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Thursday, 6 November 2014

Business Process Management (BPM) Market Replaces Traditional Management with Performance-Oriented Management

In the past 30 years, business process management (BPM) has been an outcome of methodologies and technologies that are being used to define, optimize, and automate the current process in a given business. It is a field of operations management that aims to improve corporate functioning by optimizing the processes within it. Thus, it can be summarized as a process optimizing process. It is a popularly believed that business process management (BPM) is a far more effective process as compared to conventional hierarchical management. The business process management market that provides service to other industries is actively finding its way in the corporate world. Business process management (BPM) is crucial to every organization as it works towards improving revenue and positively impacting the cost of operations.
Business process management market essentially caters in the form of connection, integration, and service-oriented architecture (SOA) process management. These techniques are becoming increasingly popular amongst corporate houses for they often result in efficient workflows. Earlier, business process management market worked on delivering solutions by automating business processes by using information technology. However, it now includes a human aspect to factor in fluctuations in productivity. BPM also uses disciplines such as Six Sigma to eliminate unnecessary problems in workflows. With technologies such as Process Flows, SIPOCs, CTQs, RACIs, and Histograms users can visualize functions and processes, measure success, analyze simulation to determine possible scope for improvement, improve and implement, control, and re-engineer as the need be. In short, the lifecycle of a business process management includes design, modeling, execution, monitoring, optimization, and reengineering.
Components of Business Process Management (BPM) Market
The business process management (BPM) market is segmented on the basis of various end users it provides services to. Thus, this market can be segmented as banking, retail, finance, automobile, transportation, education, energy, telecommunications, healthcare, public and private sector, government, research, energy, manufacturing, design, utilities, defense, and travel and tourism among others. The business process management (BPM) market can also be segmented on the basis of geography such as Asia Pacific, North America, Europe, and Rest of the World. Some of the biggest players impacting the business process management market are IBM, Global 360, Oracle, Hewlett Packard, Fabasoft, EMC, Adobe, PegaSystems, Microsoft Biz Talk Server, SAP Frankfurt Stock Exchange, and Fujitsu. The financial strategies, mergers and acquisitions, and key growth strategies will decide the future of the BPM market in the coming years.
What Lies Ahead for Business Process Management (BPM) Market
As the intrinsic nature of economies is unstable, companies are always seeking higher productivity, improved risk management, logical cost control, and strategies to deal with cutthroat competition. As these agendas become the undercurrent for companies to function, they constantly need to focus on improving their processes and management. It has become imperative for the companies to constantly question their operational excellence to deliver improvement and innovation. In light of these necessities, businesses are readily adopting services offered by business process management (BPM) market. The growth of business process management market will also be fueled by companies witnessing a remarkable change in the quality of work due to standardization of business processes. The biggest advantage driving companies to adopt these measures is the reduction in risk, by early identification of issues and timely intervention. The business process management (BPM) market growth is a result of change in perspective towards running businesses. As new systems bring in newer approach to improve performance, decision making, and seizing opportunity, they are finding their way into management which was earlier dictated by hierarchy.
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