Anytime you "reengineer" something, it's usually because technology has advanced to a point where it makes sense to totally reinvent how you do it. Example: the automobile replacing the horse and buggy as the standard in human ground transportation.
When we talk about business process reengineering, we're talking about a similar paradigm shift-level change to core business processes and workflows that results in undeniable business benefits to an organization.
In this blog, we'll touch on our method of business process reengineering and the benefits that can be expected by three important departments in most companies.
Understanding Business Process Reengineering from Accounting and Finance, HR, and Contract Management Perspectives
Automation, content management, and collaboration tools can vastly improve efficiency and work quality, and organizations can gain access to all these tools by working with us to implement an enterprise content management system (ECM).
An ECM enables a company to securely store, organize, and manage large amounts of data across various file types and user groups. By defining access levels for employees, you enable them to access and exchange information based on their user privileges. Not only can an ECM automate key business processes, but it can also streamline your content and information lifecycles.
ECM software also promotes faster inter-departmental processing, better decision-making and allows other departments (even in disparate locations) to easily share critical information.
Technology solutions for manual processes are at the core of business process reengineering.
Benefits of Process Reengineering for Accounting and Finance
Accounting and finance departments have unique challenges that can be met head-on with an ECM and process automation. One of the key challenges to address is the capture of critical information. By automating traditionally paper or file-based processes, your AP/AR departments can achieve faster, more precise processing.
Further, setting up defined access levels will allow for secure sharing of financial documents with auditors, creditors, and other third parties to speed up information exchange.
Even if some information—such as invoices, email print-outs, mail, etc.—still comes in paper form, an ECM can capture, store, organize and deliver critical documents, ensuring defined types of information automatically gets routed appropriate individuals for reviews, coding, and approvals.
Business Process Reengineering Benefits for HR
Human resources departments are often very attached to paper-based systems and processes, but technology has progressed to the point where those attachments are no longer defensible.
People management is essential in every business, and an ECM solution can optimize HR processes by automating tasks that are at risk of human error, while providing a central place to track key human resources processes like evaluations, vacation requests, and forms-based tasks. ECMs can maximize employees’ abilities to perform labor-intensive administrative tasks, access information, and kick off HR approval processes.
Indeed, HR is ripe for process reengineering! By replacing out-of-date and potentially wasteful manual processing in your HR department, you’ll systematically create a more seamless, secure, cost-effective, and fast operational flow.
Our advice: start with the solutions that will make the most impact immediately.
Consider focusing on:
- Storing and retrieving documents electronically
- Leveraging document transfer across departments
- Policy and procedure sign-offs
- Employee onboarding processes
How Business Process Reengineering Improves Contract Management
Businesses across the globe are realizing the benefits of reclaiming control over the contract management processes with an ECM solution. An ECM helps minimize risk while better equipping an organization to manage contract lifecycles from request and approval to expiration and renewal. It accomplishes these kinds of outcomes by automating predictable steps and providing the information and tools your team needs to mobilize their workflows.
The reengineering of contract management operations typically includes implementing secure capture and storage of contracts and supporting documents. It should also support compliance by maintaining a full audit trail of every single interaction. Finally, it will provide legal personnel with a holistic view all contract-related information, tasks, and correspondence.
Need Help Figuring It Out? We're Here for You
Accounting/finance, HR, and contract management are natural places to begin reengineering your business processes, and Imaging Office Systems stands ready to guide you through it. Contact us today to set up a discussion of your needs.