The Impact of BPM on Organizations
Regulations and compliance are some of the most important topics of discussion in the marketplace today, yet dozens of companies are hit with fines simply because they are unable to prove they are in compliance. Business process management (BPM) is enabling companies to more adequately manage their vendors, employees and C-suite, and it assists with cost avoidance, efficiency, risk management and compliance – all of which are topics that belong in the boardroom.
If you talk to any process management or BPM vendor, they are likely to tell you that one of their biggest challenges is access to the C-Suite. This is partly due to the way vendors historically pitch their solutions as technology and features, leading them to be seen as just another IT solution for management to consider. However, it is also because many executives still fail to understand that process management is actually a valuable tool to help them and their organization perform better and mitigate risk.
A number of media publications have reported that regulators across the globe are becoming more aggressive in their inquiries and are further increasing fines. In the United States alone, Wells Fargo was fined over $1 billion for failed compliance and Bancorp fined an additional $600…
