MBIS4008 Business Process Management Report Sample
Assessment Description
In this project, you will write a comprehensive report analysing the current As-Is of an organisation. You will evaluate the existing business processes and then using the concepts, BPM frameworks that you have learned in this unit you will design a To-Be business process model that addresses the main limitations and challenges of the previous scenario. There are many cases that students can explore. This includes services across different industries such as e-Health, telehealth, transportation, online banking, online studies etc. Students should discuss their topics first with the unit coordinator to confirm their preferred topic.
You are encouraged to attend the workshop on Referencing and Research Practice organised with the Academic Success Team (AST). You may also schedule a one-on-one workshop with the AST by emailing academicsuccess@aih.nsw.edu.au. The structure of the project is a 2000-word report, the contents of which are detailed below. It is the report that requires submitting as the finished piece of work and this will be marked based on the rubric provided on page 5. Ad hoc work in whatever form will not be marked if submitted.
The word count is 2000 words. This is subject to plus or minus 10%. The word count does not include the executive summary, the table of contents, the list of references or any appendices. However, please note that appendices should be used for supplementary information only: they will NOT be considered for marking.
The report content will comprise of the following sections:
Title page: this must contain the title of the report and your names, unit name, unit number and date of submission.
Introduction: the introduction informs the reader of the aims and methods applied in the project. It also defines the scope of the project (what is included and what is not). Whilst it may mention the chosen organisation by name, the introduction DOES NOT talk in detail about the chosen organisation or its industry.
Background: a background informs that reader of the context to the project. Here the organisation and its industry are described. Information about the past performance is presented along with any notes about major milestones. It is easy to ‘go overboard’ with this section and consume much word count; one page is all that’s needed to set the scene for the project.
Moreover, in this and other sections, too many students often over-rely on company websites. Most times, these websites present an organisation’s promotions (advertising) or opinions masquerading as facts. Because of the convenience and profusion of this type of information, it is too easy for students to ignore the authoritative sources of data that can be reached through AIH library databases: however, the use of AIH library databases is the way to higher marks!
Methodology: This section highlights the methodologies applied to your given case. You need to clearly state a reason as to why they used that technique and provide supporting references especially if the technique is relevant for that particular industry.
Results: In this section, students will provide the results of their analyses. The results need to be provided in a logical sequence to ensure that the document is coherent and well synthesized. The results need to clearly show the application of the techniques covered in
this unit and that the relevant assumptions in terms of the data have been given due considerations.
Key Findings: The findings of the analyses will be explained in this section. You are expected to be elaborate, and provide an in-depth explanation of the results and why they support or don’t support the results of the analyses. You need to provide the necessary reference to support any claims to ensure that the findings are supported by others in that field.
Recommendations: The recommendation highlights any key findings from the analyses that would help the business and organisation address areas that can be improved based on the findings. Recommendation sections are usually concise and provide practical advice to an organisation on areas that needs to be addressed.
Conclusions: Through logical reasoning, this section should summarise how the project objectives have been achieved using appropriate business analytics tools and techniques.
List of references: this should be formatted in Harvard style.
Solution
Introduction
Effective business process management is essential for assuring organizational success in the quickly changing business environment of today. For Assignment Help, Leading financial technology company Block Ledger, situated in Southbank, Australia, understands how crucial effective business procedures are to achieving operational excellence and elevating client satisfaction (Fok, 2020). This study dives into Block Ledger's business process management methods, offering insightful information about its strategy (El Khatib et al., 2020). This research attempts to reveal the organization's tactics for streamlining its processes and maintaining its competitiveness in the market by looking at the data-gathering techniques, business process mapping, process analysis, and industry benchmarking employed by Block Ledger.
Background
Block Ledger is a well-known company in the financial technology industry with its headquarters in Southbank, Australia. The business has been known for its proficiency in developing blockchain-based solutions, providing secure and open transaction systems to a wide spectrum of customers. Block Ledger has built a solid reputation for providing dependable and effective services to its clients by utilizing blockchain technology. Block Ledger is a forward-thinking company that places a high value on innovation and remaining on the cutting edge of technology developments in the financial sector (Smith, 2019). The business is aware that achieving operational excellence and satisfying changing customer needs depend on effective business process management.
Block Ledger is aware of the significance of streamlining its business procedures in a sector where effectiveness, security, and transparency are critical. The firm wants to improve operational efficiency and provide seamless client experiences, so it's streamlining operations and cutting waste. Block Ledger understands the necessity to consistently enhance its business procedures in order to maintain a competitive edge in the market, given the rising demand for blockchain-based solutions (Hastig and Sodhi, 2020). The business promotes a culture of continual development and welcomes suggestions from staff members for ways to improve existing procedures.
Methodology
Data gathering, process analysis, business process mapping, and industry benchmarking were the four main components of the approach used to examine Block Ledger's business process management techniques.
Data Collection:
Data was gathered from both internal and external sources to compile pertinent information. Internal sources used by Block Ledger included procedure manuals, operational reports, and company rules (Kimani et al., 2020). These internal documents gave details about the procedures, positions, and obligations that already existed within the company. To get a fuller picture of the commercial context in which Block Ledger functions, external data such as industry best practices and consumer comments were also gathered.
Business Process Mapping:
The next phase involved mapping the current business procedures used by Block Ledger (Li and Kassem, 2021). The goal of this exercise in process mapping was to visualize and record the order of tasks, judgment calls, and dependencies present in each process. It gave a clear overview of how various departments and functions interacted with one another and worked together. Potential inefficiencies, bottlenecks, and chances for improvement could be found by developing visual representations of the workflows.
Process Analysis:
The effectiveness and efficiency of Block Ledger's procedures were assessed using business process mapping and thorough analysis (Kumar et al., 2020). Each stage of the process was examined as part of this research, which also included locating bottlenecks, redundancies, and potential improvement areas. Block Ledger sought to find areas for automation and optimization through analysis of the data gathered and the process maps.
Industry Benchmarking:
Industry benchmarking was carried out in order to evaluate Block Ledger's performance in comparison to norms and best practices. Comparing performance measurements, procedures, and results of the company with those of rivals and leaders in the industry was required. With the use of benchmarking, Block Ledger was able to pinpoint its strong points and places for development (Manzoor et al., 2020). Block Ledger may be able to improve operations and get a competitive edge by observing how other companies operate and implementing best practices.
Results
Business Process:
Pool: BLOCK LEDGER
Lanes:
1. Customer
2. Sales Team
3. Finance Department
4. Operations Team
An inquiry or service request is made by the customer.
The request is received by a customer service representative (CSR), who enters it into the database.
CSR verifies customer information and determines whether the requested service is available.
If service is available:
a. CSR gives the customer (Customer Lane) the required information and paperwork.
b. The CSR enters client information and the status of service requests into the CRM system (Sales Team Lane).
c. CSR sends the request to the Finance Department (Finance Department Lane) for credit review.
The Finance Department evaluates the creditworthiness of the client and establishes the loan limit.
In the event that the credit evaluation is successful:
a. The finance department updates the CRM system with the credit assessment results and credit limit (Finance Department Lane).
b. The Sales Team receives a notification of approval from the Finance Department (Sales Team Lane).
c. The Operations Team receives the request from the Finance Department and passes it to them (Operations Team Lane).
The Operations Team evaluates the request, allots the required resources, and plans service delivery.
If resources are available,
a. The operations team (Operations Team Lane) updates the CRM system with information on the service provision schedule.
b. The Operations Team informs the Sales Team (Sales Team Lane) of the planned service offering.
The consumer receives service in accordance with the established schedule. Details on the completion of services are updated in the CRM system by the operations team (Operations Team Lane).
Customer Lane: Customer receives service and offers feedback.
To assure satisfaction and address any issues, the CSR follows up with the customer (Customer Lane).
Gateways:
? AND Gateway: Represents a parallel process flow in which several tasks are carried out concurrently.
? XOR Gateway: Represents a decision point where only one of the paths can be chosen.
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Figure: Business Process Mapping for Block Ledger
Source: Self-generated in Lucidchart
The analysis of the business process mapping presented for Block Ledger (Australia) yields several significant outcomes. The aforementioned outcomes underscore the present condition of the entity's procedures and offer discernment into plausible domains for enhancement. The BPMN representation yields the subsequent outcomes:
1. The BPMN diagram illustrates the participation of diverse stakeholders and departments in the process of service request and provisioning, thereby enhancing process visibility and collaboration. The utilization of swim lanes and pools provides a distinct demarcation of duties for each involved party, thereby enhancing the transparency of the process and fostering inter-team cooperation..
2. The Business Process Model and Notation (BPMN) diagram illustrates the interdependence of tasks and transfer of responsibility between different phases of the workflow. The statement underscores the crucial linkages among teams and the requisite sharing of information. The credit assessment conducted by the Finance Department is an essential prerequisite prior to the submission of the service provisioning request to the Operations Team.
3. The Business Process Model and Notation (BPMN) utilizes XOR gateways to depict decision points, which signify instances where a selection must be made. The decision points in question have significant implications for the subsequent flow of the process. The credit assessment outcome of the Finance Department plays a crucial role in determining the approval or rejection of a service provisioning request. Examining the consequences of these decision junctures can yield valuable insights into the efficacy of decision-making and possible avenues for enhancement.
4. The BPMN diagram depicts the transfer of information between various departments and teams during process handoffs and communication. Effective communication channels and comprehensive documentation of handovers are essential for achieving smooth transitions and reducing knowledge discrepancies. The findings underscore the necessity of assessing the efficacy of these transfers and investigating prospects for enhancing the efficiency of communication and exchange of information.
5. The BPMN diagram places significant emphasis on customer involvement throughout the process, with a view to enhancing customer interaction and satisfaction. The process of customer engagement commences with the initial request for service and persists through the provision of essential information, scheduling, delivery of service, and receipt of feedback.
6. The utilization of BPMN representation facilitates a thorough evaluation of the entire process, thereby enhancing operational efficiency and process optimization. This facilitates the recognition of prospective hindrances, duplications, and inadequacies. By scrutinizing the various stages involved in a process, the transfer of responsibility between individuals or departments, and the junctures where decisions are made, it is possible to identify opportunities for improving operational efficiency and shortening the duration of the process through automation, optimization, or restructuring.
Key Findings
The present study presents the principal outcomes obtained from the outcomes of the business process mapping conducted for Block Ledger (Australia).
1. Process Visibility and Collaboration: The Business Process Model and Notation (BPMN) diagram facilitates process visibility and collaboration by utilizing swim lanes and pools to depict the various teams and departments that participate in the loan application process (Sturm et al., 2019). The aforementioned discovery underscores the significance of process transparency and cooperation, as it facilitates enhanced synchronization and correspondence among the parties involved. The promotion of transparency and facilitation of collaboration has the potential to result in enhanced operational efficiency and decreased occurrence of errors within the process.
2. Workflow Dependencies and Handoffs: The Business Process Model and Notation (BPMN) diagram illustrates the loan application process by highlighting the sequential activities and handoffs between various departments. This diagram emphasizes the interdependent nature of the workflow dependencies in the process. Comprehending the interdependence of these workflow elements is paramount in enhancing the process flow efficiency and mitigating any potential hindrances or obstructions. Improving the process of handoffs and enhancing the exchange of information can lead to a more efficient and streamlined outcome.
3. Decision-Making Efficiency: The utilization of XOR gateways in the BPMN diagram serves as a means of delineating decision points that are integral to the loan application process, thereby enhancing the overall efficiency of decision-making. Examining the results of these junctures of decision-making can yield valuable perspectives on the efficacy of the decision-making process. The enhancement of overall process efficiency can be achieved by identifying bottlenecks or delays at decision points and optimizing the decision-making process.
4. Customer Experience: The Business Process Model and Notation (BPMN) diagram elucidates the participation of the customer in multiple phases of the loan application procedure, thereby emphasizing the significance of customer experience (Mühlberger et al., 2019). This discovery underscores the significance of delivering a favourable customer experience throughout the entirety of the procedure. Through the examination of customer touchpoints and feedback, organizations have the capacity to recognize prospects for augmenting the customer journey. This may include enhancing communication, minimizing waiting periods, and delivering personalized service.
5. Operational Efficiency and Optimization: The utilization of the BPMN diagram facilitates a thorough evaluation of the loan application procedure, thereby enabling the detection of plausible hindrances, duplications, and inadequacies in operational efficiency and optimization (Viriyasitavat et al., 2019). By scrutinizing the procedural stages and transitions, potential avenues for enhancement can be revealed, such as the automation of manual procedures, the simplification of workflows, and the introduction of process refinements. Improving operational efficiency has the potential to result in decreased processing durations, heightened productivity levels, and enhanced levels of customer contentment.
Recommendations
1. Enhance Process Automation: Block Ledger ought to consider avenues for automating routine and regulation-driven activities in its operational procedures, with the aim of improving process automation. Through the utilization of cutting-edge technologies such as robotic process automation (RPA) and artificial intelligence (AI), the organization can effectively mitigate the need for manual labour, decrease the likelihood of errors, and expedite the execution of processes (Abunadi and Kumar, 2021).
2. Foster Cross-Functional Collaboration: In order to enhance end-to-end processes, it is recommended that Block Ledger promote cross-functional collaboration across various departments and teams. Through the dismantling of silos and the facilitation of efficient communication and knowledge dissemination, the organization can optimize its workflows, bolster its decision-making capabilities, and augment its overall process efficacy (Yilmaz et al., 2019).
3. Continuously Monitor and Measure Performance: The implementation of robust performance monitoring and measurement mechanisms is deemed essential for Block Ledger, as it enables the continuous monitoring and measurement of performance. Through the establishment of key performance indicators (KPIs) that are in alignment with process objectives and the consistent monitoring and analysis of these metrics, the organization can effectively pinpoint areas that require improvement, promptly address bottlenecks, and ensure continuous process optimization (Wilson et al., 2019).
4. Embrace Agile and Lean Principles: It is recommended that Block Ledger incorporate agile and lean methodologies to promote adaptability, productivity, and ongoing enhancement. The organization can improve its capacity to adjust to shifting market conditions and customer demands by adopting strategies such as iterative process development, frequent feedback loops, and waste reduction.
5. Invest in Employee Training and Development: In order to achieve effective process management, it is recommended that Block Ledger allocate resources towards employee training and development initiatives. Providing individuals with the essential competencies and expertise in process enhancement methodologies and instruments will enable them to effectively participate in process optimization endeavours and foster a climate of ongoing improvement within the enterprise.
Conclusions
The examination of Block Ledger's business process management procedures reveals the company's dedication to both operational excellence and client happiness. It has proven possible to get insightful information by using a thorough technique that includes data collecting, business process mapping, process analysis, and industry benchmarking. The results highlight how crucial it is to continuously develop and optimize in order to increase productivity, spot potential for automation, and comply with industry requirements. Block Ledger may improve its business procedures, boost its competitiveness, and keep providing top-notch services in the financial technology industry by utilizing these insights and making the suggested improvements.
Reference
Abunadi, I. and Kumar, R.L., (2021). Blockchain and business process management in health care, especially for COVID-19 cases. Security and Communication Networks, 2021, pp.1-16.
El Khatib, M., Nakand, L., Almarzooqi, S. and Almarzooqi, A., (2020). E-Governance in Project Management: Impact and Risks of Implementation.
Fok, S.Y.B., (2020). Chattel Land: Legal and Labor Histories of Reclamation in Singapore (Doctoral dissertation, University of Minnesota).
Hastig, G.M. and Sodhi, M.S., (2020). Blockchain for supply chain traceability: Business requirements and critical success factors. Production and Operations Management, 29(4), pp.935-954.
Kimani, D., Adams, K., Attah-Boakye, R., Ullah, S., Frecknall-Hughes, J. and Kim, J., (2020). Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?. Technological Forecasting and Social Change, 161, p.120254.
Kumar, G., Saha, R., Buchanan, W.J., Geetha, G., Thomas, R., Rai, M.K., Kim, T.H. and Alazab, M., (2020). Decentralized accessibility of e-commerce products through blockchain technology. Sustainable Cities and Society, 62, p.102361.
Li, J. and Kassem, M., (2021). Applications of distributed ledger technology (DLT) and Blockchain-enabled smart contracts in construction. Automation in construction, 132, p.103955.
Manzoor, A., Samarin, M., Mason, D. and Ylianttila, M., (2020). Scavenger hunt: Utilization of blockchain and IoT for a location-based game. IEEE Access, 8, pp.204863-204879.
Mühlberger, R., Bachhofner, S., Di Ciccio, C., García-Bañuelos, L. and López-Pintado, O., (2019). Extracting event logs for process mining from data stored on the blockchain. In Business Process Management Workshops: BPM 2019 International Workshops, Vienna, Austria, September 1–6, 2019, Revised Selected Papers 17 (pp. 690-703). Springer International Publishing.
Smith, S.S., (2019). Blockchain, artificial intelligence and financial services: Implications and applications for finance and accounting professionals. Springer Nature.
Sturm, C., Scalanczi, J., Schönig, S. and Jablonski, S., (2019). A blockchain-based and resource-aware process execution engine. Future Generation Computer Systems, 100, pp.19-34.
Viriyasitavat, W., Da Xu, L., Bi, Z. and Pungpapong, V., (2019). Blockchain and internet of things for modern business process in digital economy—the state of the art. IEEE Transactions on Computational Social Systems, 6(6), pp.1420-1432.
Wilson, J.C., Hearty, F.R., Skrutskie, M.F., Majewski, S.R., Holtzman, J.A., Eisenstein, D., Gunn, J., Blank, B., Henderson, C., Smee, S. and Nelson, M., (2019). The apache point observatory galactic evolution experiment (apogee) spectrographs. Publications of the Astronomical Society of the Pacific, 131(999), p.055001.
Yilmaz, M., Tasel, S., Tuzun, E., Gulec, U., O’Connor, R.V. and Clarke, P.M., (2019). Applying blockchain to improve the integrity of the software development process. In Systems, Software and Services Process Improvement: 26th European Conference, EuroSPI 2019, Edinburgh, UK, September 18–20, 2019, Proceedings 26 (pp. 260-271). Springer International Publishing.
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