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Prioritizing Process Improvement: An Example from the Australian Financial Services Sector

In: Handbook on Business Process Management 2

Author

Listed:
  • Wasana Bandara

    (Queensland University of Technology)

  • Alain Guillemain
  • Paul Coogans

    (Sandvik Mining)

Abstract

Process improvement has become a number one business priority, and more and more project requests are raised in organizations, seeking approval and resources for process-related projects. Realistically, the total of the requested funds exceeds the allocated budget, the number of projects is higher than the available bandwidth, and only some of these (very often only few) can be supported and most never see any light. Relevant resources are scarce, and correct decisions must be made to make sure that those projects that are of best value are implemented. How can decision makers make the right decision on the following: Which project(s) are to be approved and when to commence work on them? Which projects are most aligned with corporate strategy? How can the project’s value to the business be calculated and explained? How can these decisions be made in a fair, justifiable manner that brings the best results to the company and its stakeholders? This chapter describes a business value scoring (BVS) model that was built, tested, and implemented by a leading financial institution in Australia to address these very questions. The chapter discusses the background and motivations for such an initiative and describes the tool in detail. All components and underlying concepts are explained, together with details on its application. This tool has been successfully implemented in the case organization. The chapter provides practical guidelines for organizations that wish to adopt this approach.

Suggested Citation

  • Wasana Bandara & Alain Guillemain & Paul Coogans, 2015. "Prioritizing Process Improvement: An Example from the Australian Financial Services Sector," International Handbooks on Information Systems, in: Jan vom Brocke & Michael Rosemann (ed.), Handbook on Business Process Management 2, edition 2, pages 289-307, Springer.
    • Handle: RePEc:spr:ihichp:978-3-642-45103-4_12
    DOI: 10.1007/978-3-642-45103-4_12
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    Cited by:

    1. Martin Lehnert & Maximilian Röglinger & Johannes Seyfried, 2018. "Prioritization of Interconnected Processes," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 60(2), pages 95-114, April.
    2. Martin Lehnert & Alexander Linhart & Maximilian Röglinger, 2016. "Value-based process project portfolio management: integrated planning of BPM capability development and process improvement," Business Research, Springer;German Academic Association for Business Research, vol. 9(2), pages 377-419, August.

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