Business process transformation in financial market: A hybrid BPM‐ELECTRE TRI for redesigning a securities company in the Iranian stock market

Hannan Amoozad Mahdiraji, Khalid Hafeez, Seyyed Hossein Razavi Hajiagha

Research output: Contribution to journalArticle

Abstract

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 decisionmaking 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 reengineering.
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.
Original languageEnglish
Pages (from-to)(In-press)
Number of pages14
JournalKnowledge and Process Management
Volume27
Issue number1
Early online date3 Mar 2020
DOIs
Publication statusE-pub ahead of print - 3 Mar 2020

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ASJC Scopus subject areas

  • Strategy and Management
  • Management of Technology and Innovation

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