TABLE OF CONTENTS
- A look at the BPM Market Growth and Trends
- Top-Rated BPM Software features
- Low-code, no-code software
- In-Built Methodology and Mapping standards
- Intuitive process modelling capabilities
- Automated Process Analytics
- On-demand chat
- Freemium License
- Top 5 BPM software for 2023
- PRIME BPM
- SAP Signavio
As the business and technology landscape evolves, Business Process Management software is also keeping pace. In line with the requirements of today’s organisations, BPM tools have become more agile, adaptable, and user-friendly, focusing on collaboration and real-time process monitoring.
In recent years, BPM is increasingly being democratised. From being restricted to just IT departments and process experts, the software is moving to the hands of business users to collaboratively work towards achieving corporate goals.
With the rise of cloud computing, many BPM tools are now available as Software-as-a-Service (SaaS) solutions, making them more affordable and easier to deploy and thus making them accessible for even SMBs.
BPM tools are also becoming sophisticated with advanced features and functionalities, such as in-built analytics, intelligent process modelling, etc.
In this blog, we look at the growth trends in the BPM Market, top-rated functionalities needed in a BPM tool and five best tools for 2023 based on functionalities.
A look at the BPM Market Growth and Trends
The BPM market is expected to grow significantly over the next few years, driven by the increasing demand for process optimisation, digital transformation, and automation across various industries.
According to a market research report by MarketsandMarkets, the BPM market size is projected to grow from $4.4 billion in 2021 to $8.9 billion by 2026, at a compound annual growth rate (CAGR) of 15.1% during the forecast period.
With companies across industries constantly looking to do more with less and gain efficiencies, BPM software is emerging as a must-have for businesses to gain a competitive edge. However, with a plethora of options for BPM tools, how can organisations choose the right BPM software?
A good point to start is identifying the key features and functionalities you need in your BPM software. Here’s a list of capabilities required in the BPM software:
Top-Rated BPM features
- Low-code, no-code software: With business users increasingly getting involved in business process management to achieve their corporate priorities, from cost reduction to enhancing customer service, low-code, no-code BPM platforms are becoming more relevant. Tools with pre-designed templates for process mapping and user-friendly drag-and-drop functionalities empower business users with no specialised skills to participate in the improvement project. The collaboration between business users and process experts delivers visible results.
- In-Built Methodology and Mapping standards: A tool equipped with an in-built methodology automatically guides through the entire cycle of map, design, improve and monitor. In-built process mapping standards help you ensure consistent and standardised documentation, which come in handy in your digitisation and automation projects.
- Intuitive process modelling capabilities: Intuitive process modelling capabilities are becoming sought-after as it allows mapping to become accessible for everyone. Tools with pre-built templates and drag-and-drop features ensure quick and accurate process mapping. Furthermore, BPM software that allows to capture process attributes, such as business rules, KPIs, text descriptions, roles and documents provide a complete view of processes in action.
- Automated Process Analytics: Much of your improvement efforts and ability to identify improvement opportunities depend on your process insights. A BPM tool that automatically presents critical data related to process cost, time, efficiency and value helps you select where the waste lies and drive improvement, enabling you to drive significant benefits.
- Simulation: The ability to simulate to-be scenarios is also a powerful capability that enables you to understand the changes and choose the best possible iteration for your process before the implementation.
- On-demand chat: Besides tool features, customer support makes or breaks a deal for any software. Prompt customer service makes sure you are able to use the BPM software functionalities adequately. A tool that offers on-demand chat support ensures quick resolution to any challenge or bug you encounter and helps you keep your improvement project on track.
- Freemium License: The ability to test the software functionalities and features before purchasing is a great plus in any software. Many BPM tools offer a 15-day or 30-day free trial. However, these are primarily available with basic features for free and advanced functionalities as paid versions. A freemium product license with all functionalities available helps you assess and familiarise yourself with the tool.
Top 5 BPM software for 2023
1. PRIME BPM (Get a Premium License for Free)
PRIME BPM is a powerful cloud-based, low-code, no-code Business Process Management software designed to meet the requirements of bothbusiness users and business process experts.
The plug-and-play BPM software comes with an inbuilt methodology to empower organisations to easily and accurately map, analyse, improve and automate their business processes. The software combines the power of popular methodologies, including BPM, Lean, Six Sigma, and Value Stream Mapping.
PRIME BPM is a feature-rich product with best-in-class functionalities, including process prioritisation as per criticality; automatic insights on process efficiency, cost and value; and governance, risk and compliance module. The software’s inbuilt simulation engine allows users to test the efficacy of redesigned processes and choose the iteration that offers the best possible results.
It has an on-demand chat option within the tool and strongly focuses on customer support. PRIME BPM also constantly updates features in line with customer requirements and demands.
Being a cloud-based business process improvement software, PRIME can be expensed under the operational budget with a low monthly fee, thus providing value for money. It also offers a free Premium license with lifetime access.
Kissflow is a low-code, no-code platform that allows users to Build, Configure and Automate Workflows without any coding experience. The software includes a drag-and-drop interface for building workflows, making it easy for users to create and manage complex processes.
Kissflow offers customisable workflow templates that can be tailored to meet the specific needs of different organisations across industries. The software also allows collaboration between different stakeholders.
While the platform is efficient, Kissflow’s customer support has lower user ratings than other metrics. The software’s pricing plans can be expensive, particularly for smaller organisations or those with a limited budget. Free trial is available on request.
Nintex is an easy-to-use process intelligence and automation platform, designed to enable easy digital transformation for organisations. It offers pre-built process maps, workflow and RPA bot templates to support automation journey across industries and departments. It is available as an on-premise and cloud deployment option.
Nintex also offers a 30-day trial option. Different pricing options are available for different features. However, pricing is expensive as compared to other tools in the space. User ratings for customer service and support are lower than other metrics.
4. SAP Signavio
SAP Signavio offers an easy-to-use platform to optimise process documentation, automation and analysis. It has been designed to make BPM accessible to everyone in an organisation.
The software offers data analysis to examine business processes and understand improvement opportunities.
However, the software doesn’t have the capability to create to-be scenarios to understand the best possible iteration and its impact before implementation. A 30-day free trial is available.
Pega platform is especially designed for large enterprises, providing them a secure and scalable solution for managing complex business process. Pega uses AI for driving decision-making and offers intelligent automation to deliver consistent experiences across channels and systems.
Pega comes with enterprise-grade capabilities, but it is more complex to understand than other BPM tools. One needs to familiarise himself with the tool before using it adequately. A higher price point is another downside.
Choosing the right BPM software for your business
Which BPM software is the right fit for you? The answer to this question largely depends on your requirements. Understand your BPM needs and analyse BPM software that fulfils most of them to make the decision.
For instance, if your priority is to gain process insights for strategic decision-making, then a tool with in-built analytics is a perfect fit for you. Similarly, if enabling process experts and business users to map collaboratively or managing risk and compliance is another criterion, you need to consider a tool that offers these combined capabilities.