Businesses continuously look for agility and efficiency to achieve growth and maximize revenues and sales. Streamlining complex and highly interconnected business processes is important to meet the business goals.
Business Process Management (BPM) has emerged as a strategic ally in enhancing business processes. BPM ensures businesses adapt to the dynamic market by optimizing workflows and enabling data-based decisions. Using BPM to manage your resources and enhance allocation helps streamline communication and improve product development quality.
Whether you develop in-house software or outsource your software requirements to build custom BPM software solutions, both help you achieve high-quality results and maximum revenue. Additionally, BPM automates parts of the process, ensures greater agility, and accelerates time to market.
In this article, we have listed the top 10 Business Process Management statistics to understand the significance of BPM in the modern business ecosystem. Learn why BPM software is important for all kinds of businesses.
The Top 10 BPM Statistics to Understand the Significance
Let’s explore the top 10 Business Process Management statistics you must know before adopting BPM for your business.
#1 $65.8 billion Market Size by 2032
The Business Process Management market is growing exponentially. It is currently valued at $15.4 billion, according to the research conducted by Allied Market Research.
The need for organizational excellence and reduced operational costs drive this increasing market size. This increase is also influenced by the evolving business landscape and the need to thrive in the digital realm.
#2 74% Claim Increased Interest in BPM
There has been a spike in interest in Business Process Management. At least 74% of businesses have shown an increased interest in adopting BPM. 70% of the businesses surveyed use at least one application for process management. 63% of businesses use two or more tools.
This statistic indicates the increasing use of BPM as businesses believe it can help them manage tasks and increase efficiency.
#3 Only 4% of Companies Track their Process
Of the organizations examined in a survey conducted in 2016, by Procesowcy.pl’s Lukasz Tartanus, only 69% had established processes for the BPM review. 4% of organizations measured them in detail. Businesses must understand that measuring the BPM and tracking it continuously can help enhance the processes. Knowing the processes or creating them isn’t enough. You must automate processes and track the process performance for continuous workflow optimization.
If you fail to manage the processes or deviate from your goals, you may not be able to accomplish them. Businesses must understand this statistic and ensure their procedures are fully documented.
#4 74% believe automation saves time
Process automation has helped businesses reallocate their resources to more strategic and defined tasks. At least 74% of IT and engineering leaders believe that automation saves close to 50% of their time. According to 51% of people, it can also help save costs.
62% of businesses use triggered actions to build their automation. Chatbots and AI have also joined the automation to enhance the processes. This indicates that businesses must use BPM to strategize and enhance automation outcomes.
#5 38% formalized the BPM programs
38% of the organizations measure the BPM in a formal manner, which increases the returns on investment.
When you have a formal tracking method, it becomes easier to understand what went wrong and how. These formal processes help you track with an end goal in mind, which results in successful processes and maximum returns. It is crucial to spend some time understanding the best ways to formalize the processes and align them with the goals.
#6 46% Resisted Change
Before you adopt a new process automation solution, your organization must be ready for the change. At least 46% of the surveyed people mentioned they were not ready for this change. This was a barrier to entry for the BPM solutions in the organization.
This resistance led to reduced returns on investment for organizations taking into consideration the competition.
#7 Lose $1.3 Million to Inefficiency
If you have been depending on manual processes or paperwork, you may experience inefficient systems. This inefficiency can result in recorded losses that can have a financial impact on your business.
At least $1.3 million was lost annually by businesses owing to inefficient processes. You must prepare your business to adopt automation for efficient processes. BPM is one way to solve inefficiencies.
#8 40% Reduction in Errors
Companies that have embraced Business Process Management have seen a reduction in their workload. Automation has helped them reduce manual intervention and the errors that arise from them. It has also helped them improve the quality of work and ensure better retention. At least 40% of organizations surveyed relayed they observed reduced errors and more precise decisions.
#9 Highest Adoption in BFSI
A good 35% of the banking, financial services, and insurance market segment adopted BPM to improve their processes.
Apart from the BFSI, healthcare, and retail also benefited from the automation.
#10 Spend 10% to Nearly 40% Time on Mundane Tasks
At least 70% of the C-Execs believe that they spend 10% to 40% of their work hours completing mundane tasks. This has led to an increased inefficiency at the top level, which hinders their work and decisions. Automating these tasks can help them increase productivity and accomplish their goals faster.
Conclusion
The modern business realm is continuously shifting, calling for greater agility and efficiency. Business Process Management statistics reveal that Business Process Management can shape industries and businesses as a catalyst that enhances the process times and accelerates time-to-market. BPM software can help define a clear trajectory for application development and mitigate the risks proactively. You can use automation to eliminate complexities and identify opportunities.
You need a good software development company to help you determine the ideal BPM solution for the business. Comidor can ensure the solution is perfectly aligned with your process needs and business goals, offering expertise and tailored support for optimal results. Our comprehensive approach integrates advanced technology with your unique business requirements, driving efficiency and fostering sustainable growth. With Comidor, you gain a strategic partner committed to elevating your business operations through innovative BPM solutions. Come in touch to schedule a demo call today!
