IBM (NYSE:IBM) has unveiled Business Process Manager, new software and services aimed at helping organizations transform their business processes through the use of tools that provide an integrated view of business processes across the organization.
With the new business process management (BPM) service and software, IBM said it is focusing on three key areas that clients have identified as important to their success: gaining effective insight into their markets; tuning their business processes to take advantage of these insights; and enhancing their infrastructures to execute these new business processes.
IBM, which boasts a commanding lead in the BPM market, says inefficient business processes cost Fortune 500 companies more than $480 billion dollars a year and public sector organizations as much as $1.3 trillion.
Big Blue says its news software and services can help organizations save big through greater efficiency. IBM says Business Process Manager gives large and small companies visibility into key business operations so they can model, automate, monitor and adjust plans instantly to drive growth and responsiveness by constantly improving business processes.
The new services will be delivered via a new methodology called the IBM Method for Business Process Optimization. The new service from IBM Global Services will follow IBM best practices "to allow clients to address the agility and complexity gaps in their businesses to achieve better business outcomes from their data and processes," Big Blue said.
New products include IBM Blueworks Live, a software as a service (SaaS) offering that the company says allows better visibility and communication across an organization; IBM Business Monitor, which helps real-time operational visibility through integrated Cognos Business Intelligence analysis and reporting; and IBM BPM Industry Packs for the banking, healthcare and telecommunications industries.
Nationwide Insurance is one happy IBM BPM customer.
"Using IBM business process management technology, we have been able to boost the efficiency and accuracy of our financial reporting system, which pulls information from more than 300 independent subsidiaries," stated Tammy Craig, Nationwide's vice president of information technology. "With all data going through one central business rules management system, we have streamlined complex processes, allowing us to focus even greater attention on serving the needs of our customers."
Another IBM BPM customer, Lincoln Trust Company, says its BPM program has saved the company more than $3 million so far, with ongoing annual savings of $325,000 and growing. Document processing times have fallen from hours to minutes in some cases, customer service has improved, and financial risk has been lowered because of fewer mistakes.