A recent release by Gartner underscores our recent post on business process management.
According to Gartner, spending on business process management suites to reach $2.7 billion in 2015 as organizations digitalize processes.
Worldwide spending on business process management (BPM) software is set to grow 4.4 percent to reach $2.7 billion in 2015, according to the latest forecast from Gartner, Inc. As organizations are beginning their digital transformation— rethinking their business models and processes to address customer and constituent expectations— a shift toward using what Gartner terms an intelligent business process management suite (iBPMS) is underway.
“An iBPMS supports business responsiveness, often at the ‘moment of truth’ in a customer interaction,” said Rob Dunie, Gartner research analyst. “The ability to provide more ‘joined up’ insight into business processes through the use of analytics— combined with support for the people involved in processes, allowing them to take advantage of this insight— is what differentiates today’s iBPMS market from earlier BPMS technology markets.”
Gartner cites four significant trends in the iBPMS market:
Through the integration of various systems, including Internet of Things (IoT) technology (sensors, smart machines, robots and so on), combined with advanced analytics (such as pattern recognition and predictive analytics), companies are using an iBPMS to power their digitalized processes. Examples of “things” in the IoT may include household and business premises lights, smart electric meters, smoke alarms, security cameras, mobile devices, tools, toys, remote patient monitoring nodes, vending machines, parking meters and hotel door locks. In a digitalized process, IoT “things” are integrated to the business process in order to ensure that the process can adjust to changing conditions as necessary. Process innovation can happen more easily when such devices are orchestrated together with all other process participants.