Surviving by Embracing Change

How to survive in a changing and uncertain world.

 Today’s word for organizations to be competitive and embracing new methods is “processes”. They will need to change continually to ensure future growth and survival. When looking at business processes in your organizations, it begins with your customers. 

The way that organizations perceive and value processes, people, systems and all other inputs has changed along with their commitment and value proposition to the customers. With the changes in the world encompassing information technology revolution, globalization and other factors, the entireconcept of carrying on business has undergone a 360 degree change. 

In the service sector, companies have managed to outperform by adapting to the needs, by building businesses and delivery models that are tuned to customer satisfaction. Their organizations are built and thrive on continual change of business processes. 

Therefore, it is very clear that every organization needs to work on improving its business processes all the time and this is not the responsibility of line or function managers but the responsibility of CEOs who drive organizations. 

Business process improvements yield overall benefits in all areas and functions of an organization. It helps build reliable business processes that can withstand growth, high volumes and pressures as well as changes in the market. It helps reduce costs, improve the bottom line and build leaner structures that are highly competitive and flexible. 

Challenges During Business Process Improvements

However, organizations are faced with challenges when reviewing business processes:

1. Organizations improve their processes one department at the time, therefore impacting other departments that are part of the overall end-to-end process.
2. Processes are improved from the bottom up, looking at procedures as opposed to the real business processes therefore augmenting complexity, not streamlining them.
3. If consulting companies are hired to assist in process improvement, they often start from a blank page as opposed to using proven models to start from.

Business processes improvement should be approached from an end-to-end perspective, looking at the full value chain and all the departments they impact. It should also start from processes not procedures which are often tainted with legacy technology pieced together over time. Improving processes should start from a process architecture point of view. 

To shorten those initiatives and to provide quality to business processes, industry reference models are available and will provide end-to-end processes to start from. These reference models are available for different types of industries and can save time, increase quality of outcomes plus reduce costs of projects. 

For the insurance and wealth management industry, Panorama 360 Enterprise Business Framework and Process Models are used as an excellent base as they really represent the business as it should be. This can be used either by insurance companies as well as by consulting organizations with their clients. Plus it provides credibility and common understanding to all participants in those projects. 

Here is the link to a presentation on how Panorama 360 can be leveraged during process improvement projects plus a sample of its business process models. All the models can also be imported into your business architecture and process modeling tools. By using Panorama 360, you will provide permanent value to all your process improvement projects. 

Business Process Samples: https://fr.slideshare.net/PierreGagne/panorama-360-business-process-models-sample 

How to Improve Business Processes: https://fr.slideshare.net/PierreGagne/improving-business-processes-238385165 

For any question on Capability and Process Models for Insurance and Wealth Management, contact me at [email protected] or go to www.InsuranceFrameworks.com.