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Process Mapping in Financial Planning

By
Paul Kenworthy

When you consider your daily activities, each one is a sequence of steps that make up a process. This can be anything from getting up in the morning, making that very first morning coffee, driving to work, or searching for car insurance. Most things involve a process in some form. Process mapping is a technique that allows you to visually represent these processes, tasks, and workflows. While it might not be appealing to map out your personal routines, in a team or work environment, a process map can bring clarity to everyone involved and is likely to enhance the process itself.

By mapping out a process in detail, organisations can identify inefficiencies and bottlenecks that can then be addressed and improved using Six Sigma and other tools. It also shows that organisations can demonstrate robust internal procedures and processes and better define roles and responsibilities Additionally, process mapping can help reduce costs and improve the quality of a service or the advice provided by a firm.


The benefits are numerous. Firstly, process mapping can help organisations identify areas of waste or inefficiency. This can lead to the reallocation or redistribution of resources to areas of greater potential, thus saving time and perhaps reducing costs. Additionally, process mapping can help organisations identify areas of overlap and communication points between teams or departments and highlighting opportunities for improvement or development. By doing so, processes become more efficient and effective.


By mapping, firms can identify areas of greatest risk and then address them accordingly. This can help the reduce the risk of errors or costly mistakes of various kinds. Additionally, process mapping helps internal practices stay up-to-date with regulatory changes and industry trends. This can support maintaining a competitive advantage.

Finally, mapping can help organisations grow and increase customer satisfaction by ensuring that their processes are efficient and effective. By mapping out the process and testing it on staff that don’t work in that area, or with test clients, firms can identify areas of confusion or difficulty for customers and address them accordingly. This can help firms increase customer satisfaction and loyalty, as customers will be more likely to stay loyal to an organisation that is responsive and proactive about their needs. (I didn’t want to make this yet another consumer duty blog but it always creeps in somewhere!)


Making organisational processes more efficient and eliminating unnecessary steps is a no brainer. However, before taking any action, it’s essential to ensure that all team members are in agreement. Process maps are an excellent tool for depicting a process within a team and promoting collaboration and input from team members. By visually displaying all the steps and decision points involved in a process (including who executes them), completing a map provides a clear organisational snapshot. This snapshot can serve as a starting point for the way forward.

Our team is on hand ready to help map your way forward, giving We Complement a call is a great starting point.

 

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