A recent post on manufacturing.net points to business process management (BPM) becoming top-of-mind for IT executives. Citing a recent survey by UK-based software company PNMsoft, the article notes “Most IT executives believe that business process management software can create significant revenue and savings increases.”
An article on tech.co underscores the point:
Business processes define how a company operates and stands out from competition. Globalization, increased competition, and the need to adapt to stricter regulations require efficient process optimization in order to achieve operational excellence. Competitive advantage lies in the ability to adapt the business processes to the always-changing conditions in a quick and efficient manner.
This leads some business professionals to go into areas they do not fully understand, like learning how to leverage IT platforms to better manage business processes. When tackling this problem, Business Process Management should be used: a management discipline and a set of technologies that provides support to the process management.
Business process management focuses on improving corporate performance by managing and optimizing a company’s business processes. It can therefore be described as a process optimization process. BPM enables organizations to be more efficient, more effective and more capable of change than a functionally focused, traditional hierarchical management approach. These processes can impact the cost and revenue generation of an organization. As a policy-making approach, BPM sees processes as important assets of an organization that must be understood, managed, and developed to announce value-added products and services to clients or customers.
The BPM sector is growing significantly, with expectations of a global $10 billion value by 2020, according to a study by Winter Green Research. While BPM software vendors initially focused on the technological implementation layer, today they are providing BPM services with a full range of features and functions.
“It is evident through these emerging trends that IT leaders understand business process optimization is vital to a business’ ability to survive and thrive in today’s digital landscape,” says PNMsoft Chief Technology Officer James Luxford.
The sector’s strong and ongoing growth supports that conclusion.