Processes are one of the most important assets contributing to innovation and providing a competitive advantage to any organization but unfortunately very few have expended the effort necessary to maintain their process portfolios. Stringent regulatory compliance, economic turbulence and technology disruptions such as social, analytics, cloud and big data are changing the way business operates, so firms have started to revisit their process landscape to adopt these emerging technologies into their business model and to maintain their competitive edge.
This article outlines a concept to build and maintain process portfolios to outplay these challenges. Once maintained the process portfolios will provide a high level strategic view for management. Management can then use this view to make informed decisions on such things as investments in high valued process areas, outsourcing repetitive processes and decommissioning the non-value adding once etc.