3 advantages of BPM for financial services
Finance teams are often ignored unless the numbers are wrong, but in many cases need the same support as any other part of a business. Offering them that help and ensuring that their workflow and processes are optimized the same as marketing, production or any other department will help ensure that every aspect of operations is flowing smoothly. Sometimes, this means investing in high-quality business process management software in order to unlock the true potential of financial services.
There are many hidden challenges that financial managers face on a daily basis. From setting up new customer accounts to managing payments, these tasks can quickly exceed a team’s ability to cope. This can cause corner cutting and backlog generation – issues that no firm wants to experience. These process challenges can be met head on with high-quality financial services BPM software, which will provide key benefits for any business.
Improved account handling
Investing in BPM software can help firms handle and organize accounts more efficiently for a start. This will improve deductions, enhance accounts payable processing and other key aspects of every day work for financial teams. A study by Gartner noted that integrating BPM solutions with financial workflow can boost annual ROI by 40 percent to 60 percent, and help minimize mistakes.
Enhance customer relations
Financial teams often have to deal with second-hand customer correspondence. While not directly responsible for customer service they play a large role in keeping clients happy, and this means optimizing efficiency. Improving process management will help financial teams work more closely with other departments and customers to meet demands and deliver the best possible service at all times. From contract management to closing accounts, efficiency is often key to creating a high-quality user experience, which is something every consumer wants.
Audits and planning
Ultimately, one of the biggest advantages financial services within an enterprise will gain is enhanced auditing and budget planning. Improving these areas will provide direct benefits across every area of operations and minimize compliance risks, helping CEOs and CFOs rest easy knowing their company isn’t at risk for fines or other financial burdens. BPM software will enhance total clarity and accuracy of financial data, leaving no room for error when audits become necessary or a firm starts planning for its future.
Vice President of Product Marketing