Business Process Management Can Solve Compliance Issues and Reduce Costs
BearingPoint, Inc. last week issued a white paper, "Business Process Management in the Capital Markets," which details the way financial services organizations can improve profit margins and reduce cost by digitizing content.
The paper covers a fundamental issue: while some firms report improving revenues, profit margins are still under pressure as companies struggle with supply chain issues for their "plain vanilla" or commoditized products as they try to comply with new regulations. Companies are therefore choosing business process management (BPM) to reduce costs and improve controls. A copy of the paper can be found at www.bearingpoint.com/digital_bpm
"If properly designed and deployed, BPM initiatives can reduce process time and related expenses dramatically while supporting compliance with the myriad of laws and regulations that govern capital markets," said Peter Horowitz, a managing director with BearingPoint. "In some cases, companies report that they have experienced day-to-day operational cost savings of between thirty and fifty percent. BPM also enables organizations to leverage their existing infrastructure to provide more integrated cross products or cross silo integration without having to rewrite legacy plans."
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Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.