BPM Statistics for 2023 to help you add efficiency
The management of business processes is a systematic approach to increasing the efficiency of processes in a company.
BPM utilizes a variety of methods to study and understand the current state of business processes. It also assists in making better decisions regarding the future.
In this article, we will learn the most effective BPM Statistics.
What exactly is Business Process Management?
business Process Management is a process of modeling and analyzing, planning to monitor, and managing tasks within an organization efficiently.
In simple terms, business process management, or BPM oversees the various processes within the company to efficiently extract benefits to achieve the goals of the organization.
The concept that business processes management is a concept has grown in popularity. With a myriad of BPM tools that are available on the market Process management is a goal all businesses want to attain.
In the next few years, several aspects like Machine Learning(ML) and Artificial Intelligence(AI) are anticipated to boost development within this BPM market.
Below are some of the top BPM market BPM Statistics and trends for 2022 to assist you in managing your company’s growth in the near future. Take a look at these top 11 BPM statistics.
The Top BPM Statistics and Trends
The world Business Process Management market is predicted to reach $26.18 billion in 2028, up from $11.84 billion by 2021, at an annual rate of 12.0 percent.
According to Gartner Gartner, the use of the Business Process Management framework in every process increases the chance of success by 70 percent.
A study conducted by Lukasz Tartanus from Procesowcy shows that in 69 percent of the companies that reported a formalized procedure, only 4% of the managers monitored the results.
Just less than 20 percent of the processes in an organization affect its position in the marketplace and are worthy of the effort to innovate or create disruptive innovations by BPM initiatives, according to research conducted by academics and practitioners that have been conducted over and over.
BPM assists organizations in achieving tangible business value. It can focus the digital initiatives of the organization towards those goals.
Just 1% of companies in another survey have their business processes managed to be able to reap the economic benefits of digital transformation plans.
67.5 percent of organizations have the ability to oversee business processes throughout the lifecycle of a strategy from design through implementation.
About 40 percent of the overall primary task is performed by the executives, who are principally responsible for the management of processes and digitalization.
Forrester states that BPM initiatives could yield productivity gains of between 30 and 50 percent. In contrast, the figures show that only 25 percent of the typical ERP and IT projects were successfully completed.
According to a survey of their clients’ BPM experiences, 81 percent of companies who are involved in BPM initiatives are likely to see an internal more than 15% return.
Based on Gartner’s BPM maturity model evaluation, 75 percent of companies are working towards standardizing and automating their processes.
The goal of each Business Process Management implementation is to increase process efficiency which will result in better customer satisfaction and will result in increased business ROI.
To evaluate where your company is at in terms of the Business Process Management system currently and where it needs to be going, Business Process Maturity Model is presented.
What is a Business Process Maturity Model?
The Business Process Maturity Model (BPMM) is an approach to progressive five levels which helps businesses move from immature or inexperienced and inconsistent business processes (level 1.) to structured, experienced processes (level five).
The phases are arranged so that every improvement achieved at each stage acts as the basis for further improvements at the next stage.
These days, businesses are jumping into business transformations that are ambitious without considering their capabilities. To ensure that businesses get the most out of their business transformation efforts they must
Assess its current capabilities to improve value for all organizations’ stakeholders.
Find out the steps needed in order to design products and services that will provide the expected value.
Examine your BPM level of maturity to find the gaps in your process and ensure that your company is prepared to face the future.
There is the BPM Statistics You Need to Know
1.) Only 4 percent of businesses track and monitor their processes
Lukasz Tartanus from Procesowcy conducted an investigation of 236 Polish companies in 2016 to evaluate their maturity in the process.
Based on the findings of the study, from the 69% of businesses who reported having procedures in place, just 4 percent monitored and managed the procedures.
Knowing a process is only the first step to improving it. In the end, you won’t determine if you’re doing things in the right manner until you constantly monitor the outcomes of your process.
If you don’t have any measurements in place and you make a mistake in your method. In this case, it could turn into a routine that damages the company’s processes, allowing employees to complete tasks in a way that isn’t correct.
Documenting your processes isn’t an event that happens once. BPM is a continual process that requires constant monitoring.
2.) In the 2021–2028 timeframe it is predicted that the market will continue to grow at a rate of 12.0 percent
In the year 2020 in 2020, the BPM market was valued at US$ 10.64 billion.
Due to the increasing need of firms to streamline their operations to ensure operational excellence in customer satisfaction, flexibility, and productivity across a wide range of industries The market is expanding.
The market is predicted to grow by a CAGR of 12.0 percent between 2021–2028, rising from USD 11.84 billion by 2021 to 26.18 billion by 2028.
This market’s growing demand and demand is the reason for the constant rise in CAGR. However, it is expected that the market will be reverted to the pre-pandemic level when the pandemic has ended.
3) BPM projects deliver 30–50% productivity gains
BPM Statistics have been used by numerous companies around the globe and have been confirmed to be among the most effective strategies for improving productivity and decreasing waste.
There are three key ways that BPM improves productivity:
- It cuts down the amount of time that is spent on repetitive tasks.
- It makes sure that the right people are performing the right job.
- It facilitates better collaboration between teams.
Implementing BPM Statistics as a BPM solution, when implemented right, will give your business significant productivity gains.
For instance, according to Gartner, 95 percent of the 150 BPM initiatives have been effective. Similarly to that, Forrester reports that BPM Statistics initiatives can yield up to 30–50% improvement in productivity.
By contrast, just 25% of IT general and ERP projects were successfully completed.
4.) BPM projects have an internal rate of return of greater than 15%.
Nearly all leaders of organizations are seeking ways to improve their efficiency and that’s one of the main reasons BPM tools that have Low-Code capabilities are now becoming increasingly important.
They have been designed to be compatible with the latest digital business models, which can reduce the time of delivery, and increase your plan or strategy’s results.
The proportion of cost reduction is contingent on various aspects, including the company’s size, what BPM tool is in use, and how it is implemented.
In an additional Gartner report that is based on an analysis of their customers’ BPM Statistics experiences, 80 percent of companies that are executing BPM projects will achieve an internal return greater than 15 percent.
5.) BPM can improve customer satisfaction by 30 percent
To boost the satisfaction of customers, businesses have focused on delivering on the promises they make, keeping customers happy, and providing the best possible experience for their customers.
The satisfaction of the customer and BPM Statistics are inextricably linked when they try at answering the exact query:
How does your business do in serving your customers?
The purpose of BPM Statistics is to create a platform to facilitate collaboration among all stakeholders and to enhance the overall customer experience.
BPM can help organizations improve their customer service, decrease expenses, boost revenue, and create new products.
With this in mind think about what you can do, based on the results of BPTrends research 30% of participants say that BPM tools increase customer satisfaction.
Conclusion
For every business, process improvements can be achieved through certain points of contact, for instance, constant reductions in costs, elimination of the amount of waste, elimination of errors enhanced productivity and simplified operations.
In order to automate processes, business management and case management are both options. However, they differ in some areas that relate to complexity, strategies, and management.
The above BPM data demonstrate how the BPM Statistics market is growing because companies are now weighing its value.
Brisk Logic is a non-code business process management system that lets you create applications to meet your process requirements without having to write any code. Take advantage of the trial for free and discover more about it.
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