The Business Project Management Failure
A multinational bank that had started a BPM program is the most recent example of a BPM failure due to failing to follow all the processes included in the Realize Value Phase. About ten years ago, our bank's journey began. The international financial institution wanted to change the way it operated and communicated with its clients. The initiative on its private banking section got started. But it soon became clear that this strategy couldn't achieve the main commercial objectives. Despite considerable effort on creating about 120,000 flowcharts and publishing them for the general access by the employee, none of these processes became outdated by the moment they were mapped. The system could not correlate data or even make visual comparisons. To worsen the situation, mapping was undertaken by external consultants that had no experience in the business (""Finance - Multinational Bank"", n.d.).
Step five of the listed steps of the Realize Value Phase was not properly carried out in this initiative by this multinational financial company. Step five requires defining in details the benefits to be achieved at the end. The Business Project Management initiative of transforming the manner in which the multinational financial services company interacted with customers and conducted business failed, mainly because there was no focus as to why they needed some core functionalities or what the end goals were (Gray, 2012).
This multinational financial services company had justifiable goals but they lacked clarity. The objectives were broad as the company aimed at covering its operations in over 50 countries. For instance, out of its ambitious objective, the company established about 120,000 flowcharts, a majority of which were outdated. The company goals could not be realized because the company had hired external consultants who did understand the operations of the business (""Finance - Multinational Bank"", n.d.).
References
Finance - Multinational Bank. Igrafx.com. Retrieved 12 October 2017, from http://www.igrafx.com/resources/case-studies/Finance-Multinational-Bank
Gray, P. (2012). The failed promise of Business Process Management (BPM). TechRepublic. Retrieved 12 October 2017, from http://www.techrepublic.com/blog/tech-decision-maker/the-failed-promise-of-business-process-management-bpm/
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