As the world shifts to the New Normal, the COVID-19 pandemic has greatly affected businesses and operations.
Now that social distancing is the norm, businesses are relying on digital platforms to reach people who are staying home. These people are spending more and more time on their mobile phones, tablets, and/or laptops. Behavior is at its peak for digital content consumption.
But as everyone tries to do more business online in this new landscape, businesses need to first design and identify their business processes. Which processes have bottlenecks? Which can be improved through technology? How can the business drive efficiency across manual operations?
BPM as a service market is predicted to grow by $24.01B between 2020-2024. The potential is huge as the demand in automation rises, most especially because the COVID-19 pandemic has shut down establishments and operations globally. Organizations, particularly in the retail industry, are keen to monitor and change business processes to ensure their businesses run smoothly.
That is precisely what BPM does. BPM looks at existing processes and improves the way businesses operate. This saves time, resources and ultimately cuts costs for the company.
Continuous evaluation is needed because BPM is not a one time process. Properly designing a process and identifying areas for improvement are needed before using technology to automate it. Also, with continuous evaluation, processes can be standardized to reduce errors and mitigate risks.
In this time of crisis, what steps should businesses take for BPM?
- Re-design and Model
Benefits of BPM
BPM is not only about reducing costs for businesses, because ultimately, it can also deliver business value. In this changing business landscape, it is crucial to have a solution-based approach and make changes quickly in order to survive.