Business Process Management (BPM) has become the foundation of today’s company operations because it enables organizations to simplify processes, increase efficiency, and respond to the ever-changing demands of their industry. The global BPM market is expected to grow by 10.5 %, reaching $14.4 billion in 2025. By analyzing and optimizing internal processes, organizations can increase their productivity, save costs, and provide superior customer service.
BPM has evolved significantly over the last few years, introducing new tools and methods to meet the difficulties of the rapidly changing digital environment.
It will become vital to foresee market shifts and thoroughly comprehend developing patterns in business process management (BPM) for the rest of 2023. These developments are influencing changes in how firms manage their processes. This blog will examine the leading BPM trends that will shape the year.
Upcoming BPM Trends
Hyper-automation
Automation has been a significant trend in BPM. Organizations are increasingly adopting RPA to automate repetitive and rule-based tasks, improving efficiency and accuracy while reducing costs.
yper-automation is a growing industry that uses a variety of tools to fully automate and improve corporate procedures. These include:
- Artificial intelligence,
- Machine learning
- Robotic process automation, and
- Big data analytics.
Hyper-automation goes beyond conventional BPM, which focused mainly on process automation, by using AI and ML to make judgments, analyze data, and learn from previous experiences.
Companies will look to use hyper-automation to boost their productivity, turnaround time, and accuracy to new heights.
The trend of moving towards no-code or low-code business process management is poised to continue. These platforms make it possible for business users with less technical knowledge to plan, create, and release brand-new apps and processes.
- BPM solutions needing little to no coding help get projects done faster, reduce the pressure on IT departments, and improve communication and cooperation between the two groups.
- The low-code/no-code movement is simplifying the development of BPM solutions.
- These platforms allow business users to create and modify processes without extensive coding knowledge, accelerating the development lifecycle.
Intelligent BPM
There has been talk about augmenting BPM architecture with AI and data-driven insights to make it more intelligent.
- Intelligent BPM evaluates large volumes of data to generate sound judgments, accurate forecasts, and useful suggestions for process improvement.
- It helps a business adapt to its environment and take advantage of opportunities as they arise, while also protecting itself from any dangers.
Process Mining
Process mining involves analyzing event logs to gain insights into how processes are executed. It helps organizations understand bottlenecks in their processes, enabling them to make informed optimization decisions.
Understanding real process flows and outcomes by analysing event logs is the goal of process mining, a rapidly expanding area. Process mining helps in identifying:
- Inefficient procedures,
- Compliance problems, and
- Development opportunities.
It makes it easier to adopt a data-driven approach to BPM, which in turn improves its effectiveness and gets it more in touch with the behaviours of real processes.
Collaboration
BPM is increasingly being seen as a collaborative effort involving multiple stakeholders.
- Collaboration tools and platforms are integrated into BPM solutions to enhance communication, cooperation, and knowledge sharing among teams.
- Collaboration is becoming a key feature in the field of business process management.
- BPM systems will have to focus more on making it easier for teams to communicate with their various stakeholders.
Communication and collaboration will become easier through tools like real-time comments, document sharing, and collaborative modelling.
Real-time BPM Tools
More people have begun to recognize the importance of having quick access to data. With the support of real-time business process management (BPM) solutions, businesses can monitor processes as they are being carried out, react quickly to discrepancies, and boost overall performance. These technologies help organizations save time and money by offering instant responses to problems.
Process Analytics
Analyzing historical data is the cornerstone of process analytics since this is how patterns, trends, and optimization windows can be uncovered.
Using advanced analytics, businesses may get a more in-depth understanding of their operations and make data-driven choices on the optimization of their processes.
Customer-oriented Focus
By the end of 2023, business process management (BPM) will give significantly more importance to procedures that directly benefit customers.
- BPM is becoming more focused on delivering exceptional customer experiences.
- Organizations will align their processes to better meet customer needs and expectations, leading to improved satisfaction and loyalty.
- Organizations will prioritize customers’ opinions, feedback, and reactions when they develop new policies.
- By mapping out customer touchpoints and coordinating activities, BPM solutions will make it easier to prioritize customers.
Sustainability
As environmental concerns grew, some organizations were incorporating eco-friendly practices into their processes.
- BPM is being used to optimize energy consumption, reduce waste, and promote sustainable business practices.
- BPM can also help spread awareness of many environmental issues and their growing importance.
- When businesses start using greener methods, it results in less waste, more energy conservation, and fewer carbon emissions.
Businesses will have a more sustainable future using BPM to align their operations with sustainability objectives better.
Digital Transformation
BPM and the ongoing digital revolution go hand in hand. BPM will play an increasingly vital role in the coordination and development of digital operations as the number of firms using digital technology continues to rise.
- Cloud computing integration in BPM offers scalability and remote accessibility.
- Businesses leverage cloud-based solutions to centralize process management, enabling seamless collaboration and remote work capabilities.
- Tools used for business process management will eventually be part of a larger digital ecosystem including cloud services, Internet of Things (IoT) devices, and mobile applications.
Why you need to invest in BPM Solutions
To adapt to the new BPM paradigm, companies will need to invest in cutting-edge BPM solutions. iLeap is a business process management (BPM) tool that will help businesses streamline their processes by standardizing and automating them.
iLeap’s BPM platform integrates advanced analytics and real-time monitoring, providing instant insights for timely decision-making and improved business agility. Through intelligent BPM, we enable businesses to harness AI-driven data-driven insights, make sound judgments, and seize opportunities amidst a rapidly changing landscape.
With iLeap’s user-friendly interface, even non-technical users can design and implement procedures, reducing reliance on IT support and fostering efficient communication and collaboration between teams.
Get in touch with our expert team to explore how our BPM solutions can drive transformative outcomes for your business.