Business Process Management (BPM) is a process excellence methodology that helps businesses achieve their operational excellence, efficiency and customer service goals. The market is predicted to be worth US $14.4 billion by 2025, growing with a compound annual growth rate (CAGR) of 10.5 percent.
Data indicates that 74 percent of organizations believe that BPM will be essential to their success in the next three years – undeniable proof of BPM’s future-shaping role. “BPM takes center stage in one of the most significant technological trends of our time – the modernization of businesses through process-driven transformation,” says Gregor Greinke, founder and CEO of GBTEC.
Factors such as the increasing need to automate processes and achieve business agility are key drivers of the growing adoption of BPM platforms.
Here are six trends that are set to shape the BPM landscape in 2024 and beyond.
Synergy of AI and business process management
The deployment of artificial intelligence (AI) in process management has opened unprecedented opportunities for enhancing efficiency and addressing complex challenges. The latest developments in AI technology have unlocked remarkable capabilities regarding process design, simulation, and optimization as well as intelligent decision making and predictive analytics. As AI continues to evolve, businesses can anticipate even more opportunities and potential applications in the BPM sphere, according to a GBTEC whitepaper.
“AI has already made a significant impact in process mining, which involves data-based analysis of processes and will play a crucial role in supporting other areas such as process design, automation and optimization.” Companies can create custom algorithms, which are tailored to their specific business requirements while leveraging reliable third-party solutions to complement their operations.
Low-code/no-code demand
Demand for low-code and no-code solutions is growing and this will impact the BPM scene in 2024. “The traditional barriers that once required extensive coding knowledge are swiftly diminishing, enabling professionals across various domains to actively contribute to and drive BPM initiatives,” according to PRIME BPM.
This democratization of process management not only expedites implementation but also fosters a culture of collaboration between technical and non-technical stakeholders as organizations seek agile and accessible solutions to navigate the complexities of their business processes, the firm adds. The rise of low-code and no-code solutions will emerge as a defining trend that will dominate the BPM landscape next year.
Adaptive case management
Meanwhile, BPM manufacturers are starting to include the ability to deal with adaptive cases – known as intelligent BPM (iBPM), writes Kissflow. “BPM currently deals with increasing the efficiency of predictable tasks which form structured processes. However, many employees deal with tasks where the end is known, but the path may vary due to unpredictable work patterns.”
iBPM takes standard BPM a step further by adding smart technology such as AI, cloud computing, real-time decision making, system linking and event processing to create dynamic workflow experiences quickly via a cloud-based platform and low-code tools. Benefits include superior integration with other tools, complex event processing, optimization, monitoring and management and continuous process improvement (CPI). The concept was first introduced by Gartner in 2012 and, since then, iBPM has been considered the future of business processing.
Interoperability and RESTful APIs
Seamless interoperability of systems and transparency of embedded applications are at the forefront of the software era. The use of Representational State Transfer Application Programming Interface (RESTful API) serves as the bedrock of interoperability among applications, and its convergence with BPM will be integral to driving seamless, efficient and responsive business processes in 2024.
“Rest APIs establish a robust foundation for stability and scalability, serving as the cornerstone of modern IT architecture and embodying the essence of an API-first mindset for IT architects and developers,” according to GBTEC. The fusion between processes and the application ecosystem unleashes a world of possibilities, from enhanced automation to real-time collaboration, allowing businesses to thrive in an increasingly interconnected and data-driven environment, the firm adds.
BPM and GRC convergence
The surge in demand for BPM – particularly in accounting and finance sectors – stems from the imperative for adherence to compliance standards, writes PRIME BPM. Critical functions like financial reporting, invoice processing, budgeting and auditing necessitate meticulous precision and compliance with regulatory specifications. In an era of heightened compliance scrutiny and competition, the demand for BPM will grow further, the company says.
“The path forward lies in the harmonization of a company’s BPM strategy with its governance, risk and compliance (GRC) framework,” adds GBTEC. It enables organizations to identify and manage potential risks with greater effectiveness. “Whereas in the past, companies often tended to consider the areas separately from each other, the future entails a merger of these two giant domains.” Benefits include enhanced visibility and control, streamlined audits and data-driven decision-making.
Sustainability and green BPM
Sustainability is high on the priority list for most organizations, with businesses facing growing pressure to evaluate their environmental impact, adopt eco-friendly practices and maintain operational transparency. Green BPM offers a systematic approach to identify, evaluate and enhance business processes with sustainability and environmental objectives in mind, GBTEC says. “Embracing green BPM can lead to enhanced trust, credibility and loyalty among all stakeholders. By implementing innovative technologies and adopting sustainable practices companies can secure a solid position in the market for years to come; enterprises that embrace change and proactively implement sustainable practices are poised to thrive in an evolving economy.”
A green BPM approach centers around two main areas of analysis – the environmental impact of materials and resources used for each activity, and the evaluation of how each activity can be optimized. “Consequently, green BPM processes align with BPM lifecycle stages, but with greater emphasis on sustainability.”
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