All business processes need to be efficient and effective, which means that customers requirements are fulfilled utilizing the least amount of resources possible. Processes that do not meet this criteria need to be identified for improvement.
Here's what business process improvement can do for your company:
- Reduce the time it takes to introduce a new product or service
- Improve cost, quality, timeliness, and productivity
- Improve customer satisfaction
- Increase knowledge sharing, which enables companies to improve their future capabilities
- Improve revenue streams
- Increased visibility throughout
- Reduce complexity of business processes to improve agility throughout organization
- Manage risks more effectively
- Improve regulatory compliance measures
Now, how does Business Process Improvement work? It requires following these steps:
- Align Business Processes with Strategy
- Discover & Model Processes
- Measure Processes
- Analyze & Benchmark Processes
- Harvest Policies & Regulations
- Improve Processes
- Manage Any Culture Changes
- Manage the Governance related to Decision Making
- Deploy your Product
Conducting business process improvement initiatives in a team setting allows you to incorporate a wider variety of viewpoints into your initiatives to improve your business results. In addition, connecting with other business leaders to solve business problems in a group setting can be very effective. Research indicates that annual revenue growth in businesses with executives who participate in a monthly business mastermind group outperform the annual revenue growth rate of companies in the S&P 500.
Mr. Krieger is currently the managing director of Health Innovators, an organization the prides itself in sparking innovation in the healthcare industry through networking and collaboration. The organization holds periodic meetings in the Greater Boston area that focuses on specific topics of interest to healthcare professionals. The group is currently launching a healthcare business leader mastermind group this is led by a business coach to help business leaders within the healthcare industry achieve greater success. For more information, please email the organization at firstname.lastname@example.org.