New Trends to Consider Before Deploying BPM
An Overview and Market Watch
Business Process Management (BPM) fosters corporate performance by reducing human error and miscommunication between an organization and its stakeholders. It is a part of infrastructure and operations management, which primarily helps an organization to meet its stakeholders’ requirements.
According to RnR, a market research firm, efficiency, government compliance, and Return on Investment (ROI) are the driving factors, which will propel global BPM to grow with CAGR of 14.2 percent by 2021. The market for global BPM is expected to grow from $6.96Bn in 2016 to $13.52Bn by 2021 as per the report by RnR research. With the constant growth rate, BPM solutions are opening window for integrated BPM solution with cloud connectivity. By expecting future saturation in developed countries, RnR further comments that the demand for integrated BPM solutions will rise in coming five years.
Key trends in BPM
BPM is grappled with political and skill shortage challenges which has positioned BPM in precarious position. CIOs and other C-level executives expect automation through BPM solutions for their organization, which limits the scope of innovations the BPM can provide. BPM is always viewed as a medium to streamline business activities, which leaves a space for it to enhance processes further for business use. Here are some of the key trends that can leverage BPM from its unstable situation and force CIOs to rethink over transformation that BPM can bring out other than automation in 2016:
• Department Collaboration: Organizations workflow is streamlined when they are governed through a single platform and to realize such workflow, organizations need to integrate their various departments. CIOs can implement collaboration model to realize the advantages of collaborative work style to enhance productivity.
• Mobile BPM: Mobile device allows access of data on the go, which is accrued through mobile camera, and data shared by other employees. Effective control and transparency in business processes are the advantages mobile BPM brings out for organizations. According to Researchmoz, global mobile BPM market is set to grow at a CAGR of 20.9 percent from 2016 to 2020.
• Business Process Management as a Service (BPMaaS): Maintaining optimum product quality is the prime focus of every organization to serve the customers with industry standard solutions. BPM is gaining importance globally due to its ability to streamline business processes and reduce errors to enhance overall productivity of an organization. According to Technavio, organizations can witness BPM used as a service in the future and, the global BPM as a service (BPMaaS) market is expected to grow at CAGR of 38.55 percent. BPMaaS brings out the best of technical and management capabilities together to meet customer demands.
• Analytics in BPM: According to IT professionals, the data generated by consumers is expected to be doubled each year. Organizations deal with data received from their various networked departments, which makes it difficult for them to serve to the exact needs of customer. To extract data beneficial for serving the needs of customer requires a sort of data analysis, which could allow organizations to serve with higher efficiency. Industries such as banking, e-commerce, and healthcare heavily rely on exact data to be exchanged within or outside organization. Business processes of organizations equipped with centralized BPM platform simplify analysis of data through analytical tools. The role of BPM in analysis is to unify data from various sources at one place and assist CIOs with seamless data analysis to formulate business decisions.
How BPM helps CIOs?
With growing trends in BPM, it is transforming into a viable asset for organizations looking to manage their business processes seamlessly. BPM has increasingly becoming an integral part of every organization to mitigate challenges involved in transferring data and assist decision-makers with information needed to run an organization. Right information at right time helps CIOs and other C-level executives to formulate educated business decisions.
BPM allows organizations to maintain transformational and operational proficiency by improving interdepartmental communication. With proper communication channel, the flow of command becomes very feasible using accurate information through BPM. BPM assists in managing projects by prioritizing and governing business process and streamlining tasks by continuously tracking the data. Highly skilled business process managers often rely on BPM to regulate strategies and gain desired business outcomes.
Providing right solution at correct time is prime focus of any organization and maintaining relationship with the customers is another key aspect for organizations. The foundation of customer relationship is laid on the quality of the products customers look out for to their demands. BPM mines through the customer data collected from connected devices and process using BPM centralized platform capability. Organizations can benefit from BPM to leverage their ‘Customer Relationship Management (CRM)’ from current situation to more customer centric tool.
With constant evolution and growth in BPM solutions, organizations will witness transformative changes in their processes.