What Are the trends in Business Process Management?
Technology evolves so frequently in the digital world, as new tools, applications, and use cases are developed and adopted by businesses and enterprises.
As 2022 approaches, Business Process Management (BPM) continues to grow. The number of organizations adopting BPM is increasing, automating processes, and allowing employees to concentrate on strategic operations.
Digital Automation Technology continues to influence business process management in a way that allows companies to stay on top of customer demands.
What is Business Process Management?
Business Process Management (BPM) is concerned with the design, modelling, execution, monitoring, and optimization of business processes.
The business process of an organization involves coordinating people, systems, information, and tasks to accomplish business goals in support of its business strategy.
Business process management aims to automate routine transactions and human interactions by putting a consistent, automated process in place. It decreases manual efforts and improves the speed in repeatable activities, as well as increases the team's overall efficiency, thereby reducing the business's operational costs and speedy customer demands.
Latest Trends in Business Process Management
Business practices need to keep up with the latest market trends and evolve with the changing environment.
1. Low-code app development reduces time-to-market
Companies are now developing their own applications. The decision-makers tend to choose platforms that ease the process of building applications, even if the platform has extensive functionality.
In addition, companies without developers find it difficult to utilize a BPM platform that is capable but requires a lot of coding effort.
Low-code platforms allow developers to build applications in days or hours instead of weeks or months while writing, testing, and refining code.
Several major retailers have adopted low-code development for their mobile apps. Hybrid apps can be built quickly, often in less than a month, while native apps may take months or more to develop, that's why more and more retailers preferred this.
2. Machine learning and adaptive case management create smarter automated workflows
Robotic process automation is not the only BPM technology that's advancing. As an evolution of present workflows, intelligent case management is now becoming adaptive case management.
The following machine-learning algorithms are applicable to data-centric adaptive case management:
- Identify patterns in data
- Manage cases route
- Determine when a case should move forward in a certain process.
- Identify the activities and steps within the chosen process.
A case management system that automatically adapts to past transactions analyzes similar patterns in order to eliminate the need for manual intervention when a case falls outside predefined parameters. Once that information is adapted for the case at hand, the system routes the case by its own analysis.
Case management is accelerated by this ability to make choices based on context and past decisions. There is also less human intervention, but the learning curve is steep at first.
For the adaptive case management tool to learn to execute unusual workflows correctly on its own, early decisions will need to be validated.
3. Robotic automation
As a rule, business processes flowed with data entry or data validation at almost every step. The process of robotic automation involves the use of a software robot to manage these rules-based tasks.
Because robotic automation generally handles tasks more efficiently than humans, it eliminates data entry errors, thereby reducing the cycle time and cost of the business process.
The robotic automation technology, sometimes referred to as robotic process automation (RPA), is gaining traction among BPM practitioners due to the potential to improve efficiency.
More than 90% of companies plan to adopt robotic process automation by the end of 2020, according to a June 2020 survey. RPA was the fastest-growing enterprise software market last year.
4. Artificial Intelligence
BPM platforms become smarter thanks to artificial intelligence (AI), which continuously analyses data to make better estimations and provide a more accurate forecast.
A company's decision-makers could use these indicators to improve its performance. As well, data-driven processes enable proactive behaviours based on knowledge of industries/products/competitors.
5. Combining these elements, increases efficiency & reduces costs
Utilizing robotic process automation, adaptive case management, and low-code/no-code development can unify business applications, go to market faster, and provide seamless customer experiences.
Getting from multiple systems with siloed operational steps to an integrated end-to-end process requires the systems to be integrated so they can work together. Multi-system integrations can now be orchestrated and continuously optimized using BPM.
Recently, a major IT and networking organization unified applications, data sources, and systems of record to deliver new products to market faster drive revenue and demand outperform its competitors and improve customer experience.
A customized, scalable intelligent business process automation platform was implemented with experienced consultants and vendors to support several functional domains, customize it for each use case without requiring individual start-ups, and deliver transparency to the company's various business lines.
The company has reduced its key operating costs by almost 75% in certain process areas, increased its user productivity by 22%, and gained 120,000 work hours every quarter as a result of this BPM project.
When you work with experienced advisors and follow the proper roadmap, you can implement BPM solutions that will help you achieve and optimize your business and IT goals while keeping up with changes as they happen.
A number of trends are already evident that will shape the industry in the future. Vendors of BPM systems should integrate those features into their products in order to make them more scalable.
As a result of its integration of emerging technologies and its processes to ensure customer success from its solutions, NeuroGaint is keen to set the standard in implementing BPM solutions by understanding customer requirements accurately and translating them into robust solutions that are scalable.