According to business process management statistics, the business process management market was valued at $11.84 billion in 2021. With a compound annual growth rate of about 12%, experts predict that the business process management market will surge to $26.18 billion by 2028. Not only that, business process management projects run internally can deliver a rate of return of around 15%.
More importantly, these projects can deliver anywhere from 30%-50% productivity gains. Business process management can improve customer satisfaction by 30%. That is why more and more businesses are adopting business process management. These statistics clearly point toward the exponential growth and demand in the business process management industry.
In this article, you will learn everything you need to know about business process management and how you can use it to boost your business agility and productivity.
What is Business Process Management?
Business process management is all about discovering, analyzing, measuring, controlling, and optimizing business processes. It also encompasses practices to align business processes with business goals especially when your business is constantly evolving.
Business process management is used to outline the steps required to achieve a business objective and connect those steps to processes while looking for ways to boost the efficiency of current business processes. You have to continuously improve your business process until it reaches optimal efficiency even if you have to re-engineer it from scratch.
What are the Advantages of Business Process Management?
Business process management offers tons of advantages to businesses. Some of them are as follows:
- Gives you a strategic direction
- Increase revenue
- Minimize cost
- Saves time
- Lower processing times and faster response times
- Faster time to market
- Higher employee retention
- Improve customer satisfaction
Business processes can have a huge impact on your business. The more flexible, agile and efficient a business process is, the more flexible, agile and efficient your organization will be. Yes, there are other factors that also have an influence but none of them can make a bigger difference as your business process.
Which Are The Best Business Process Management Tools?
Business process management tools can be categorized into many different categories. Some of them are as follows:
- Business rule engine
- Workflow management
- Collaboration
- Integration
- Analytics
Once you have understood the different categories of tools that come under the business process management tools umbrella, it is time to look at some of the best business process management tools.
- Kissflow
- Bizagi
- Appian
- Wrike
- Nintex
- ProcessMaker
How Businesses Are Using Business Process Management?
To help you see business process management in action, here are some real-life examples from businesses that have used business process management to their advantage.
- Mitel Networks
Mitel Networks found themselves in a predicament most other large scale enterprises find themselves in, which is using too many different tools. Mitel Networks were using more than a dozen different ERP solutions, CRM solutions and HR systems. This has made business management a whole lot complicated. To turn things around, they used the Kaizen methodology. This not only eliminated the complexity but also helped them to bring continuous process improvements to their business processes.
- Eaton
Eaton is an industrial manufacturer which is leveraging both business process management and robotic process automation to find activities they can automate and optimize. They have managed to automate mundane tasks such as responding to emails and generating reports while streamlining their workflows across the organization. This has not only increased their efficiency and productivity but has also saved them a lot of money and time. Above all, it has freed up their employees to focus on more value-driven activities instead of wasting time on mundane and repetitive tasks.
These are just two examples but there are many more businesses that are already benefiting from implementing business process management.
What are the Differences Between Robotic Process Automation and Business Process Management?
As mentioned above, some businesses are using both robotic process automation and business process management simultaneously. There is nothing wrong with it until you know the differences between the two. That is exactly what we are going to discuss here.
Robotic process automation is a technology that is governed by business logic, requires structured inputs to work and its core purpose is to automate business processes. On the flipside, business process management takes a holistic approach to business process optimization. Yes, it also focuses on process automation but the primary focus is usually on enhancing the efficiency of your business process to deliver better results as you can do with cheap dedicated server hosting.
Which is the Best Business Process Management Certification?
There are many business process management google skillshop certifications out there that can help you master the art of business process management. Some of them are as follows:
- BPM Institute’s BPM Certification
Candidates must have three to four years of experience and must have completed an exam that covers the basic principles of business process management to be eligible for this certification.
- AIIM+ Process Automation and Business Process Management Certificate of Specialization
The Association for Intelligent Information Management offers not just one course but a series of courses related to business process management. Candidates have six months to pass the final exam after completing the course.
- OMG Certified Expert in BPM 2
This certification from the Object Management Groups covers everything from tools to vendors, technologies to professional consultants, academics to IT processes and procedures.
- ABPMP Certified Business Professional
Based on the guidelines set out by the Association of Business Process Management Professionals in BPM’s common body of knowledge, this certification is a great choice for professionals who are new to business process management and want to learn the basics.
Which Are the Best Business Process Management Jobs?
Once you have completed one or more of the aforementioned certifications, you will be eligible for the following job roles:
- Business process analyst
- Business process manager
- Process improvement manager
- Continuous improvement manager
- Process engineer
Did this article help you in understanding business process management? If yes, how will you use this information to improve your business processes? Share it with us in the comments section below.
