Monday, January 4, 2010

Maximizing Revenue - Web2.0 & Business Process Management - Part 1

"Maximize Revenue", the golden term of maximum usage among corporates from food chains to retail to technology to financial sectors to energy industries and everywhere. Everybody wants to run a profitable business.
At the end of the day, the corporates want to provide maximum value to their investors, employees and to their customers.

To provide the maximum values, the companies have to stay ahead in competition and offer products and services faster and easier than their competitors. Needless to say the quality of service plays an important role as well.

Gone are the days where we had been to banks, fill the form and waited for days to week to get an account set up for us. It was once upon a time, long long ago where we had been telephone companies, fill the application form and waited for weeks to get the telephone line installed at home. Gone are the days where we had filled the application for insurance, waited for months to get the policy mailed to us.

The continous invention in the technology and integration of business process had led us to where we are rite now. Within few mouse clicks or a call we can have a new bank account set up, telephone lines established, have our insurance policy created and emailed to us. The integration of business process have also resulted in decreased number of manual intervention, decreased errors and increased quality of service. It reduces the labour requirements for corporations and corporations started to effectively hire/allocate human resources. There by reducing the cost of manual labour significantly.

The companies have to keep up with these innovations on par with their competitors otherwise they would lose their potential customers. Lets take a banking industry for example, the banks typically come up with different products and market the new products to their customers.Unless they have a good mechanism to market the new products, the customer might not know about the product and will not utilize/buy it. Assume the bank has a good marketing strategy in place to sell their product, unless the bank has a very good business/technology process they might not be able to offer the product on time with a good quality. If the bank dont have the infrastructure/resources in place to market, provision and provide updates to the customers they will not be successful in realizing the Return on Investment for the new product.

Over the past years we have seen the that organizations are investing in providing the information about the products that the customer bought, history of bill payment and invoices through the web sites. In the recent years the trend had shifted to market and sell the products and services online. We are just few clicks away from buying the products. We can also feel the product, customize for our needs and get a price quote for our customizations within a fraction of minutes.

It is very important for corporations to keep the information available to the customers upto date 24X7. If there is any problem with the way we provide informations - either through web sites or emails or mail, it will affect the trust the customer has on businesses and decreases customer satisfaction.

So with that said, just want provide the summary of what i had talked above and close this discussion for today (its 11.30 PM CST). To maximize the revenue, the corporations had invested and will invest in integrating business processes, provide accurate information about products and service offerings online with 100% availability of information, effectively market and sell products online, innovate/invest in new technologies to provide faster services efficiently and cheaply.

I will talk about the online service offerings, marketing/selling products in Part 2 of this series. I am planning to cover in detail about the business process integration at the end of this series.

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