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Sagitec Blog

Metrics, the key to operational performance benchmarking

In today’s digital and highly automated business environment, there is a growing trend to expand operational performance benchmarking. This fixation on continuous process improvement was evident in a recent study by the National Conference on Public Employee Retirement Systems (NCPERS). The study, which compiled responses from 159 state, local and provincial government pension funds, found that 23 percent of pension funds have expanded operational performance benchmarking and 8 percent are considering it.

It is apparent why agencies are seeking to improve their operational performance benchmarks, for it can lead to increased customer satisfaction, improved staff productivity and decreased operational costs. However, interested agencies cannot begin to modify their benchmarks without first having metrics on how business processes impact operational priorities. Once acquired, these metrics produce actionable insights – information that will help shape benchmarks and key performance indicators.

One of the best ways for an agency to acquire metrics and a fine-grained vision of their business operations is through Sagitec’s Business Process Management (BPM) engine. This technology automates workflow, helping our clients increase the quality and quantity of work completed through case-based processing, workload balancing, routing and auditing.

Sagitec’s BPM engine allows agency stakeholders to identify business process improvements and establish performance benchmarks, thereby improving process performance. During the execution of business processes, performance metrics are tracked and stored. Using this data, BPM provides robust reporting features to assist with the analysis of the work being done throughout the organization. Management has access to critical data such as the time required to complete the process, staff efficiency, and production errors.

Metrics, benchmarking, key performance indicators, business process improvement

“The metrics and reports provide a complete picture of current business processes, how long each step is taking, and if certain steps or activities need to be repeated because of errors or incomplete data,” said Bjorn Larson, functional director at Sagitec. “Using this information, Sagitec’s BPM engine allows business users to identify process inefficiencies and make the appropriate recommendations for streamlining work to achieve the organization’s intended benchmarks.”

Sagitec’s clients are not immune to the fervor of improving operational performance benchmarking and they are using Neospin™ to help them in their pursuits. One such client is Virginia Retirement System (VRS). According to the 2015 study by Cost Effectiveness Management (CEM), a benchmarking company, VRS provides high customer service at lower cost as compared to other U.S. and international retirement systems. CEM attributed VRS’ low administrative costs to their technology, among other factors.

Do you want to join the other agencies that are on a journey of continuous performance excellence? If so, Sagitec has tailored solutions – all of which come with integrated BPM technology – for agencies big and small. Sagitec’s BPM Engine integrates seamlessly with our line of business solutions and any auxiliary system (Customer Relationship Management, Document Imaging, among others). It is equipped with compliant process maps with integrated forms, rules, and activities that provide run-time execution, while also supporting Business Activity Monitoring (BAM), SLA timers, escalation, performance analysis, and reporting. Lastly, it captures and stores process execution paths for audit and compliance verification.

To learn more about Sagitec’s BPM technology, please contact Diann Clift at (317) 331-5542 or at Diann.Clift@Sagitec.com. If you would like to visualize Sagitec's BPM Engine in action, please register for a free demo.

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About Sagitec Solutions

Sagitec Solutions, LLC designs and delivers tailor-made pension, provident fund, unemployment insurance, and healthcare and life sciences software solutions to clients of all sizes. Understanding that a dynamic world requires dynamic technology, Sagitec offers solutions that are highly configurable and extensible by nature. With deep industry experience in software implementation and systems integration, project management, consulting, hosting and software support, Sagitec is a partner clients can trust to deliver mission-critical IT projects. 

 

 

Topics: Pension, Pension Administration, Digital, Key Performance Indicators, Business Process Improvement, Metrics, Benchmarking