The BPM industry is responding by embracing new digital technologies. Legacy service delivery models and platforms no longer make the cut to allowing organizations to cope with rapidly changing customer expectations.
As the market continues to transform and evolve, businesses (and their outsourcing partners) must anticipate the next steps and consider ways to transform themselves in order to stay relevant and ahead of competition. In this light, below are five trends reshaping the BPM software industry that will further evolve over time as organizations develop new capabilities and strategies to conduct important business processes.
Digitization is defined as the process of converting information into a digital format, in which the information is organized into bits. This will directly impact the global outsourcing market as this will require wide implementation of disruptive technologies. Organizations will have to work with efficient outsourcing partners that have innovative digital capabilities.
Automation, on the other hand, will alleviate human operators from repetitive tasks and allow them to focus on more important responsibilities and tasks. As digital transformation is enabled by automation, Robotic Process Automation (RPA), is also emerging as an exciting trend in the BPM industry. Similar to BPM software, RPA offers a proven solution for enterprises that are burdened by inefficiencies and challenges associated with legacy business systems or people-focused processes.
Service innovation influences how services are delivered within an organization. BPM software service providers, for example, are usually motivated by a robust bottom line to offset the costs of introducing automation. For a while, the BPM industry was against the adoption of disruptive innovations – hard to imagine right? The reasons behind this however, were high initial costs of new technology, training time required, and well-established and functional methods already in place.
Today though, outsourcing clients expect high-value innovative services from outsourcing provider, and these companies will need to adopt continuous improvement processes through new technologies – like process automation.
Changes in the global BPM software market are further affecting the outsourcing business. The massive shift from traditional data center-based operations to cloud-based services has reduced outsourcing costs and some businesses must now engage companies that offer outsourcing services in the cloud (unless they prefer to manage these services in-house). Process automation is also driving the change in the BPM software industry. As more and more BPM providers embrace new digital technologies, prices fluctuate and the market evolves.
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