides more insights and analytics then Skore could well be a perfect fit.

Already using Tibco Nimbus? Skore can import your Tibco Nimbus processes to make transitioning even easier.

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The similarities

Both products share a common approach to process mapping known as UPN, or Universal Process Notation.

Mapping processes with UPN is designed to be very simple. Instead of a complex palette of shapes and symbols, as used by notations such as BPMN, it is based on a set of simple questions. What happens, who does it, when does it happen, why does it happen and how is it done?

What and Why boxes in Skore ask what happens, who does it and why

Skore has simplified this technique further while maintaining maximum flexibility. Skore uses a What and Why box, with the key questions embedded, to make it even easier for a team to capture processes.

The user interface has built in shortcuts so that each box can be added anywhere on the screen with the click of a button. This combination makes Skore a powerful workshop facilitation tool by removing the software as a barrier to process mapping. Workshop facilitators can now “map at the speed of conversation”.

Another similarity is in hierarchical modelling. While not unique to these tools they have both been specifically designed to make this as easy as possible. Process steps are deconstructed at the click of a button. The user is able to zoom in and out of the process model similar to using Google Maps.

The differences

Skore has been built to make business transformation and process improvement easier and faster. Not only is the process modelling simplified but Skore also has built in analytical dashboards providing users with instant insights. Example dashboards include process costing, business case building, Lean and responsibility analysis, among others.

In addition to these analytical capabilities, Skore also includes features that help drive user engagement and adoption of processes. This includes things like the Process Improvement initiative manager and the Process Health tracker to ensure that everyone is participating in continuous improvement.

Which one is for you?

Take a look at some of the different features available here

If you are already using Tibco Nimbus and considering changing to something else Skore is definitely an option.  Skore is perfect if you want to get started quickly and want to create a more agile and innovative approach to process improvement and engage more people across the business. 

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Risk and compliance refers to the laws, regulations, and more that businesses need to account for at all times when they function.

These laws may differ, for example, in the food and beverage industry, this is typically related to ensuring everything is clean and taken care of. While in clinical trials, this is more related to data sets, control, and waiver forms.

However in both of these instances, processes are key for businesses to protect themselves and follow the guidelines required.

In this article, we’ll learn exactly how important processes are for risk and compliance.

What Is Risk and Compliance & How to Manage It

​​Risk and compliance management are critical aspects of any organisation, regardless of size or industry – but they are two slightly different things. Risk refers to the probability of a certain event occurring that could negatively impact an organisation’s objectives, while compliance refers to adhering to laws, regulations, guidelines, and standards related to the organisation’s operations.

Managing risk involves identifying potential risks and developing strategies to mitigate them. This can involve conducting risk assessments, implementing risk controls, and monitoring and reviewing risk regularly. Effective risk management can help organisations avoid financial losses, reputational damage, and legal issues.

Compliance management is equally important, as non-compliance can result in hefty fines, legal penalties, and reputational damage. Organisations must ensure that they meet their legal and regulatory obligations, as well as any relevant industry standards and codes of practice – the specific ones from the examples in the introduction come to mind. You’re focusing on identifying and assessing compliance risks, establishing compliance policies and procedures, and ensuring that employees are aware of and adhere to these policies.

Effective risk and compliance management requires a proactive approach that is integrated into an organisation’s overall business process. It involves ongoing monitoring and review, as well as continuous improvement to ensure that the organisation remains resilient and compliant in the face of changing risks and regulations – especially because they change often. 

Historically, companies that are paying attention to and prioritising risk and compliance management are better positioned to protect their business, reputation, and stakeholders’ interests.

How Process Management Software Helps with Risk and Compliance

Process management software is a game-changer for organisations managing their risks and complying with regulatory requirements. This type of software is designed to streamline and automate processes, enabling businesses to effectively manage their operational workflows and reduce errors that can result in non-compliance.

One of the ways that process management software helps with risk management is by providing real-time visibility into workflows by access to dashboards and process data. With this type of software, teams can effectively monitor numerical metrics such as key performance indicators (KPIs) and track progress toward goals and objectives. By keeping track of this data, businesses can identify potential risks and take corrective actions to mitigate them, reducing the likelihood of non-compliance.

Moreover, process management software provides businesses with powerful tools to help them stay compliant with regulations. These tools include powerful audit trails that can be used to track changes to workflows and processes, ensuring that all modifications are authorised and properly documented. In Skore, you can use Custom Process Properties to help you with audits. When an Auditor comes, processes on Skore can demonstrate a higher level of clarity by capturing how these relationships work. Automated notifications and alerts will help team members stay on top of compliance requirements, ensuring that deadlines or check-ins are conducted in a timely manner.

Additionally, process management software can help businesses adhere to industry standards and best practices. By automating routine and repetitive tasks, teams can dedicate more resources to critical tasks requiring human attention. This helps to ensure that workflows are optimised, effective, and efficient, preventing unnecessary delays and errors that can result in non-compliance.

Skore is a great tool to work with your risk and compliance team when it comes to process reviews. It allows users to record risk issues or compliance against steps as you go during a workshop, featuring Compliance Points where you can upload additional documentation specifically for this purpose. This means it becomes much easier for the Compliance Team to manage as they can easily see how suggested changes for improvement impact risk and controls. 

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One of the many perks of software created specifically for process mapping and management!

Another perk when it comes to compliance and Skore?

They already inherently focus on the continuous improvement of the system. If Risks and Controls are linked to processes then Skore can clearly demonstrate where. The information is captured in the process map itself, connecting risk, compliance, role, and systems all together, ensuring a smoother, more streamlined approach. With tools such as Quantify and Process Review, Skore helps ensure that you are constantly making sure you follow the risk and compliance guidelines as needed and check in for updates or changes. 

Risk and Compliance Use Case Example

Bovis Homes

Bovis Homes is a well-established construction company that has been building homes since 1885. A recent period of rapid expansion and growth for their business led to a realisation that their current processes and systems were not sufficient enough to handle the complexity and volume of their projects.

The existing documentation and processes were not standardised, many of them were even outdated. This made it difficult to determine if the company could deliver and the level of risk they were exposed to. The lack of clarity and transparency on how the company works also posed a challenge to stakeholder engagement and collaboration.

To address these issues, Bovis Homes turned to Skore.

With our tool, the company achieved visibility and structure in their processes. By engaging all of its regions in a collaborative approach, Bovis Homes was able to determine best practices that aligned with industry standards for quality, health, and safety.

Skore’s intuitive and user-friendly interface made it accessible to the widest possible audience, allowing stakeholders to easily understand and contribute to the process mapping and management. The tool’s ability to capture processes, related policies, and control points quickly and efficiently, made it easy to communicate and share standard processes and key control points across the company.

Through a series of workshops and discussions, Bovis Homes leveraged Skore’s functionalities to create a cohesive and standardised approach to their processes. By doing so, the company was able to mitigate risks and ensure that their building projects move forward with a higher level of certainty and quality:

“It has a really nice look and feel, it’s easy to use and really quick to capture processes along with related policies and control points. This makes it very accessible to the widest possible audience…Skore has the ability to take complexity away from the resulting diagram while retaining all the necessary detail. It makes it easy to communicate and share standard processes and key control points.” – Group Head of Internal Audit and Risk Chris Jones

Conclusion

At the end of the day, it is clear that it is crucial for organisations to have a clear and well-defined set of processes in place for effective risk and compliance management. Processes are the foundation of any successful business, as they ensure that various tasks are carried out in an organised and efficient manner. From operational processes to compliance-related requirements, each aspect of the organisation’s functions hinges on a structured system. 

The lack of clearly defined processes can lead to chaos, inefficiencies, and risks that can have severe consequences, including compliance breaches, legal penalties, and damaged reputation. In contrast, well-designed processes can improve the overall performance of the organisation by streamlining workflows, enhancing communication, and increasing customer satisfaction. 

Process management enables organisations to maintain compliance with regulatory requirements. Through process mapping, compliance-related tasks are identified, documented, and tracked to ensure they are carried out consistently and appropriately. This can prevent costly errors and streamline reporting requirements. 

If you’d like to learn more about how Skore can help your business get on track with risk and compliance process management please feel free to reach out below

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Any business looking to succeed has set goals. Anything from KPIs to company culture can be considered an important business goal. We know that long-term, actionable, specific, and measurable results are known as strategic goals. And that there are four overarching business goals for strategy that any business aims for:

Cost reduction, business growth, compliance, and quality.

So how do you ensure that you meet those goals? By making sure your processes are running as efficiently and effectively as possible.

Processes Help…Reduce Costs

We’ve covered how business process optimisation helps cut costs in the past, but let’s refresh: 

Essentially, by having a clear idea of how your business works, you know where you are allocating your resources. By setting measurable business goals, you can test whether or not your current processes are meeting expectations. If you find that you’re going over budget or unable to meet your targets, it’s time to re-evaluate your processes.

One way to reduce costs is to study your existing processes and identify areas that are not contributing to your overall goals. For example, you may discover that you’re spending money on a tool that no one is using, or that you have inventory that isn’t being used effectively. By carefully analysing each step in your process, you can identify areas that can be streamlined or eliminated entirely.

By taking the time to evaluate your processes and identify areas for improvement, you can create a more efficient and profitable business. This may involve making changes to your workflow, eliminating unnecessary steps, or investing in new tools and technologies that can help streamline your operations.

Ultimately, the key to reducing costs is to remain vigilant and proactive when it comes to process management. You must stay informed about industry trends and potential market fluctuations, and be willing to adapt your processes as needed to stay ahead of the curve. 

With the right strategy and a commitment to continuous improvement, you can create a lean, efficient business that is poised for long-term success.

Processes Help…Grow Your Business

Processes help you run your business successfully, which means they help you grow your business, by identifying growth opportunities, for example by optimising sales operations.

A well-designed business process will save a business time, reduce costs, and improve the overall quality of its products or services. When all the tasks and activities involved in a business process are clearly defined and optimised, it becomes easier for a business to identify areas of improvement and implement changes that can result in tangible benefits. 

Some of the key benefits of effective business processes include improved collaboration and communication among teams, greater visibility into key performance metrics, and increased agility and flexibility in adapting to changes in the market or industry. By automating routine tasks and leveraging technology to streamline processes, businesses can also free up resources that can be reinvested in business goals that drive growth.

Additionally, well-designed business processes can enhance a company’s reputation and brand image. A seamless customer experience can win loyal customers and positive reviews, which in turn can attract new customers. 

In the long run, this can lead to increased revenue, improved market share, and, yes, sustained growth!

Processes Help…Comply with Laws and Regulations

An ongoing challenge for any business is ensuring that their operations comply with the laws and regulations that govern their industry. This is where business processes come in, as they can help to ensure that businesses operate within the boundaries set by regulatory bodies.

One way that business processes do this is by providing clarity on how your business runs when it’s time to make strategic decisions and sign-offs. By outlining and standardising a set of procedures that everyone within the organisation must follow, businesses ensure that all decisions are made with the appropriate level of scrutiny. This means that the chances of making mistakes that could lead to non-compliance are reduced.

Another way that business processes help with compliance is by being a record of all tasks and activities involved in running your business. Because you are documenting all activities in a systematic manner, you can easily track what has been done, who has done it, and when it was done. 

This makes it easier to identify any potential risks or areas where non-compliance may have occurred, just as it helps you identify improvement spots. With this information, businesses can quickly take steps to address any issues and prevent them from happening again in the future.

Finally, business processes foster a culture of awareness and responsibility. 

By training employees on the importance of compliance and providing them with the tools they need to report any potential violations, businesses can ensure that everyone within the organisation is working towards the same business goal of compliance as a collective. Everyone feels part of a group striving towards the same goal.

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Processes Help…Improve and Maintain Quality and Customer Experience

Business processes are fundamental to achieving and sustaining both high-quality products and services, as well as customer satisfaction. These processes ensure that products and services meet or exceed customer expectations. With established clear guidelines and expectations for each step of the process, companies can ensure that each product or service is produced consistently and reliably to the same high standards, resulting in repeat business and strong customer loyalty.

A process map can help troubleshoot problem spots or overspending, especially if paired with business process management software. Should unexpected issues arise, a standard operating procedure that outlines the steps to be followed can guide the response, reducing the time taken to resolve the issue and minimising its impact on customers.

Additionally, all processes can, and indeed should, be continually refined and improved upon. Regular reviews of processes as reminded by your process management software, can identify areas where adjustments can be made to optimise performance, deliver greater efficiency, and enhance customer satisfaction. Businesses looking to maintain a competitive edge in their industry are constantly improving their processes.

Companies that invest time and resources into designing, implementing, and refining their processes will reap the benefits of lower costs, higher productivity, and greater customer satisfaction

Using Processes for Business Goals is the First Step to Success.

The bottom line is that if you want a healthy business you need healthy processes. 

Processes exist in every part of your organisation – they are unavoidable and necessary. To achieve and be better than the competition you need to make sure that you have clarity in how your organisation works. 

This is where process mapping and management come in. 

With these tools, you have the ability to create a detailed and comprehensive understanding of every part of your business’s processes, from start to finish. This allows you to improve upon existing strategies, as well as to identify areas that require further attention and development. Through these identifications, you can find spots to reduce costs, improve operational efficiency, increase productivity, and deliver great customer service for higher customer satisfaction.

Process mapping and management are key contributors to building and maintaining a healthy business. It allows you to establish a solid foundation upon which to grow, evolve, and thrive in today’s competitive marketplace. 

So, if you’re looking to take your business to the next level, join our resource community start to learn all the ins and outs of process mapping every week – with information, case studies, and more!

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