In today’s world, a company’s success hinges on its ability to go digital. It’s truly survival of the digital fittest! Businesses are rapidly adapting to stay ahead of the curve and meet their customers where they are.
As businesses embrace digital transformation, they are experiencing massive disruption to their traditional ways of doing things. From mobile banking apps to recommendation engines and chatbots, digital has taken over and is integrated into how we interact with organisations.
Digital has shaken every industry, and the trend shows no sign of slowing down. A market study predicts that the global Digital Transformation Market size in revenue, estimated at $594.5 billion in 2022, is anticipated to increase to $1,548.9 billion by the end of 2027.
Clearly, companies that fail to embrace digital transformation risk being left behind by their competitors, losing market share and struggling to remain relevant. On the other hand, those that invest in digital transformation are seeing significant benefits.
Key benefits of Digital Transformation include:
- Improved agility and innovation
- Increased productivity
- Greater efficiency
- Increased transparency
- Faster time to market
- Improved customer experience
However, these benefits of Digital Transformation cannot be fully tapped without Business Process Management (BPM). The key to digital transformation lies in managing and transforming business processes to meet new business needs. And that’s where Business Process Management proves valuable.
How BPM Fits Right into Digital Transformation
The implementation of a digital strategy in a company requires a holistic view of business processes to:
- Identify inefficiencies and areas for improvement with analysis of current processes
- Enable automation of business processes to get cost savings, greater efficiency, productivity, and efficiency
- Ensure agility and flexibility to introduce continuous process changes to adjust to customer demand.
- Ensure business processes are aligned with new digital goals
- Review the allocation of resources in the different tasks of business processes, eliminating what does not add value.
All these requirements are fulfilled by the BPM discipline.
BPM is Key to Digital Transformation
Business Process Management (BPM) is the key to successful digital transformation, as it provides a structured and systematic approach to process optimisation, automation, and continuous improvement.
We look at 5 areas where BPM has potential to accelerate digital transformation:
1. Enabling agility: Digital transformation requires organisations to be agile and responsive to changing market conditions. BPM provides a framework for continuous improvement, allowing organisations to continually review and adapt their processes quickly and efficiently.
2. Streamlining processes: BPM helps organisations map their current processes end-to-end, which helps identify and eliminate inefficiencies and redundancies in their existing processes. Using BPM, organisations also get clarity into identifying highly manual, repetitive, frequent and prone to error tasks suitable for automation. Automating these tasks enables organisations to reduce costs and improve efficiency, allowing them to do more with less.
3. Critical insights for decision-making: As per a BCG report, a staggering 70% of digital initiatives fail to achieve their objectives. BPM proves instrumental here as it enables data-based decision making. Using an advanced BPM tool with an in-built analytics engine gives you access to valuable insights, such as annual time taken and costs incurred for each process. You can also understand the cycle time and cost of the process. These insights help make strategic decisions and craft the digital strategy for your organisation.
4. Facilitating Collaboration: By providing a central repository of data, BPM promotes collaboration and communication across different teams and departments. This helps break down silos and encourage cross-functional teamwork, which is essential for successful digital transformation.
5. Enhancing customer experience: By mapping customer journeys, identifying pain points and removing delays, BPM empowers organisations to streamline processes and enhance customer efficiency and service. BPM proves critical in providing a more personalised and efficient customer experience, which is at the heart of digital transformation strategy.
Harnessing the Power of BPM in Digital Transformation
Digital transformation is more than just buying a platform; it requires alteration at the root level to drive sustainable results. As BPM enables changes at the process level, it is becoming central to digital transformation initiatives.
PRIME BPM software comes with many powerful features to help build your digital strategy based on the unique needs of your business. From helping you channel your digital strategy with actionable process insights to helping you run what-if scenarios, carry out impact analysis, and understand the impact on systems, roles and documents, PRIME BPM helps you get the maximum output from your digital initiatives. In-built change management capabilities in PRIME BPM also enables you to ensure seamless adoption.