Any blockchain company must rely on business processes to run smoothly.
But if any one of these processes fails, it can cost you a lot of time and money.
To avoid those risks, companies will implement business process improvements.
But what is business process improvement?
And how do you do that?
In this article, we will discuss in detail the meaning of business process improvement, and the steps to implement business process improvement effectively.
What Is Business Process Improvement (BPI)?
Business Process Improvement (BPI) is your need to identify and analyze a process to improve, streamline processes, and drive business performance.
A business process could be:
- Operations: demo call, reporting, production, or logistics.
- Management: human resource development, budgeting, or corporate governance.
- Support: recruitment, accounting, or IT support.
Business process improvement is also known as process improvement, business process management, continuous process improvement, or business process reengineering. But whatever the name, they all have the same common goal—to refine business processes for optimal results.
For example, imagine a situation where a customer complaint is not resolved, the cost of developing projects is increasing, or some employees decide to quit.
Now imagine these things happening often.
Frequent occurrences like this can indicate that your existing processes may be failing.
So this is when you need to improve your business processes immediately.
What Is The Purpose Of Business Process Improvement?
There are many reasons behind the need to improve your company’s business processes. Here are the top benefits of improving any process through BPI:
- Reduce processing time: You may want to improve your business processes, so you can find ways to take steps more efficiently and faster. Analyzing your process can help you eliminate unnecessary steps or invest in technology that can make your processes faster.
- Improve the quality of your output: You may want to improve your business processes so that you can identify those that are not conducive to the output you and your team initially delivered. Therefore, improving your process can help you deliver better outputs while using the same input resources.
- Avoid waste: Improving your business processes can help you spot wasteful steps, so you can eliminate them from your workflow. This can help you with the first two goals mentioned above, but can also help you increase your overall productivity.
Cutting out unnecessary steps can save time, so your team can focus on value-adding work.
5 Steps In Business Process Improvement?
BPI is a methodical approach to fixing problems and inefficiencies in your organization and streamlining management. Business process improvement methods can follow different sets of steps. Below, I give a basic guide to the steps involved in business process improvement:
Step 1: Identify your Processes
Without knowing what your process is, you cannot analyze how to make changes or how to improve their effectiveness.
Ideally, you should map your business processes to get an overview of the processes and identify which ones are not working.
Step 2: Analysis
Once you have your process map ready, the next step is to perform a business analysis of your existing workflows. This is where you can identify any improvement opportunities.
Carefully examine each stage of the process to determine where delays occur and which ones consume more time and money.
It is also important that you find the source of the issue. Only then can you find the root cause and fix the issue.
Step 3: Redesign
Once you have identified the inefficiencies of old processes, you must think of ways to change them. Of course, this is highly dependent on your particular situation, and there is no one-size-fits-all solution.
You can refer to some of the following methods:
- Choose the right metrics to compare: I want to compare the new process with the old process in terms of efficiency to know empirically.
- Collaborate with field staff: They can give you ideas on what needs to be improved.
- Consider flaws in the long term: It may work in the short term, but may not work in the long term or be costly.
- Clarify the scope of change: If you don’t know the impact of your solution, you may run into risks that you can avoid.
- Perform risk analysis: It is not possible to predict outcomes with 100% accuracy. Therefore, we need to introduce the possibility of failure. For example, the blockchain and Web3 project development approaches seem to work at first, but they can be completely broken due to a little flaw in the development process.
Step 4: Implementation
Once you have an action plan and the right people in place, you’ll need to make process changes to get the results you want.
You need to create a detailed process and a standard operating procedure for your team. You can also invest in new technologies and innovative tools as part of process management.
Here are the implementation steps you’ll need to follow:
- Implement small scale first to minimize risk.
- Check-in time to take corrective measures.
- Provide additional resources if necessary.
- Notify all stakeholders of the change in the process.
Step 5: Review and Refinement
After you’ve implemented the change, you need to review it.
You need to test that the change leads to an efficient process. You also need to evaluate its impact on other functions of your business.
If you see any inefficiencies, you’ll have to re-plan the entire process from Step 1. However, following these steps shouldn’t be too difficult. You need a systematic approach or a BPI method to ensure the correct implementation of process improvement.
Improve business processes that allow you to streamline repetitive tasks and improve operational efficiency, reducing overall costs and increasing productivity. Hopefully, the business process improvement steps have been helpful to you. Of course, we understand that taking the steps will take a lot of time and effort.
If you are in the blockchain business, you are facing a problem in the blockchain project development process. You can ask Satom Venture Studio for help. At Satom, we can help you document and map the process, execute the project, and identify areas for improvement in your blockchain project. We then customize the processes to fit your specific requirements and support you as your business grows.