Business process management is a field in the operations management that mainly focuses on the improvement of the corporate performance by optimizing and managing the business processes of the company. This is therefore described as the process of process optimization. The business process management enables any organization that adopts it to be more effective, efficient and also more capable of changing the functionality that is focused in a more traditional and also a hierarchical management approach. These processes deeply impact the revenue generation as well as cost of a particular organization. As it is an approach of policy making, business process management sees these processes as very important assets to a particular organization that must be managed, understood and also developed.
Business process management has a life cycle and this life cycle consists of design, modeling, execution, monitoring, optimization and also reengineering.
Designing – The areas that are concentrated at this stage are representation of the flow of the process, alerts and the notifications, the factors present inside, the standard operating business process management procedures, escalations and also the service level agreements.
The main aim of this step is to ensure that an efficient and a correct design is produced or prepared.
Modeling – The process of modeling takes all the theoretical designs and then introduces various combinations of all the variables. This determines the exact way in which all the processes might operate under the different circumstances.
Execution – Execution step executes all the required and essential steps of the business process management.
Monitoring – Monitoring represents the tracking of various individual processes so that all the information can be easily visible.
Optimization – The process optimization includes the retrieving the process from the phase of monitoring or modeling. It also includes identification of the potential of saving costs and also various other improvements.
Reengineering – When a particular process becomes more noisy and the user is not able to get the desire output, the process has to be reengineered. This step is used by businesses to achieve productivity and also efficiency.