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Business Process Management: Improving Business by Optimizing Processes
The Business Process Management (BPM) market is expected to grow from $6.96 billion in 2016 to $13.512 billion by 2021, an annual growth rate of more than 14 percent, according to a report by Markets and Markets. BPM is about the optimization of business processes. It’s about identifying, modeling and analyzing existing processes, and then improving, automating, and making them more efficient.
Phil Simpson, JBoss Product Marketing Manager at Red Hat, said that “BPM initially gained a foothold as a way to make organizations more efficient, to replace paper-based processes with electronic processes that automatically routed work among all the workers that are engaged in a process.”
Holly Lyke-Ho-Gland, principal research lead at APQC, said that “BPM outlines work processes to create a framework that an organization needs for understanding how all these pieces go together.”
Keshav Murugesh, CEO of WNS Services, said that “as digital technologies reshape businesses, this industry with its foundation in domain and process expertise, is increasingly innovating to emerge as the hub for digital solutions. Upskilling for digital, acquiring competencies through acquisitions or partnerships, building platforms and products, and leveraging centers of excellence in new technologies are some of the key priorities of companies in the BPM industry.”
