As we enter into 2024, the BPM market continues to expand and evolve in line with the changing needs of organisations. Driven by the organisation’s relentless pursuit of efficiency, increased customer centricity and the emergence of advanced technologies, the Business Process Management (BPM) space is slated to witness traction and definite transformation in 2024 and beyond.
As per industry report, the global business process management market size was valued at USD 14.46 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 19.9% from 2023 to 2030.
Business leaders must closely watch the growing trends and transformations as they reshape the BPM space, providing unprecedented opportunities for innovation and growth.
Business Process Management (BPM) in 2024
Below are the key factors that will drive the adoption and influence the BPM space in 2024 and beyond:
- Increased Push on Compliance: According to an industry report, the accounting and finance function holds the largest market share in terms of BPM usage. Also, by industry vertical, the BFSI segment acquired a major BPM market size.
The surge in demand for business process management (BPM) within the accounting and finance sector stems from the imperative for heightened accuracy, adherence to compliance standards, and cost-effectiveness. Critical functions within accounting and finance, such as financial reporting, invoice processing, budgeting, and auditing, necessitate meticulous precision and compliance with regulatory standards. BPM serves as a solution by allowing organisations to automate repetitive financial tasks, minimising errors, elevating data accuracy, and ensuring alignment with evolving financial regulations. Furthermore, it provides real-time visibility into financial workflows, facilitating prompt decision-making and enhancing overall financial performance.
In an era of heightened financial scrutiny and competition, the demand for BPM in accounting and finance will grow further.
- Continued Emphasis on Automation/Digital Transformation: According to Gartner, 91% of businesses are engaged in some form of digital initiative. As organisations continue to adopt automation and digital transformation, BPM is emerging as a key enabler in paving the way. Whether it is adopting Robotic Process Automation or digital transformation, mapping, analysing and improving processes is the foundational step.
As Bill Gates aptly explains, “Automation applied to an efficient operation will magnify efficiency. Automation applied to an inefficient operation will magnify the inefficiency.” Hence, processes need to be optimised and streamlined to derive the required result.
As intelligent automation driven by the adoption of advanced artificial intelligence (AI) and machine learning (ML) takes centrestage, the demand for BPM will grow further.
- Driving Sustainability: In recent years, sustainability has become one of the top priorities for organisations as consumers shift to buy sustainable brands. BPM can play a major role in enhancing sustainability. For instance, process mapping and analysis can help organisations in understanding waste in their supply chain processes in the entire cycle from procurement to delivery. BPM can also help organisations define end-of-life recycling processes. Providing features like compliance checks and root-cause analysis, BPM not only empowers organisations to devise key performance indicators (KPIs) for environmental, social, and governance reporting but also facilitates the formulation of stringent processes to ensure unwavering compliance with sustainability objectives.
- Low-Code, No-Code continue to accelerate BPM adoption: The momentum of BPM adoption is experiencing a significant surge, largely propelled by the widespread adoption of Low-Code and No-Code solutions. These user-friendly technologies are reshaping the landscape by placing the power of process optimisation directly into the hands of business users. 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. This democratisation of process management not only expedites implementation but also fosters a culture of collaboration between technical and non-technical stakeholders. As organisations seek agile and accessible solutions to navigate the complexities of their business processes, the rise of Low-Code and No-Code solutions emerges as a defining trend that will continue to dominate the BPM landscape in 2024 and beyond.
- Real-Time Insights for Improved Agility: In the competitive business landscape, agility and flexibility have become key requirements for businesses. Through 2024, the focus on real-time process insights will intensify as organisations prioritise customer service, efficiency and productivity increments while reducing costs. BPM solutions capable of providing real-time process cost, time, and efficiency value will gain prominence. These insights can help organisations in benchmarking and improving processes for optimal output.
- Customer-Centric BPM: As we look ahead, BPM solutions will be designed with a customer-centric approach, focusing on understanding and meeting the dynamic needs and expectations of end-users. This trend will further emphasise the integration of customer journey mapping and analytics into BPM processes to provide a seamless and personalised experience to customers.
Does your BPM tool align with new trends, such as providing real-time insights, integrating a customer-centric approach and maximising digital transformation outcomes? Explore how PRIME BPM functionalities helps you stay ahead of these trends, start your 30-day Free Trial.
Discover how PRIME BPM can help you map, analyse, improve and monitor your business processes to meet your productivity, efficiency, compliance and cost reduction goals to scale your business to new heights in 2024.