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Business process transformation in financial market: A hybrid BPM‐ELECTRE TRI for redesigning a securities company in the Iranian stock market
Author(s) -
Amoozad Mahdiraji Hannan,
Hafeez Khalid,
Razavi Hajiagha Seyyed Hossein
Publication year - 2020
Publication title -
knowledge and process management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.341
H-Index - 44
eISSN - 1099-1441
pISSN - 1092-4604
DOI - 10.1002/kpm.1632
Subject(s) - electre , business , stock market , business process management , business rule , business process , artifact centric business process model , business analysis , process management , multiple criteria decision analysis , business process modeling , computer science , marketing , business model , context (archaeology) , operations research , work in process , engineering , paleontology , biology
Purpose Business Process Management is a systematic way to design, implement and manage business critical processes at different organizational levels to ensure business sustainability. In this paper, we conduct a business process re‐engineering exercise for KBK Securities Co., a small size security company operating in Iranian stock and mercantile market. The company suffered from in‐efficiencies and poor and delayed decision‐making due to poor visibility and complexity with business critical processes. Design We employed a semi‐quantitative approach using ELECTRE TRI decision‐making method to identify the business critical processes. Through document analysis, we identified 103 financial and stock market processes to streamlining purposes. We use Multi‐Attribute Utility Theory (MAUT) and ELECTRE TRI methods for first, arriving to a consensus for the imprecise information elicited from a group of departmental managers, and second making a decision‐making to determine the 32 business critical processes out of 103, and third clustering these processes for business process re‐engineering. We make significant contribution in theory by employing a multi criterion decision‐making (MCDM) in the financial sector in the context of a developing economy like Iran. Originality We provide a structured framework along with an off the shelf software tool for practitioners to implement this approach to rationalize the number of processes and subsequently to improve the business critical processes to enhance financial performance in the stock market. Findings Our findings suggest that company can cut down approximately 68% waste by reducing its business critical processes and spend their available time and resources in growing the business.