We live in a world today of instant gratification. The now is too late and those who can’t adapt quickly to these changes in their markets suffer. Businesses need to adopt methodologies and technology that can help get their product to market effectively and is flexible enough to withstand the changes within the industry. Reinventing your business processes involves getting the right team and the right tools to create a successful Business Process Management practice within your organization.
On Tuesday, at InterConnect, I will be speaking with Jim Schmitt on how independent financial advisors Raymond James was able to transform their current technology to meet customer needs. On demand changes were highly ineffective the and not cost effective. Their adoption of BPM, ODM and other technologies allowed them to reinvent their “Money Movement” system to meet this requirement of on-demand changes and automated check printing.
Raymond James successfully implemented a 3 Phase release to evolve their current system into an application their customers embrace and stand behind. Reinvent your business process in 3 steps:
- Functionality
- Features
- Expansion
First, identify a process that is a valid candidate for analysis and retooling. Create a functional process to replace this existing system – this is about getting the working product to your client as quickly as possible. Don’t get hung up on all the bells and whistles. The main goal is to replace the out-dated process with the new one.
Secondly, upon successful roll-out of of your first phase of the new process you will start to receive feedback from your users. This is the time to implement new features. Identify what key features will provide the best results for your customers and further build on top of your initial solution to incorporate these new components. Your users will be excited for their new functionality and even more so with the rapid timeline you are able to accomplish it in. You’ll get back additional feedback and requests for additional features – you’ve now adopted the Agile Development Life-Cycle!
Lastly, your organization will realize the success and potential of utilizing BPM to solve its process management needs. You have now created the demand for future BPM projects to which involves the expansion of your product across your organization and continue process development and improvement!
Come see how Raymond James implemented this 1, 2, 3 approach to successfully transform for their customers.
Get the session details here: Session # 5252A @ Mandalay Bay – Palm B – Tues, 24-Feb 5:30PM – 6:30PM
