Over 42% of business leaders wanted to invest in digital transformation in 2023. At the same time, the global BPM (business process management) market was projected to grow at 19.9% from 2023 to 2030. To understand the massive value the market is set to reach, it is important to note that sector was estimated to be worth USD 14.46 billion in 2022.
Interestingly, these figures don’t necessarily account for the agility and the scalability that the Low Code BPMs come with. Therefore, given the fast changes in the market, Low Code BPMs might gain much traction in the coming years as well. Moreover, one of the cost-effective digital transformations a business can opt for today is the Low Code BPM.
So, are you looking for a productive 2024? Implementing a Low Code BPM could set you on the right track. On that note, in this blog, we will discuss 5 Key Features of a Low-Code BPM Platform in 2024 that could boost the potential of your business processes. Here they are:
Intelligent Business Process Automation
Going into 2024, are you looking to optimize workflow without the hassle of heavy, manual business process analysis? Consider leveraging AI, ML, RPA for improving the workflow of your Low Code BPM suite. Here are some reasons why:
- With AI, ML, and RPA integrations, you can easily map the workflow of your organization and begin gauging the efficiency of the system in place.
- These integrations don’t just enable businesses to tap into real-time data, they also facilitate easy data crunching. As a result, you can easily access the data insights from the often-baffling data sets.
- Along with better mapping of workflow, integrations empower enterprises to make relevant changes using smart suggestions.
- Prioritization of tasks and resource allocation becomes easier than ever with AI, ML, and RPA integrations.
- The integrations also improve the reporting and task progress-tracking features of the Low Code BPMs.
- However, once the enhanced workflow is in place, the Low Code BPM’s work doesn’t end there. Low Code BPM suites equipped with these integrations continue to make constant optimization changes to the workflow with minimal human intervention.
While these integrations might have shortened the development and implementation of business process change, launching a new workflow remains expensive. In the next section we will see how costs can be further saved with fewer iterations.
Process Simulation- Know the Change Beforehand
Looking to revamp your business process? However, what possibly might be a hurdle is the time and cost the business process iterations entail before the optimized version is implemented. This is where Process Simulation saves the day. In recent years, the advent of Process Simulation has fast-tracked deployment of business processes. Also, the AI and ML–powered process helps you create mock processes and test their efficiency and compatibility via-a-vis your business’s needs. As a result, you can use Process Simulation in BPM to achieve the following:
- Lower IT and process design costs with fewer iterations in the real business process.
- Better assimilation of historical data of your system. With better utilization of past data, the latest simulation can overcome existing roadblocks.
In 2024, as your company engages with innovation, realize your business goals with BPM capabilities enhanced with Process Simulation.
Generative AI Integration- Faster Low-Code Customization
Since we have seen the rise of Generative AI tools such as ChatGPT, developers have used it to complement the capabilities of Low Code BPM. Here some pointers that explain the need for Generative AI integration in Low Code BPM:
- Generative AI being natural language compliant, new workflows can be developed without heavy-duty coding. In other words, Generative AI is improving the already easy-to-use Visual Development feature of Low BPMs.
- Domain experts are likely to suggest better workflows for hyperspecialized processes compared to developers. This would save coders the efforts of intuiting or replicating workflow from other sources. Therefore, the use of natural language in Generative AI will ensure better cross-departmental collaboration, improving workflow accuracy with more use cases.
- In terms of improved collaboration, there is another point to consider. By leveraging Generative AI in Low Code, we are lifting even more development barriers for citizen developers than Low Code has.
- By accommodating more use cases, companies can deliver better UX, making the system more adaptable.
Agile Workflow with Low Code BPM- Towards Enhanced Adaptability
Agility, in today’s fast-paced market, is more than jargon. Implementing regulations such as ESG compliances are not only becoming mandatory than ever but also are changing faster than ever. This means there will be constant tweaks in the workflow as new regulations come up.
Similarly, technology is making leaps every few years, pushing ventures to adapt to new processes for staying competitive. Much like ESG regulations, technological compliance will also be an important factor to keep in mind while adapting to new technology. At the same time, data security concerns will also evolve with new technologies.
Keeping the changing compliance needs in mind, consider seeking out a Low Code BPM that supports quick development and granular business rule implementation.
Software Integration-Hassle-free software-to-software communication with Low Code BPM
To stay on course with your 2024 business ambitions, it is important to ensure that your new Low Code BPM workflow works smoothly with existing solutions. Consider achieving seamless software-to-software communication with a framework that supports APIs, webhooks, and REST APIs, etc.
Leveraging iLeap’s BPM Soultion for Better Workflow
Among the Low Code BPM providers in the market, iLeap’s is one of the notable names. If you are looking for a platform to meet your product or app development goals iLeap can help you in many ways. Integrating AI, ML, and RPA in the Low Code BPM, iLeap enhances workflow efficiency, providing real-time insights and continuous optimization. Moreover, our platform supports Process Simulation, reducing costs and time in business process iterations.
Boosting innovation, iLeap also works well with Generative AI, streamlining workflow development and encouraging collaboration. Also, seamless software integration with iLeap makes its Low Code BPM a definitive choice. Above all, we consider agility crucial for adapting to changing regulations and technology.