Business process management (BPM) is a systematic approach to improving and streamlining an organisation's processes and workflows. This approach helps organisations increase efficiency, reduce costs, and improve customer satisfaction. BPM has become an essential tool for businesses of all sizes and industries, and as a result, the BPM industry has grown significantly in recent years.
The BPM market is expected to reach USD 14.7 billion by 2023, growing at a compound annual growth rate (CAGR) of 13.1% from 2018 to 2023. This growth can be attributed to the increasing adoption of digital technologies, the growing demand for automation, and the increasing focus on improving business processes. Additionally, the increasing need for compliance and regulatory requirements has contributed to the BPM market's growth.
BPM solutions can be categorised into four main types: operational BPM, strategic BPM, workflow management systems (WfMS), and Business Process Automation (BPA). Operational BPM focuses on improving day-to-day operations, while strategic BPM focuses on aligning business processes with organisational goals. WfMS helps organisations to manage and automate workflows, while BPA focuses on automating repetitive tasks and improving efficiency.
Some key players in the BPM industry include IBM, Oracle, Adobe, Appian, and Pega Systems. These companies offer a range of BPM solutions, from operational BPM to strategic BPM and workflow management systems. These companies are well-established in the market and have a strong customer base, making them the leading providers of BPM solutions.
BPM provides numerous benefits to organisations, including:
Improved customer satisfaction
Better decision making
The BPM industry is growing rapidly, and organisations of all sizes and industries are adopting BPM solutions to improve their processes and workflows. BPM solutions can help organisations to increase efficiency, reduce costs, and improve overall customer satisfaction. With the increasing demand for BPM solutions, the BPM industry is expected to grow in the coming years.