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What's business process optimization?
Every business depends on productivity, yet inefficiencies in daily workflows may often go unnoticed. In a world where success is measured in time, cost, and performance, optimizing processes is the key to staying competitive.
We've compiled this guide to help you achieve business process optimization. Let's drill down to the details.
What's business process optimization?
Put simply, business process optimization (BPO) is a systematic improvement of workflows to reduce inefficiencies and discrepancies, causing high operational costs and low productivity. A clear sign of a thriving business is a well-orchestrated system of processes where tasks are efficient and there is room for further development. This kind of efficiency is attainable with the help of business process optimization. The practice lets you achieve operational excellence and navigate your business better.
The benefits of business process optimization
When processes across all departments of your company are streamlined, you will see the signs of maximized efficiency. Let's look at them in detail.
High profitability
The most evident result of business process optimization is in monetary terms. According to Bain & Company's report, companies implementing automation as a part of BPO claim that manual work reduction helped them reach up to 17% cost savings. As a result of the automation of routine manual actions, it's possible to cut down on operational costs and improve resource allocation.
Accelerated processes
Process optimization is reflected in smart decisions efficiency-wise. Thanks to the advanced process analytics, you get visibility into 'as-is' business processes. The observations let you see workflows at the task level and accelerate them by automating routine manual tasks. Nearly 80% of businesses confirm that their operations get 25% more efficient from automation as a result of BPO.
Better customer experience
Internal process optimization also influences the way customers receive services. From the moment of improvement, such tasks as order fulfillment will be sped up. If actions of a manual nature are automated, it will reduce errors in service delivery and increase customer loyalty.
What are the best business processes to optimize?
One of the most impactful areas for business optimization is Finance and Accounting (F&A). The processes in F&A include a significant number of labor-intensive tasks that lead to late payments, missed cash discounts, etc. For instance, invoice processing as a part of F&A has great importance, but it can appear quite slow and costly due to a great number of manual actions like copying invoice data from emails to ERP systems, comparing bank statements with financial records, etc.
Tasks in Accounts Payable (AP) and Accounts Receivable (AR) may be hindered as well by copying payment details into financial tracking systems. Optimization of these routine manual tasks will help make F&A processes like invoice processing, AP, and AR fast and cost-efficient.
Business process optimization in Customer Service is equally essential. Let's imagine customer inquiry handling. First, inquiries enter the CRM or ticketing systems. Then, employees have to tag and route the tickets manually, so they reach the right department. In case key details are missing, employees themselves send follow-up emails, extract new data, and enter it. If such routine manual tasks were automated, it would result in significant response time acceleration and customer satisfaction.
The last but not the least critical area for business process optimization is Human Resources. In the department workload, there are various processes requiring routine manual efforts. To give an illustration, Recruitment deal with talent-hiring processes daily. They perform such tasks as CV parsing and screening. The execution of the tasks involves the manual actions of extracting candidate details (e.g., CVs) and inputting them into ATS. Automation of these tasks in Recruitment would allow to achieve operational efficiency, saving financial resources and thousands of working hours.
Though we listed processes with the highest optimization potential only in 3 business areas, the range of processes can go on. Read more detailed case studies on the Customers page.
How can Operavix help you boost your business processes?
Operavix is capable of optimizing business processes in the fastest and the most detailed way possible. Let's demystify business process optimization and deep dive into how it can be done step by step.
- Capture user interaction data. Manual process analytics only scratches the surface of processes. Operavix securely captures workflow activity data without disrupting workflow.
- Identify friction areas. Routine manual actions like copy-pasting and tool-switching drain productivity. Operavix gets you the full picture of tasks and inefficiencies that slow down processes.
- Obtain data-driven analytics. With the help of AI-driven analytics and interactive dashboards, you can get a list of the routine tasks with the greatest automation potential.
- Target tasks for automation. Complete the optimization cycle with AI-powered automation of routine manual tasks right on the Operavix platform.