Showcases power of hardware, softwareTHE Business landscape is changing. It is more focused on creating new competitive advantages and breakthroughs by necessity. New and changing customers, global integration, business model innovation and new technology models are driving changes in the global economy today. Businesses are forced to change in fundamental ways ' structurally, operationally and culturally in response to the imperatives of globalisation and new technology.This was the submission of the Europe, Middle East and Africa, Director Business Processing Management (BPM) Solutions, Barry Reilly, who visited Nigeria for the first time at the Oracle Day held in Lagos in an interview last weekend. He unveiled new software and services aimed at helping organisations transform their business processes to increase efficiency, reduce costs and ultimately find new ways to grow their businesses in Nigeria, especially in the public sector.Unveiled new software and services aimed at helping organisations transform their business processes to increase efficiency reduce costs and ultimately find new ways to grow their businesses.One of the key challenges that organisations face is the ability to see an integrated view of business processes across their organisations and ecosystems, in order to quickly recognise and take advantage of new market opportunities and better meet the changing needs of their customers.Recognising these challenges, Oracle is delivering a new unified Business Process Management (BPM) platform, Business Process Manager, that gives clients unparalleled visibility into key business operations so they can model, automate, monitor and adjust plans instantly. As a result, both large and small companies can now drive growth and responsiveness by continuously improving business processes, such as those found in product development, customer service and finance departments.The new software builds on Oracle's leadership in the BPM marketplace, which has seen rapid growth as companies seek new ways to streamline and accelerate their business processes to not only reduce costs, but also drastically improve productivity,Reilly said.This growth is supported by recent studies showing that inefficient business processes cost Fortune 500 companies alone more than $480 billion yearly basis. This statistic is even greater in the public sector, where organisations have lost up to $1.3 trillion per year through inefficiency. As a result, increasing efficiency has been identified as one of the greatest priorities for organisations worldwide.Nationwide Insurance, one of the largest diversified insurance and financial services organisations in the U.S., is just one example of how companies are transforming their business processes to boost efficiency.'Using Oracle, business process management technology, we have been able to boost the efficiency and accuracy of our financial reporting system, which pulls information from independent subsidiaries,' said Reilly, 'With all data going through one central business rules management system, we have streamlined complex processes, allowing us to focus even greater attention on serving the needs of our customers.''We look to partner with market leaders and Oracle Business Process Manager will help enable process excellence across our organisation and for our customers.'According to Reilly: 'Business Process Management (BPM) combines business processes, information, and IT resources, aligning your organisation's core assets ' people, information, technology, and processes ' to create a single integrated view, with real-time intelligence, of both its business measurements and IT system performance. This integration of resources allows your organisation to obtain business information faster, respond more quickly to market trends and competitive threats, and improve operational efficiencies and business results, all attributes of an on demand enterprise.'He noted: 'Business Process Mapping refers to activities involved in defining 'what a business entity does', 'who is responsible for what' and the path the process flow takes based on certain business conditions'.Unfortunately, most modern businesses are run via emails. Employees send their request via emails and expect decision making responses to happen over emails. Many times this results in inordinate wait times and could lead to loss of business or customer dissatisfaction. However, the more intriguing factor is ' very few people in the organisation know the exact flow of the business, the series of activities that comprises of a business transaction. Because of this gap in knowledge, activities could be missed out or could be carried out in improper sequence resulting in non-standardisation, delayed decision, poor quality, dis-satisfied customers and loss to business.
Click here to read full news..
