Setting up and scaling a startup is not an easy task. With Uruguay launching the first commercial 5G network in South America, startups are expected to populate the new Latin American technology hub. As new companies crowd the market, startups need every edge to ensure success amongst the heavy competition. Business Process Management (BPM) is a systematic approach to managing and improving a company’s processes to ensure that the best practices are implemented, and any errors are mitigated. Efficient BPM systems guarantee that startups are lean, customer-driven, performing at their full potential, and investment worthy. Here are three of the most overlooked BPM factors startups need to focus on:
A study published by the International Journal of Management Science brought to light the proactive implementation of BPM as part of a business strategy, and how it is the most effective way to predict success when streamlining business processes. Subscription-based business models, for example, should prioritize streamlining licensing processes. Medium’s article on why most startups aren’t great, suggest you also focus on value creation for your customers. Research shows that 42% of startups fail because they don’t know how their business adds value to their customers’ lives. While it’s tempting to map out, model, execute, and optimize all your company’s business processes, you should focus more on the core-customer business practices. Cloud BPM Solutions
BPM requires a thorough analysis of organizational methods and structures to be effective. Identifying bottlenecks in business-critical processes like functional duplications, operational complexity, and inconsistencies, should be the main targets. Startups often require a small organization to survive, which is why deciding which processes to outsource or automate is crucial. All Top Startups recommend creating a list of outsourced contacts because small businesses tend to rely on other startups or SMEs more than larger enterprises. For startups on a tight budget, having a detailed backup plan can save you from financial or legal issues along the way that could jeopardize your business. A startup should be aware of its legal options and which areas it may need to outsource in order to avoid any issues that could hinder its progress. Experts from Special Counsel, claim that this new way of collecting data is in high demand. However, there are currently a limited number of experts and tools that can help businesses with this highly technical aspect of legal work. A BPM will be able to decide whether your company needs to invest in specialists, like ones with eDiscovery legal skills, in order to push the company forward. Highly specialized needs should also be factored in when doing cost-benefit analysis. Reimbursement Process
Information and automation
Automation must be implemented where business logic does not require human intervention. Especially when cost-benefit analysis provides a stable ground for implementation. An in-depth study on BPM implementation by the Slovenian bank Skybank, revealed that implementing automation in FAQs alone can free up to 40% of total employee time. While Business Process Automation is beneficial to small and medium businesses, not all automations are created equal. Software adoption requires a certain degree of process renovation, as it may be incompatible with current scale and business strategies. IT infrastructure and business processes should be aligned with your overall business strategy. This includes hardware, software, and services. While most of these BPM factors are easy to overlook, they can be the difference between success and failure for startups.