Workflow and business process management have to be two of the more crucial focuses among organizations in virtually every industry and region of the world, as failure to optimize these frameworks will tend to hold a firm back from reaching its fullest potential. The key to efficient, productive and resilient operations is having a well-crafted BPM and workflow management strategy in place, then executing on the points therein through the use of automation tools.
There has indeed been a shift in corporate mentalities with respect to workflow in the age of digitization, marked by the massive increases in automation deployments and the vast streamlining of operational processes to be more intelligent and seamless. There is still plenty of work to do, and there is no way that the growth in relevant automation markets will begin to subside any time soon, as many organizations have only deployed a solution or two, rather than comprehensively implementing new technologies to back workflow and BPM performance.
At the end of the day, companies will need to focus on the establishment of sound policies and strategies, developing a list of core objectives before procuring and deploying workflow and BPM automation solutions. In the next few years, those companies that achieve excellence in BPM and workflow will likely be best positioned to capitalize on emerging trends, adjust to new market demands and sustain profitable performances amid increased competition.
Market to grow
Now, workflow management systems have certainly been some of the primary targets of automation deployments among businesses in a wealth of industries, with my working to first implement the tools in operations and accounting departments. Because of how quickly demand is rising for these tools, it should come as no surprise that leaders are enjoying a much more robust set of options to choose from when moving through their provisioning cycles.
TechNavio recently released its latest study on the workflow management systems market, affirming that automation and outsourcing are shaping what is now a very healthy and complex industry, to say the least. There are few sectors or types of business processes that cannot be at least somewhat enhanced and augmented through the use of automation software, and workflow is often a strong area to peg as the first subject of new technology deployments.
According to the report, the workflow management systems market is forecast to expand at a compound annual growth rate of 28.77 percent between last year and 2019, which would further drive up the already successful revenues enjoyed among competitors in the industry. The analysts did point out that the two broadest types of workflow management systems are automated procedures that streamline tasks and management, as well as internal and external procedures which involve working with an outsourced solution provider.
Regardless of how companies choose to procure, implement and optimize their workflow management systems, automation will likely play a major role for years to come.
Time to move
Although workflow automation is not a standard throughout all industries, the time to get moving on these types of deployments and investments is now. After all, if one business has equally desirable products and services to a competitor, but does not manage BPM and workflow optimally possible, chances are the firm will struggle to see the same profit margins given a lack of maximum efficiency internally.
In some situations, the best choice will be to partner with a provider of robust automation solutions that can assist in the implementation, configuration, maintenance and optimization of workflow and BPM technologies.