Trends in BPM Industry
Conventional wisdom would suggest that any organisation that starts in a competitive demand environment needs to have done its homework and chosen a product or service strategy that will stand the test of time. Even more important, the founder and the team need to stay focused on the vision and avoid any distractions that can make the company and its growth stray from the defined path. The story of Indian entrepreneurs in the past has often been a combination of building large corporations in an area where domestic
demand was either growing or protected and using related and, in some cases, unrelated diversifications to created large conglomerates. The super success story of entrepreneurs in the eighties and nineties like Narayana Murthy also led one to believe that in an area where competitive advantage was defensible due to factors like global wage asymmetry and better process adherence like IT services, the path to success was fairly easy if one focused on serving all customer needs through astute marketing and excellent delivery.
However in the last 20 years and more, the number of entrepreneurial failures — to build a world beater product business or scale a services business after many years of following a tried and tested model, has raised fundamental questions in the minds of entrepreneurs as well as angel investors, venture capitalists and even business school academics. Does success come to those who remain unwavering in their pursuit of the original strategy or is the willingness and speed of pivoting to a new strategy the key to success in a fast changing world?
There is no better place to find answers to this question than in the history of the FANG (Facebook, Amazon, Netflix and Google) quartet and the supremo of all success stories in this lot, Amazon. When the legendary founder Jeff Bezos chose in the nineties to build an online book store, even he would not have imagined that a quarter century later, Amazon would offer the widest range of product categories, maintain a third party marketplace for external retailers, offer software and cloud storage services, its own range of hardware products, online video streaming and Amazon Prime, a membership programme that is taking the world by a storm and helping Amazon to compete with most of its peers, Apple, eBay, Google etc. and become one of the highest valued companies in the world.
1. More and more organizations are embracing digital transformation and BPM is taking a central role in the transformation. Driven by the need for speed and agility, in addition to the traditional needs of efficiency and optimization, organizations are now turning to BPM as a key driver of digital transformation. As a result, organizations are looking to work with partners that have innovative digital capability.
2. The heart of digital transformation is a technology-powered re-alignment of organizations – to move away from internally focused business processes and look towards customer-facing engagement. With rising customer demands, companies are deploying BPM with cross-enterprise focus between front-end and back-end office processes in order to deliver end-to-end responsive customers interactions
3. Organizations are seeing the value of adopting new business intelligence platforms and advanced analytics options providing greater data visibility to employees. BPM solutions need to ensure that the information moves seamlessly between users, thus eliminating the need for extra emails and similar communications
4. Additionally, the year 2017 has witnessed an increase in the collaboration of IT and BPM players on the supplier front. The BPM vendor landscape is moving toward integrated/combined solutions with vendors offering case management and BPM in the same products while some vendors provide separate products for automation of different processes
5. RPA has become the backbone of BPM, however, the industry will be further disrupted by other emerging technologies like AI, Machine Learning and cognitive technologies. Capitalizing on new technologies and re-skilling the workforce will help BPM companies to capture business especially in technology-focused sectors like banking, insurance and financial services