Business Process Management (BPM)
Business Process Management (BPM) is a method of efficiently aligning an organization with the wants and needs of clients.
Business Process Management is also defined as a discipline within enterprises that helps to improve business performance by focusing on improving operations.
BPM offers the companies an opportunity to change the way they do business. It enables them to handle all of their internal business processes and tasks by using a seamless enterprise-wide solution. The most obvious returns on investment includes:
improved customer service
quicker time to market
greater competitive advantage
Business Process Management (BPM) helps to reduce the number of steps in different processes, and also to automate several manual business processes. It also reduces the product cycle time.
Enterprises today want to bring flexibility in their processes and are moving towards a paperless office. Integration and automation helps the organizations to considerably reduce the time to bring their products to market and fine-tune them as per their customerís requirements.
BPM allows companies to analyse workflow and initiate best practices to manufacture, market, deliver and support their products and services efficiently. They can also streamline, automate and optimize their business processes to improve and enhance business performance, for maximum competitive advantage.
The BFSI segment is already driving the BPM space, both globally and at the domestic level. Organisations such as banks and insurance companies are process centric and it is estimated that BPM projects in BFSI will be big money-spinners. There is a quick and immediate return on investment as the process lifecycle gets shortened.
The challenges in BPM are usually in terms of acceptability, customer organizational alignment, integration (of processes), resistance to change and the perceived value of BPM. It is believed that streamlining processes involves a lot of cultural change in an organization. These changes are often met with resistance, and due to the high cost involved in BPM projects, only large organisations are expected to go in for this technology.
Business Process Management Software (BPMS) is used when an organization determines that it can achieve significant operational efficiencies by automating a manual or semi-automated process.
According to IDC's research, the BPMS market grew nearly 80% in 2006 to $890 million. IDC predicts that rapid growth will continue throughout the five-year forecast period to reach $5.5 billion in 2011, a 44% five-year compound annual growth rate (CAGR)... Read More