By 2019, the Global Business Process Management as a Service (BPM) Market is expected to grow by more than US$ 5 billion, at a CAGR of 37.18 percent from 2014-2019.
This explosive growth is because organizations are adopting BPM as a service solutions to maintain product quality, eliminate inefficiencies in manufacturing processes, manage errors, track changes in design, enhance overall productivity and reduce costs, ensure time management, boost ROI, and improve time-to-market, thus leading to profit.
In addition, many organizations have common needs that BPM as a service can help satisfy:
Need for Improved Business Processes
BPM as a service helps to align the objectives of an organization with the requirements of clients, by integrating the technical and management potentiality of the organization. It provides flexibility and technical integration through an innovative and comprehensive management platform.
Also, it enables business efficiency by optimizing business operations. This enables organizations to improve their business processes and related services. Therefore, BPM as a service takes a process-centric approach to understanding and optimizing business processes.
Need to Gain Competitive Advantage in Business
The need to gain a competitive advantage, such as capacity optimization, a reduction in lead time (the response time between the initiation and execution of a process) and cost, and the need for increased profits through developing a strong IT infrastructure are major factors propelling the growth of the market. BPM as a service helps organizations increase their productivity by streamlining various business processes.
Companies are using BPM software through the cloud model to meet business demands quickly and remain competitive in the market. During the forecast period, companies are expected to implement this technology to distinguish themselves and provide value-added services that can enhance their revenues.
Need for Customized BPM Solutions
Vendors are increasingly providing customized software or on-demand services, resulting in the development of a series of horizontal software applications that are customized to the specific needs of industries. Leading vendors are offering their customers a wide range of BPM solutions, including specialized offerings for particular vertical segments.
Therefore, information systems used for BPM are more focused and are directed toward a particular type of customer. These customized systems are pre-configured to the needs of customers to a large extent, which, in turn, reduces deployment costs and total cost of ownership.
