The business processes of today are almost indistinguishable from those of the past, with more operations being fueled by digital technologies and mobile solutions with the passing of each year. Companies that do not modernize their business process management frameworks, though, will be in a precarious position before long, as their competitors are likely already leveraging these solutions to maximize efficiency and drive revenues higher.
Earlier this month, TechNavio forecast the BPM-as-a-Service market alone to expand by more than 37 percent by 2019 compared to 2015, and this is only one segment of the business process technology industry at large. More firms as taking the outsourced services approach to BPM modernization and optimization given the inherent benefits of cloud computing, and leaders who have not yet begun to consider this methodology should do so soon.
A look at the future
One of the main problems companies face when trying to digitize their BPM frameworks involves the functionality and interoperability of legacy apps - notably the ones that the firm does not want to simply throw out of the window. TechTarget recently published a blog post by Tom Nolle regarding the use of advanced BPM strategies to actually bring legacy apps up to par with today's standards, specifically through the re-engineering of the software.
According to the author, there is plenty of groundwork that must be covered to actually make such a strategy a reality, including the identification of key BPM components and definition of models through which transactions will occur. He affirmed that the three core models for this involve standard, stream and analytics transactions, and one firm might have reason to use each of these models for varying purposes in the long run.
Once the models have been ironed out, though, Nolle asserted that the analysis of applications - especially legacy ones - will need to be taken care of diligently to eventually leverage a modernize BPM framework for projects involving the re-structuring of software and systems. At the end of the day, business leaders will need to walk before they can run, and this means taking intelligent steps toward both the re-engineering of legacy apps and the deployment of new BPM strategies.
Further into the future
Harvard Business Review recently reported that some companies - likely those that are way ahead of the BPM modernization curve - are creating and utilizing algorithms to better craft and execute relevant strategies. This might be somewhat of a far-off pursuit for some organizations today, but represents a clear path toward optimal BPM performances, as algorithms can better uncover insights and needs than traditional analysis.
The source noted that machine learning is becoming a more common component of modern IT and operational management, and it is only a matter of time before the BPM industry moves more wholly in this direction. Decision-makers who are ready to take their BPM frameworks to the next level of performance should consider working with a managed services firm that offers support and solutions for these endeavors.