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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