The FS industry is one of the industries that are focusing on BPM solutions, and BPM vendors have responded by providing industry-specific functionality.
Within FS, we can talk about banking, insurance, credit card companies, securities, etc. These organizations are under intense competitive pressure and, thus, are constantly trying to improve their operations and to respond to dynamic market demands. FS organizations have implemented several enterprise solutions over the last few years and encountered mixed results. These solutions include customer relationship management (CRM), the year 2000 (Y2K) problem, and anti-fraud initiative solutions, as well as business improvement and competitive advantage applications.
One problem that keeps arising is that applications often are not integrated with each other or are not being used on an enterprise-wide basis. This makes it hard for companies to streamline business processes that are specific to the organization's changing needs. FS companies must be able to design the processes so as to increase productivity within the organization. To do this, it must be possible to adjust processes so that they match an organization's needs as they evolve in an ever-changing environment. For FS companies, these needs may include complying with regulations such as the 2002 Sarbanes-Oxley Act (SOX), acquiring new customers faster, improving efficiency, integrating processes with legacy systems, automating manual processes, analyzing processes for risk management, improving exception handling, and decreasing the number of bottlenecks.
BPM vendors play to these industry requirements. Vendors allow companies to design processes within their solution in order to manage their resources in a structured manner. Through the BPM solutions that they offer, vendors also help FS organizations achieve compliance, reduce risks, keep or acquire new customers, and link different vertical applications together to become more efficient.
Within FS, we can talk about banking, insurance, credit card companies, securities, etc. These organizations are under intense competitive pressure and, thus, are constantly trying to improve their operations and to respond to dynamic market demands. FS organizations have implemented several enterprise solutions over the last few years and encountered mixed results. These solutions include customer relationship management (CRM), the year 2000 (Y2K) problem, and anti-fraud initiative solutions, as well as business improvement and competitive advantage applications.
One problem that keeps arising is that applications often are not integrated with each other or are not being used on an enterprise-wide basis. This makes it hard for companies to streamline business processes that are specific to the organization's changing needs. FS companies must be able to design the processes so as to increase productivity within the organization. To do this, it must be possible to adjust processes so that they match an organization's needs as they evolve in an ever-changing environment. For FS companies, these needs may include complying with regulations such as the 2002 Sarbanes-Oxley Act (SOX), acquiring new customers faster, improving efficiency, integrating processes with legacy systems, automating manual processes, analyzing processes for risk management, improving exception handling, and decreasing the number of bottlenecks.
BPM vendors play to these industry requirements. Vendors allow companies to design processes within their solution in order to manage their resources in a structured manner. Through the BPM solutions that they offer, vendors also help FS organizations achieve compliance, reduce risks, keep or acquire new customers, and link different vertical applications together to become more efficient.
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