Keeping the processes systematic and controlled is imperative for businesses operating in the finance industry. Automated tools like the Business Process Management (BPM) software streamline the process way better than the conventional methods. BPM software come with capabilities like process automation that eliminate human errors, visual process design that help in creating efficient workflows, low-code that encourages citizen development and much more.
BPM a.k.a Workflow software are mobile and cloud enabled, thus allowing you to manage your business processes without requiring you to be at your desk. Managing complex tasks become easy when you incorporate BPM software in your business. Here are four reasons why Accounting and Certified Public Accountant (CPA) firms should leverage BPM solutions.
1. Enhanced security
Security is the biggest concern in the Financial Services Sector (FSS) and conventional methods of business process management are not sufficient to cater to the needs of today’s security requirements. With role-based access control and strategic regulatory compliance, BPM software provides military-level security to your data.
Companies with BPM software incorporated in their business ensure zero percent security breach. These businesses also get additional benefits like automated operational risk management, audit management, anti-money laundering etc.
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New corporate governance and increased regulatory vigilance have the tendency to make process management more complex and expensive. The system’s integrated approach enables lower transaction costs and increased customer satisfaction.
By streamlining business processes, BPM software increases employee productivity. Also, it reduces the customer service costs. Digitization reduces human errors that eventually eliminate the costs that would rather be spent on compensation. Digitized systems also provide an enhanced view of costs, margins, and revenues.
3. Time Efficiency
BPM software ensures reliability not just in terms of security and costs but streamlines the entire process. Technological advancement across industries have set the process standards really high.
Customers tend to expect your response to be quick, reliable and accurate. Leveraging BPM software can help you manage macro-level processes and bridge the process execution gap. As a result, the response becomes quicker, accurate and time efficient.
4. Delightful Customer Experience
Finance is one of the fast-growing industries in the world. The number of CPA and accounting firms keep on increasing each day. It is hard to survive in the market if you don’t have a competitive advantage. Time efficiency, military-security and cost-effectiveness delivered by BPM software end up delighting customers.
Satisfied customers tend to provide more work and even refer you to other people. Providing a delightful customer experience is important because it costs 6-7% more to find new customers than retaining the existing ones. On an average, an increase in a company’s customer retention by 5% can increase the profitability by 25% to 95%.