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Thursday, 4 February 2016

Blockbuster's Business Process Management Failure

Blockbusters Business Process Management Failure
In a rapidly evolving and increasingly intense global marketplace, accurately anticipating market changes and consumer desires is paramount to maintaining longevity.
Utilizing technology to collect data, track and respond to trends and expand employee collaboration helps businesses succeed in turbulent times. To secure a competitive edge, many companies use a responsive business process management system (BPM) to help them meet profit goals.
Blockbuster’s Lesson
Some companies that enjoy great success seem to ignore the fact that the business environment will change making it necessary to adapt or be challenged.
At one time the most successful movie rental company in the marketplace, Blockbuster filed for bankruptcy in 2010. The rising popularity of streaming movies opened the window for Netflix to outpace Blockbuster, which remained primarily a DVD rental company despite data indicating consumer trends were driving growth in another direction.
Understanding the data available through monitoring a company’s workflow process can give indicators about what customers want and are responding to most readily.
Connecting employees in different divisions with a good business process management system can allow them to view information and create reports most applicable to their work situation. Also, providing a companywide framework for accessing and sharing data can lead to better innovation and more creative problem-solving.
When the whole company is on board in solving problems and sharing ideas, new opportunities unfold and more agility is possible.
Business Process Management Supports Resilience
Smart business executives know that in order to stay ahead of the competition they need to make business process changes that reflect consumer trends. Reading data and listening to customers are key elements of success.
When data is available as needed through centralized and easy to access processes, employees can be more responsive to market trends and customer feedback. Reducing response time when there is a customer service issue is vital in an age when consumer reviews on social media sites are important for repeat business and word-of-mouth marketing.
Investing in business process management can mean a larger return on investment when the data provides a solid basis for a good decision and when employees can be more productive and innovative.
Any technology that can assist a business in getting the strongest market trend pulse possible is worth a second look. Reviewing your company’s business process management strategy may be just what you need to shift resources more effectively.
Technology Meets Leadership
Even companies like Netflix that seem to have figured out how to optimize their business process management still learn their own lessons along the way. Communication with customers remains the key factor in maintaining trust.
When Netflix used data indicators to raise rates and rework its services, it isolated customers. The lesson for savvy business professionals is that any business process management system is only as good as a leader’s ability to interpret the data with the customer’s needs in mind.
A service change or rate increase that looks good on paper also might be received positively by customers with the proper communication in advance. Employees who work directly with customers can be surveyed about the best way to communicate change to loyal clients. In addition, having data available through cloud computing can let employees show clients directly why a change is necessary and how it can improve services.
Connecting employees through a more efficient business process management system offers businesses the potential of being more responsive to market trends, which increases their chances of outpacing the competition.

1 comments:

  1. Great source! Our first step in determining that which tool or software is right for our company is to document our customer relationship management requirements.
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    ReplyDelete