Good reason to use Factory Methods

As much as i enjoy learning and understanding design patterns, i find it pretty hard to apply them in practical situations and get an improved piece of code from most perspectives, that is readability, testability, maintainability and other 'bilities. What i want to show here is the perfect opportunity for me to implement the Factory Method pattern.
This is the scenario: I had a table in a database where each record represented a specific process that could be performed by an application. I've decided to take the OOP way and create a base Process class and derive all processes from it. Then the processes needed to be instantiated based on records in the database, so i had to connect strongly-typed classes to strings in a SQL table. This is where the factory method came in.
Instead of checking the record name for each record and decide what class type to create, i just created a static method in the base Process class called CreateProcess as such:

public abstract class Process 
{
   //some code here
   public static Process 
CreateProcess(string ProcessName)
      {
         switch(ProcessName)
         {
            case "DoSomethingProcess":
               return new DoSomethingProcess();
            //check all known cases
            default:
               throw new NotImplementedException(
                 string.Format("The process {0}" + 
" does not have a mapped implementation.");
         }
      }
}