Business Process Re-Engineering
In an era of globalization, increasing economic pressures and significant regulatory scrutiny, the role of today’s finance executives is broader than ever. Chief financial officers (CFOs) can no longer focus solely on accounting transactions and financial reporting; they must become strategic business partners, providing specific internal and external skills and services across their organizations.
F1 strongly believes and practices that, Business process reengineering (BPR) is an approach, aiming at improvements by means of elevating efficiency and effectiveness of the business process that exist within and across organizations. The key to BPR is for organizations to look at their business processes from a "clean slate" perspective and determine how they can best construct these processes to improve how they conduct business. Business process reengineering is one approach for redesigning the way work is done to better support the organization's mission and reduce costs. Reengineering starts with a high-level assessment of the organization's mission, strategic goals, and customer needs.
Within the framework of this basic assessment of mission and goals, F1’s reengineering team focuses on the organization's business processes--the steps and procedures that govern how resources are used to create products and services that meet the needs of particular customers or markets. As a structured ordering of work steps across time and place, a business process can be decomposed into specific activities, measured, modeled, and improved. It can also be completely redesigned or eliminated altogether. Reengineering identifies, analyzes, and redesigns an organization's core business processes with the aim of achieving dramatic improvements in critical performance measures, such as cost, quality, service, and speed.
Reengineering recognizes that an organization's business processes are usually fragmented into subprocesses and tasks that are carried out by several specialized functional areas within the organization. Reengineering maintains that optimizing the performance of subprocesses can result in some benefits, but cannot yield dramatic improvements if the process itself is fundamentally inefficient and outmoded. This drive for realizing dramatic improvements by fundamentally rethinking how the organization's work should be done distinguishes reengineering from process improvement efforts that focus on functional or incremental improvement.
F1 Business Process Re-engineering Methodology:
Envision new processes:
- Secure management support
- Identify reengineering opportunities
- Identify enabling technologies
- Align with corporate strategy
Initiating change :
- Set up reengineering team
- Outline performance goals
Process diagnosis :
- Describe existing processes
- Uncover pathologies in existing processes
Process redesign :
- Develop alternative process scenarios
- Develop new process design
- IDesign HR architecture
- Select IT platform
- Develop overall blueprint and gather feedback
Reconstruction :
- Develop/install IT solution
- Establish process changes
Process monitoring :
- Performance measurement, including time, quality, cost,
IT performance
- Link to continuous improvement
