The success of any business depends mainly on its ability to adapt quickly to changing market scenario. The failure of the organizations to adapt to the uncertain business environment directly impacts the Returns on Investment (ROI). Therefore, it is necessary for the organizations to be able to withstand changes. Business Process Reengineering enables enterprises to align their business requirements with information technology infrastructure to bridge the gap between businesses and technology.
In recent past, we have seen that the financial services enterprises are moving beyond BPO towards Process Reengineering to remain viable as the market for financial services continues to intensify. Enterprises in the financial services industry are increasingly turning towards IT vendors to assist them in the IT led transformation of their business process.
In the project done, Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO), Captive and third party vendors, and Business Process Reengineering are studied. It helped to know the pros and cons of the transition from BPO to KPO, and from Captive vendors to third party vendors, and also helped to know that why today’s businesses are required to be reengineered.
The project, then concentrated on Business Process Reengineering in Capital Markets, and Insurance sector. The project analyzed the impact of IT on financial intermediation and its underlying functions like brokerage, trading, clearing and settlement, and risk management in capital markets. A comparative study of equity research vendors was done to know the parameters on which the companies prepare research reports for the Capital markets. Finally, the study of software’s and tools used in Business Process Integration of Capital Markets and Insurance Industry was done to know the usage of IT to implement Business Process Integration.