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A workflow process is a predictable and repeatable set of tasks between two or more people or systems. It is a sequence of approvals and inputs in which each task is dependent on the previous one's completion.
Process mapping, task management, and performance tracking are three basic workflow management practices.
A workflow engine in the cloud is a software tool that automates the process of tracking and managing workflow processes in a cloud environment. It ensures that tasks are completed in the right order and according to the defined rules and parameters.
The three basic components of a workflow are Input, Process, and Output.
Input - refers to the raw materials, data, or information that is required to initiate the workflow
Process- refers to the steps and actions that are taken to transform the input into the desired output
Output - refers to the final result or deliverable of the workflow.
Learn the complete overview of the workflow here.
The 8 stages of a workflow are:
Cloud workflows are hosted on remote servers and accessed via the Internet, while on-premises workflows are hosted on local servers and accessed within the company's internal network. Cloud workflows offer greater flexibility and scalability, while on-premises workflows offer greater control and security.
A workflow checklist is a list of tasks to be completed in a workflow process. It helps users ensure that all necessary steps have been taken and nothing has been omitted.
Workflow is a broader term encompassing multiple organizational processes, while approval flow is reviewing and approving tasks or projects.
Simple Approval Workflow, Sequential Approval Workflow, Parallel Approval Workflow, Dynamic Approval Workflow, Conditional Approval Workflow, and Hierarchical Approval Workflow
Some best practices for designing effective approval workflows include: Clearly defining the process. Identifying roles and responsibilities. Setting clear deadlines. Communicating clearly with stakeholders. It's also important to consider the needs of both the requester and the approver.
Common use cases for workflow automation in businesses include HR processes such as onboarding and offboarding, finance processes such as invoice approvals and expense reimbursements, and IT processes such as ticket handling and asset management.
Workflow management is the process of digitally modeling the tasks in a workflow and creating the appropriate connections. Here are a few things to remember as you model a workflow.
The different types of workflow automation include business process automation, robotic process automation, and artificial intelligence-powered automation.
In an automated workflow, the system knows exactly whom it should go to next and transfers the data as soon as someone is finished with a task. Automated workflows can also delegate many trivial jobs to machines so humans can be more involved in strategy and innovative projects.
Workflows that use a human-centric tool often have a lot of approvals or tasks that need human involvement. These workflows might have automated tasks, but they still keep humans on a higher pedestal.
System-centric workflow processes involve high interoperability between multiple systems, also known as integration-centric BPM or IC-BPM. They focus on how different systems communicate and perform tasks.
Document-centric workflows are popular among businesses that place high value on documents, such as law firms, financial institutions, contract management companies, healthcare agencies, engineering firms, etc.
Procurement is the entire process used to fulfill those organizational needs that require external vendors. It includes sourcing, risk management, supplier management, the procure-to-pay cycle, Purchase Order and Invoice management, and vendor performance tracking and relationship maintenance. It further includes spend analysis and budget and contract management and is tied closely to the Accounts Payable workflow. Contract management is an essential part of procurement. It involves negotiating and drafting mutually beneficial contracts with vendors, storing them, and ensuring their timely renewal. Mistakes in this process can cost an organization and can even lead to lawsuits.The use of procurement software can cater to both these processes. Such software not only automates the P2P cycle but also lets teams identify the vendors with which long-term contracts will be suitable. These contracts can then be digitally stored and the software notifies the users when the expiration date of the contracts approaches.
A PO invoice is an invoice that is generated and submitted by a supplier after receiving a valid purchase order from a buyer. Once the supplier fulfills the order and delivers the products or services, they create a PO invoice to request payment from the buyer.A non-PO invoice, on the other hand, is an invoice that a supplier submits without requiring a prior purchase order. This is often used for ad-hoc services, small purchases, or situations where a formal purchase order process might be impractical. Non-PO invoices are typically processed based on a service receipt, delivery receipt, or other verification forms, and they require approval before payment is made.
Mainly, both these invoices function to state the number of goods and the payment due as a transaction is made, but other specifics vary.
A purchase invoice is issued by a buyer after they send the Purchase Order to the vendor. It’s issued on the date of purchase as a confirmation of the quantity and cost of the items purchased, and its payment is due after goods are expected to be delivered. The purchase invoice tracks a company’s expenses and cash outflow.
On the other hand, a sales invoice is issued by the seller, and it shows when they expect the payment. It is usually sent by the vendor as they dispatch the goods and mentions the number of items as well as the total cost they are owed. The sales invoice essentially marks the completion of an order, and the vendor uses it to track their revenue and cash inflow.
It is the sales invoice that the procurement team utilizes for three-way matching after the receipt of the product. Companies use invoice automation software for this purpose to eliminate all recording, approval, and processing errors.
Source-to-pay or S2P is used to express the entire process involved in procurement. Starting from identifying and negotiating with a supplier till the delivery and the payment for those items. It can be done both manually or through an automated procurement system.
There is no difference between the terms. Both refer to the P2P cycle that begins as a Purchase Requisition is raised and ends as the payment is dispatched to the supplier. Let’s go through an ideal Procure-to-pay process in its entirety:
The company uses a procure to pay software when they need to order something, and then a manager will fill in a Purchase Requisition and take it for approval. If approved, the procurement team will look into their list of consolidated vendors and send RFQs or RFPs to those vendors to enquire about relevant products or services and their prices. Once the procurement team finds a suitable solution, they will go for the most cost-effective and minimal-risk-offering option and open a Purchase Order to their chosen supplier after getting it approved.
As the vendor sends the goods and the invoice, the receiving officer will make a note of the quantity, type, and quality of items received in the form of a Goods Receipt Note [GRN]. The Accounts Payable personnel will then compare the PO, GRN, and the seller’s invoice, get the invoice approved and dispatch the payment.
Procurement departments use direct and indirect procurement processes to fulfill contrasting organizational needs. The Goods or services bought through direct procurement processes are incorporated into the end product. Examples of direct procurement include:
Goods sourced through indirect procurement are not incorporated directly into the end-product, even though they may help in manufacturing. Examples of indirect procurement include:
Both these procurement processes can be automated in a similar manner through procurement process software.
A Purchase Order in accounting is a document sent by a buyer to a seller that details the buyer’s expectations from the purchase. It includes the description and quantity of goods, prices, order placement, and shipping dates, any discount terms, Freight on Board (FOB) information, and a signature of the approving authority. This legally binding sourcing document shows the purchaser’s commitment to buy the detailed goods and services. Procurement teams issue Purchase Orders after a Purchase Requisition (PR) is approved. As POs are made, they are internally routed for approval again, and then they await acknowledgment and acceptance by the vendor. The supplier can accept or reject the PO, and POs are legally valid only if the vendor approves them. AP personnel use the PO later on in the three-way matching to compare it to the Goods Receipt Note and the invoice. They only dispatch the payments after ensuring consistency. This entire workflow is automatic if the organization is using Purchase Order Software.
When a buyer places an order with a seller, it does so with a Purchase Order.
A Purchase Order (PO) is a document sent by a purchaser to a supplier that details the description and quantity of goods, prices, order placement and shipping dates, any discount terms, Freight on Board FOB information, and a signature of the approving authority. This document is considered legally binding after the supplier accepts it as it shows the buyer’s promise to buy the mentioned goods and services. Purchase Order software is usually employed to track the status of POs.As the supplier dispatches the goods, it sends an invoice to the buyer. This invoice shows the due payment. Invoices are compared to PO and Goods Receipt Note in a process of three-way matching before the payment is dispatched.
As the seller receives the payment, they send over a receipt for record-keeping purposes. This receipt is not intended for any future use but is proof of a completed transaction.
Once a procurement team approves a Purchase Requisition, they move on to find a suitable vendor to raise the Purchase Order to. For this purpose, they require the vendors to state their prices. Sophisticated procurement software can convert the PR to RFQ with just a click.
An RFQ refers to a Request for Quote and is also known as IFP - Invitation for Bids. Procurement teams send these to their preferred suppliers so that they submit the price quotes and bids. RFQs provide details of the product or service required and specify the quantity needed. As the approached vendors submit the bid, the company compares them and generally accepts the one that offers the lowest price and meets the necessary criteria.
RFQs are not contracts. Contracts are only generated as a company opens a Purchase Order to the selected supplier. Requests for Quotes are highly specific in nature, so companies use them only when they know exactly what they are looking for, how much their budget is, and what suppliers they can send the invitations to. They are not to be confused with Requests for Information (RFIs) or Requests for Proposal (RFPs).
Organizations automate invoice processing through invoice automation software or procurement automation software. Invoice automation involves numerous technologies that replace data entries by hand. First, Optical Character Recognition (OCR) converts the text from images or handwritten notes into machine-encoded text that the system reads through Smart Data Extraction. The technique eliminates manual input, making the process faster and free of errors. The software then uses the extracted data to automatically perform three-way matching between the invoice, the Purchase Order (PO), and the Goods Receipt Note (GRN). Once this is successful, the invoice is automatically routed for approval and paid by the Accounts Payable, once approved.This process is fast, error-free, and completely transparent, ensuring that the company pays all invoices accurately and timely. Automation mitigates the risk of fraud too. It prevents the deterioration of supplier relations, as it eliminates delayed, incomplete, or missed payments. Automation lets companies save on labor costs as well. A majority of advanced procurement management software providers offer invoice automation facilities.
Each organization operates uniquely and has different needs. A procurement policy provides a framework under which such needs are to be met.
The procurement policy constitutes a set of rules that govern the procurement process and lay down the basis for procurement practices. It defines standards and identifies the goals of the procurement function to guide employees in decision-making. Let’s go through some examples.
Suppose you want to get a PO approved, but you’re being asked to get it approved by multiple personnel rather than just one. In this case, it is entirely possible that your organization has a policy around POs that are above a certain budget threshold. Similarly, your company will have policies around onboarding new vendors, the types of contracts it establishes with vendors, budgets of different departments and projects, confidential information, supplier selection criteria, etc.
Designing thorough procurement policies is essential to optimizing the company’s procurement procedures per its goals. Such a policy can suffer because of communication errors and lack of oversight, insight, and visibility. However, you can make policy implementation effective by using procurement software.
Like any other procurement software, Procurement Integrated Enterprise Environment (PIEE) aims to make an organization’s procurement work processes and internal communication efficient and effective without increasing IT complexity so every team member can adopt it quickly and start reaping benefits.
Although there are numerous advantages of a Procurement Integrated Enterprise Environment (PIEE), these two are the main ones:
1. Enhanced Productivity and Collaboration: From pre-award to contract closure, such procurement software allows for optimization at every stage of the procurement process, minimizing human data entry and administrative responsibilities. Previously, if it takes a day to move files around the desks for approvals, PIEE can help you get multiple approvals within a few minutes. Along with that, integrated document management and messaging features provide a centralized platform for organizations and roles to securely communicate and share crucial data.
2. Increased Visibility: All users have increased visibility into the procurement process at all times because of global access to information such as reports, papers, and workflow statuses. Any authorized individual can check the status of any task and can find out where it is stuck so it can be released timely.
In addition to that, it provides visibility on spend expenditure that informs authorized personnel who spent what amount which limits maverick spending.
The challenges in the procure-to-pay processes are rooted in a lack of data and transparency, redundant manual tasks, and inefficient communications. The typical difficulties include uninformed decisions, risk of fraud and non-compliance, inefficient spend management, and inefficient, time-consuming processes. These can incur extraneous costs and affect the bottom line of the organization directly, so they need to be addressed. When procurement departments do not have a sufficient amount of past and real-time data about vendors and their products, they can not assess risks or compare vendors effectively. This blind spot makes risk management and resilience-building difficult. Lack of visibility can cause incorrect order estimates in PRs, rogue spending, dark purchasing, risk of fraud, expiring contracts, and inaccurate, delayed, or missed payments. Budget overruns can be common. Similarly, manual data entries can cause lags in the process and be error-prone. Tracking supplier performances manually can be complicated, and relationships with good suppliers can deteriorate because of problems in disbursing payments timely. Manual KPI calculation suffers from a lack of accurate data. Internal and external communication failures can make the process lengthy and erroneous as well.Typically organizations opt to use a centralized procure to pay software to solve these problems.
RFP stands for Request for Proposal, whereas RFQ stands for Request for Quote. While both are sent as a means to pick out the most suitable vendor, they are different documents used in different situations.
RFQs are concise documents that you use when you know the exact quantity and type of product you’re looking for. Organizations send RFQs to their shortlisted suppliers. As the vendors submit their bids, the procurement team generally goes for the one that enables the most savings.
On the other hand, you can use RFPs when you don’t know the exact type of goods you’ll require. Here, the company details the problem it needs help with and requests the vendor to suggest a solution based on certain criteria. RFPs also indicate to the vendors that they are ready to buy a product or service if it's fulfilling their needs. The replies to an RFP aren’t only compared based on the pricing of the vendor. Instead, they are assessed based on the project’s criteria, and the most suitable solution is selected.
Advanced procurement software now lets you convert your Purchase Requisitions to RFQs and facilitate the generation of RFPs, so template designing is no longer an ordeal.
Purchasing processes are said to be centralized when all purchasing-related decisions and their execution falls under one central team’s – the procurement team’s – responsibility. So, the first step of centralizing purchasing and procurement is to build a procurement team or department if you do not have one already.
Your central procurement team will assess suppliers and consolidate a list of preferred ones. As the procurement personnel receives a Purchase Requisition, they will raise RFQs and RFPs, negotiate with the vendors, raise Purchase Orders, and manage the resulting contracts. They will also be responsible for spend analysis and recording procurement-related KPIs. Do note that such a process may not be feasible for all businesses. However, it eliminates maverick spending and facilitates compliance checking.
Centralizing can be facilitated immensely if the organization digitalizes its procurement process through procurement automation software. It also brings AP on board as well, so three-way matching and invoicing are also performed on the central procurement platform. This results in a streamlined P2P cycle with accurate records and clear visibility.
Audits are official inspections of a company’s accounts. Procurement audits ensure that procurement processes align with the company’s policies and procedures and are not corrupted in any way. Transactions are usually the main focus of audits.
Audits go through key indicators of procurement performance such as savings, compliance, timelines, etc., to gauge their efficiency. They can reveal which processes need to be fixed and which opportunities can be leveraged to cut down costs.
Similarly, audits keep a check on the external players of procurement as the process also includes going through contracts to see if vendors are following the terms and conditions of contracts. This is done to ensure compliance and let organizations determine which suppliers to replace.
The procurement department has to utilize a large portion of an organization’s revenue to procure goods and services, so inefficiencies create room for fraud. Audits track money trails to ensure no cash disappears from within the company, and the organization’s integrity is not compromised.
Audits require proper documentation for their successful execution. Organizations that deploy procurement software are at an advantage as advanced procurement solutions record audit trails digitally, ensuring that everything can be traced and central oversight can be maintained.
Unlike traditional ROI, which is evaluated purely on sales, procurement ROI is assessed by comparing department expenses to the overall savings it delivers for the entire business, financially and operationally. A purchasing software can greatly help you measure ROI and here’s how you can do it.
Total Cost Per Invoice involves full costs of the account payable department divided by the number of total invoices per month or year.
Total Paper Check Payments And Cost Per Payment which includes all staff time spent executing check runs and resolving bounced checks
Total Rebates Achieved will provide you with an overview of the discounts bagged from the suppliers and hint whether you need to renegotiate the terms of contracts.
Amount of Catalog Compliance will tell you how your employees are locating and requesting the items they require. If this figure is significant, you can save money through online catalogs.
Length of Purchase Cycle will help you determine the time taken between the placement of the order and the payments getting cleared. This can inform you where things are becoming delayed and where you can cut down expenses.
Keeping track of purchasing activities through manual means is an ordeal - it’s resource-intensive, error-prone, time-consuming, and does not have a guaranteed success rate. So, the most efficient solution to utilize here is the use of Purchase Order software.
Tracking purchasing activities should begin right at the creation of Purchase Requisitions and include approval statuses and the information about opened POs. The software facilitates this at every step of the procure-to-pay cycle. You’ll be able to convert PRs to POs with just a few clicks, and the resulting orders will automatically be sent to the preset approvers. POs will be organized per their approval status as well, and you’ll be able to see which ones need revisiting.
Purchase Order software will also store data from your opened POs and utilize it for three-way-matching later on. Invoice automation will handle the next part of purchasing, and you’ll have a detailed audit trail to fall back upon. Advanced procurement automation solutions, such as Kissflow Procurement Cloud, offer PO and invoice automation as a part of their features.
Reliable and efficient procurement processes tend to create more significant revenue and profits for businesses. Here’s how using a procurement software can benefit your business:Managing Your Inventory - Striking the right balance between too much and too little stock.Streamlining Processes - Automating procurement processes such as purchase orders, requisitions, and payments to reduce the cycle time.Controlling Operations Costs - Avoiding wrong orders, duplications, distribution mistakes, and so on.Settlement of Payments - Resolving late payments, Invoicing missing payments, and so on.Maintain Quality - Establishing strong supplier relationships to get better quality products at reasonable prices.By focusing on these areas, organizations cut down multiple costs, produce quality products within time and enhance their reputation in the marketplace, which ultimately leads to business growth and profitability.
A procurement card is a type of company charge card that lets you procure goods and services you need without having to follow the traditional purchasing process. It offers better cost efficiency, control, and convenience. It is also referred to as a Purchasing card or a P-card.
Conventionally, procurement departments have been dominated by scattered processes and inefficient communication channels. The personnel often do not have access to sufficient data, making them approve POs and PRs without enough insight. Approvers have to be manually hunted, and problems such as dark purchasing and maverick spending are common. All this results in multiple inefficiencies.
In order to improve the procurement department, you’ll need to improve communication and visibility alongside better overseeing mechanisms. Centralizing your procurement processes and moving to a digital platform may be your best bet in this regard. Procurement software brings all related activities to a single platform. All PRs, POs, and Invoices can be stored based on their approval statuses, so accessing data becomes straightforward for the department. The need to leave notes and make phone calls for approvals is eliminated because the software automatically routes documents for approval and notifies the relevant personnel. Communication becomes smarter this way.
Having digital records also eliminates dark spending, allowing more oversight into finances. Better supplier consolidation also gets rid of maverick spending. Automation reduces manual input, reducing errors and eliminating redundant and repetitive work. In this way, smart, automated technology intelligently optimizes procurement departments.
The supply chain constitutes a network of entities and resources involved in the creation and sale of a product.
It includes the entire sequence of activities and the participating entities that begin with procuring raw materials and end at product distribution. The whole network of a company’s suppliers is a part of the supply chain.
Procurement involves the process that begins as an organization identifies a need and ends when the good or service is paid for. It includes strategic sourcing, PR raising, PO generation, vendor management, approval processes, receipt, invoices, and three-way matching. It is essentially the entire set of activities involved in obtaining a good or service for an organization.
Both these processes are now increasingly being streamlined through automation as it facilitates deals with suppliers and hastens related workflows and data entries. Procurement software can digitalize these processes majorly to save cost and time.
Adaptive Project Framework (APF) is a project management framework that rejects all traditional policies, adapting to the changing situations and requirements of your client. It allows you to create new plans and find better solutions whenever a change occurs. It accommodates the unanticipated factors that inevitably crop up during some projects.
An Aggregate Project Plan (APP) is a strategy that creates objectives to determine what resources and team members will be needed for a future project according to demand and resource capacity. It helps improve the way in which leaders manage projects and ensures that the project reaches its defined goals.
It is a tool that explains or outlines the major terms of reference in a project. It is an acronym used to explain the different ideas surrounding the overall project methodology which includes background, objectives, scope, constraints, assumptions, risks, and deliverables.
CapEx (Capital Expenditure) refers to the money spent on buying fixed physical assets or on upgrading existing ones to extend their use. Examples of capital expenditure include the expenditure incurred on purchasing or upgrading equipment, vehicles, buildings, properties, etc.
CapEx spending is of prime importance for companies for the maintenance of existing property and equipment, and to invest in new technology and various assets for growth.
A case study consists of a detailed study used to understand the working of a certain company or an industry. The analysis is included to refine the project plan based on the trends and information studied in the company’s state of working or processes.
Within the realm of project management, change freeze usually refers to a point in time after which project changes are no longer allowed. A change freeze is typically implemented toward the end of a project as a hard date and time limit to wrap up work on the project before the delivery of a product or service to a client.
The closing phase refers to the final phase of the project management process during which every activity and role is officially wrapped up. Examples of closing-phase activities include sending the final service/product to the client, getting client approval, ending contracts with suppliers, releasing the project team, and creating performance reports.
A cost management plan refers to a plan that contains all the guidelines and procedures needed to manage project-specific costs including how these are planned, estimated, financed, and controlled. The ultimate purpose of a cost management plan is to ensure project completion on time and within budget.
A cost overrun refers to a situation in which the expenditure of funds exceeds the estimated budget and necessitates finding new resources to cover additional money spendings. Cost overruns most commonly occur as a result of of underestimating the overall budget required for a project. Cost overruns are most common in technology, building, and infrastructure projects.
The Cost Performance Index (CPI) is a method for calculating the cost efficiency and financial effectiveness of a specific project through the following formula:
CPI = earned value (EV) / actual cost (AC).
A CPI ratio with a value higher than 1 indicates that a project is performing well budget-wise. A CPI value of 1 indicates that a project is performing on budget. A CPI value that is less than 1 indicates that a project is over budget.
Critical Chain Project Management (CCPM) refers to a project management method that revolves around project timing, buffer determination, length estimates reduction, activity completion notification, progress measurement, and priority establishment. This method was developed in 1997 by Dr. Eliyahu M. Goldratt.
The Critical Path Method (CPM), also known as Critical Path Analysis (CPA) is a project management method that helps in the scheduling and prioritization of tasks to determine the longest series of activities that need to be completed on time for a project to be able to reach its deadline.
In the context of project management, dependency refers to a logical relationship between tasks that is indicative of the order in which activities will begin and when they need to be performed. For instance, if task B requires the completion of task A, then we could say that task B is dependent on task A.
Extreme Programming (XP) refers to an Agile framework that is used primarily in software development. This framework prioritizes the importance of constantly responding with results and changes to evolving customer requirements with the aim of improving the final product’s quality. It advocates short development cycles and frequent feature releases.
A Gantt chart is a chart that can be used for the planning of tasks and for tracking project schedules by displaying each activity against a time frame. It can be of particular use in simplifying complex projects. Gantt charts have been in existence for over a century, having been invented by Henry Gantt, an American mechanical engineer, around 1910.
A human resource plan, which is part of the project management plan, is a document that is intended to provide information on a project’s roles, responsibilities, associated skills, and reporting relationships. An additional essential component of human resource planning is a thorough and carefully executed encapsulation of all project team members through a comprehensive project staffing management plan.
In project management parlance, iteration refers to the act of repeating and reviewing a procedure or task several times over an agreed schedule period until the final product can be sent to the client. Iteration is mainly used in the Scrum framework through small fixed time cycles for product development.
In business parlance, a Key Performance Indicator (KPI) refers to a value that shows the success rate of a project or how effective its development has been in reaching set targets. A KPI provides a focus for operational and strategic improvement. This metric is usually established well before work on project execution starts.
A kickoff meeting refers to the initial meeting that is held between the project team and clients and other stakeholders before the official start of project execution. You can use a kickoff meeting to review requirements and goals and to set the standards that will guide the project development process.
Net present value is a concept that compares the present value of a unit of currency to its inflation-adjusted predictive value in the future. It allows companies to determine the financial benefits, to judge the value of an investment at a particular discount rate or lack thereof, and of long-term projects.
The stage of a project development process where you make all plans, select a team, create a schedule based on the activity estimations, and get your client’s approval to start working on the project.
A portfolio describes the groups of different projects or programs relevant to the different activities involved in the project. It includes other, but related, activities and responsibilities meant to be carried out during the project.
Resource Management is simply the scrutinization of the production process with regard to the resources meant to be used in a particular project. Inefficient maintenance, scheduling, and poor quality of both tangible and intangible assets can result in several operational inefficiencies, leading to increasing costs for an organization.
Quality Assurance (QA) refers to a method that helps project managers oversee and successfully manage project processes by preventing any errors or problems from happening. ISO 9000 defines quality assurance as “part of quality management focused on providing confidence that quality requirements will be fulfilled.”
Quality Control (QC) is a method that uses established rules to deliver a final product or service that is in accordance with the client’s requirements. Consider quality control as the set of activities used to evaluate whether your specific service or product meets the quality requirements outlined for your project.
Risk mitigation comprises the ideal response to potential risks and major issues that might arise within a project. It includes various precautions that help in overcoming the major issues or minimizing their damage.
In project management parlance, a risk is any uncertain/unexpected event that could have a positive or negative effect on the project if it were to occur. The three most common types of risks are cost escalation, going over schedule, and the possibility of the project not performing up to specifications.
The Schedule Management Plan refers to a part of the Project Management Plan that lays down the criteria for activities that require to be performed as well as who will bear the responsibility for managing a project’s schedule. This plan not only provides guidance but also sets expectations for procedures and project schedule policies related to planning, developing, managing, executing, and controlling a project’s schedule.
The project schedule displays the milestones, activities, deliverables, and the people responsible for each task on a timeline. It is created during the project planning phase and teams alter it over the course of the project. The Gantt chart is a universal tool that’s used in project scheduling.
Scrum is an Agile methodology that works best in a cross-functional team working on projects that can extend up to several weeks. Scrum emphasizes its core values-commitment, courage, focus, openness, and respect. The Scrum team does work in short cycles called sprints and meets daily to discuss tasks and roadblocks.
A User Acceptance Test (UAT) refers to a test conducted by a customer to ensure that a system, component, or product delivered to them meets final specifications or requirements. In other words, the purpose of a User Acceptance Test can be said to be to ensure that the solution of the project meets the functional and non-functional requirements initially specified.
Waterfall Methodology is a linear approach where processes occur in a predictable sequence. In this approach, the project follows a preplanned set of stages and assumes that the requirements remain fixed while the budget and project timeline can be changed. This approach is more suitable for projects where the possibility of changes in the scope is negligible.
In the simplest of terms, within the realm of project management, a work breakdown structure refers to a hierarchical breakdown of the work to be executed by the project team based on deliverables. All the work that is part of the WBS must be identified, estimated, scheduled, and budgeted.
Yes, Business Process Model and Notation (BPMN) is widely used for modeling and documenting business processes. BPMN has become a widely accepted standard for process modeling and is supported by a variety of tools, including process modeling tools, business process management systems, and modeling frameworks.
No, Business Process Management (BPM) and Enterprise Resource Planning (ERP) are not the same thing. BPM is a systematic approach to improving an organization's processes, with the goal of making them more efficient, effective, and responsive to change. It involves mapping, analyzing, optimizing, and automating business processes to ensure they are aligned with the organization's goals. ERP, on the other hand, is a type of software that integrates various business functions, such as accounting, human resources, procurement, and customer relationship management, into a single system. The goal of ERP is to provide a unified view of the organization's data and operations, to help make informed business decisions.
Three key business processes are:
1. Collect and organize data2. Choose a mapping tool3. Create a map4. Interpret and analyze the map
The four basic process strategies are:
The 4 main types of business processes are:
Business Process Model and Notation (BPMN) provides a standard set of symbols to represent business processes. The following are four of the most commonly used symbols in BPMN:
Level 1: Process Flowchart Level 2: Process MapsLevel 3: Work InstructionsLevel 4: Standard Operating Procedures (SOPs)Level 5: Process Automation
The 5 phases of the management process are planning, organizing, leading, controlling, and evaluating.
The five pillars of Business Process Management are:
The seven steps of business process optimization are:
The five core business processes are:
The five steps in business process improvement are:
The five steps in the Business Process Management (BPM) process are:
The four key areas for business process improvement are:
The four stages of Business Process Management are:
The four steps in business process analysis are:1. Define the process to be analyzed.2. Map the current process.3. Analyze the current process.4. Improve the process.
The key elements of a business process are:
The key goals of Business Process Management (BPM) are to:
There are several notations that are commonly used in process modelling, including:
The six core elements of Business Process Management (BPM) are:
The six steps of business process improvement are:
The three basic elements of automation are:
The three main purposes of monitoring are:
The three types of process management are operational, project, and Business Process Management.
A BPM (Business Process Management) framework is a structured approach to designing, executing, and continuously improving business processes. A BPM framework provides a set of guidelines, methodologies, tools, and best practices for organizations to manage and optimize their business processes.
An example of digital automation is a company automating its invoicing process by using software to automatically generate and send invoices to customers, reducing the time and effort required by humans.
An example of process monitoring is monitoring the performance of an order-to-cash process. This process could be monitored by tracking key metrics such as the average time it takes to process an order, the percentage of orders that are fulfilled on time, and the rate of customer complaints related to the order-to-cash process.
Process orchestration is automating business processes and workflows by coordinating and sequencing tasks and activities across different systems, applications, and services. It involves managing the flow of information and data between different system components and ensuring that they work together efficiently and effectively.
A process analysis example could be analyzing the order fulfillment process for an e-commerce company to identify areas for improvement, such as reducing the time it takes to fulfill an order or improving the accuracy of order delivery.
BPA (Business Process Automation) refers to the use of technology to automate repetitive, manual, and time-consuming tasks within a business process. BPM and BPA are related, but BPM is a broader concept encompassing the full spectrum of activities involved in managing business processes. At the same time, BPA focuses specifically on automating tasks within those processes.
Business Process Management (BPM) and Customer Relationship Management (CRM) are two distinct but related concepts in the field of business management. BPM is a systematic approach to improving an organization's processes to make them more efficient, effective, and responsive to change. On the other hand, CRM is a strategy for managing all aspects of an organization's interactions with its customers and potential customers.
BPM (Business Process Management) and DPA have some similarities, but BPM focuses on the management and optimization of business processes, while DPA is specifically concerned with the automation of these processes.
BPM (Business Process Management) is a systematic approach to improving and optimizing an organization's work processes to increase efficiency, reduce costs and improve customer satisfaction. iBPM (Intelligent Business Process Management) is an advanced form of BPM that utilizes new technologies such as Artificial Intelligence, Machine Learning, and Robotic Process Automation to automate, streamline and optimize business processes.
BPMN (Business Process Model and Notation) and UML (Unified Modeling Language) are both modeling languages used to represent systems and processes visually, but they have different focuses and purposes. BPMN is specifically for modeling business processes with a simple and intuitive notation. At the same time, UML is a general-purpose modeling language for complex systems, including software and business processes, with a wider range of diagrams and a more complex notation.
The main goal of automation is to improve efficiency, accuracy, and speed in business processes, ultimately leading to increased productivity and reduced costs.
The most common tool for process analysis is flowcharting, which involves creating a visual representation of a process to help identify inefficiencies and areas for improvement.
The role of process management is to ensure that processes are efficient, effective, and align with the overall goals and objectives of an organization.
The four phases of business process modeling are
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