Will companies invest more or less in BPM?

In a fast-paces business landscape where change is the only constant, Business Process Management is crucial. In fact, the global BPM market is expected to grow from $8,766 million in 2020 to $14,440 million by 2025.

A report by Research and Markets says the global BPM market is expected to grow from $8,766 million in 2020 to $14,440 million by 2025.

But how does COVID-19 change everything? Will companies invest more or less in BPM?

According to this survey conducted in April 2020 to assess the impact of COVID-19 on businesses, 54 percent of enterprises are increasing investments in a process automation platform. Process automation is a main component of BPM.

The COVID-19 pandemic has only increased the need for a company-wide BPM platform. When companies adopt BPM seriously, they experience bountiful benefits in their businesses.

With BPM tools, enterprises can establish a systematic approach for optimizing and managing business processes. These tools enable business users with little to no coding experience to build workflows and connect disparate processes.

For CIOs planning to achieve complete digital transformation, BPM can digitize processes across the organization, decrease IT costs, increase agility, and improve overall efficiency by involving business users and IT teams in the digitization initiatives.

General Benefits of Business Process Management

Business Process Management (BPM) streamlines operations, increasing efficiency, reducing costs, and improving productivity. It helps identify bottlenecks, fosters collaboration, and enhances decision-making, leading to organizational competitiveness and growth.

According to John Stretton, Associate Director of Process Automation at EDP Renewables:

“Well-designed BPM systems play a key role in minimizing growing pains by helping employees navigate complex processes, increasing visibility into work queues, preserving and organizing institutional knowledge, and reducing reliance on email-based processes."

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