When it comes to developing a scope of work to better manage and optimize a Business Process Re-engineering (BPR) initiative to improve account onboarding, discretionary distributions, cash movement, gifting, account and client maintenance, document repository use and more, four key activities come to mind.
- Stakeholder Interviews
- Current State Assessment
- Future State Definition & Gap Analysis
- Implementation Roadmap
What do these key fundamentals of a scope of work for BPR mean?
As digital disruption continues to create unprecedented pressures on enterprises in all industries, including the financial services market, to support an environment that is flexible, agile and dynamic, the drive of enterprises to deploy business process re-engineering is escalating. Why? Organizations want to function in a flexible, agile and structured manner to best enable personnel and teams to be better multi-skilled, as well as enable processes to be more strategic and technologies to be better exploited for enterprise business growth.
Four fundamentals help today's firms manage digital disruption on the road to re-engineered business operations.
Stakeholder Interviews: Stakeholder interviews are a drill-down of workflow and related processes in an organization. The goal is to identify any unique practices or workflows and capture stakeholder feedback relative to key issues and concerns, as well as improvement recommendations. Without stakeholder interviews, there is no BPR.
Current State Assessment: With current state assessment, enterprises can review processes to develop metrics of complexity, redundancy and close variations. With current state assessment, a deep and complete review of work processes is tackled, providing a benchmark of results against peer organizations, including, for example, components such as business processes, e-signature use by fiduciaries and a number and variety of client statement packages.
Future State Definition & Gap Analysis: This step is vital to defining and documenting current state opportunities for improvement. BPR cannot be successful without a definition of the target workflow, including process flows and organizational readiness. By performing a gap analysis against existing workflows, change requirements are better defined and managed accordingly.
Implementation Roadmap: Where would BPR be without an implementation roadmap? The step of defining logical phasing approach for prioritized workflow improvements and rationalizing recommendation options based on business impacts with corresponding investment impacts - the production of an aligned strategy with agreed priorities.
With any BPR initiative, the goal is to manage a process that includes mobilizing teams to confirm to a set vision and structure, defining organizational and workflow activities, developing communication plans and performing end-to-end workflow assessments. BPR requires extensive examination key workflow issues and operational opportunities.
For a BPR to succeed, meaningful validation and understanding of the organization, in its present state, is vital.
Without the four fundamentals of a business process re-engineering scope of work, an understanding of the deep operational needs of an enterprise will be off balance, resulting in weaknesses - not strengths - when it comes to redefining functional operational components and key workflow efficiencies.