Business process management is a data-heavy practice all about monitoring workflows and refining the rules and conditions to make them as efficient as possible. As such, it is a perfect task for intelligent technologies which can process large quantities of data and help human workers derive deeper insights. Intelligent business process management (iBPM) helps by identifying hard-to-find gaps in processes. Once the areas of improvement are unearthed, organizations can use various technologies to improve the process.
Consider that in any department of an organization there are at least ten processes essential to the basic functioning of that business. Strengthening those processes would have a huge impact on that department and likely improve some areas of the overall business. Optimizing similarly essential processes in departments throughout the organization would be transformative, reducing costs and driving efficiencies company-wide. iBPM makes it easier for businesses to monitor and refine processes throughout their entire organizations, unlocking the full benefits of digital transformation.
How the iBPM industry is evolving
While America is currently the largest geography for the iBPM Industry, the Asia-Pacific market is expected to grow the most in this fiscal year (April 2021 to March 2022). Based on various reports, the iBPM industry is currently valued around 3.75 billion with a CAGR of around 6.65%. Advancements in technologies like robotic process automation (RPA) and AI are encouraging widespread adoption and driving growth of the iBPM industry. Even small businesses are now adopting iBPM because of the tangible benefits it provides.
In mid-2018, iBPM companies started investing in cloud technologies, paving the way for new opportunities and offerings like as-a-service models. iBPM software providers have since started providing low-code and no-code software to meet new demands from non-traditional developers. With new ways of working emerging after the Covid-19, iBPM companies have started improving the collaboration aspects of BPM software solutions, as these are essential to stay productive going forward.
Figure 1: Market Growth for BPM Industry
iBPM in every sector
iBPM is both a solution and an enabler of solutions for any industry.
In human resources, for example, HR professionals often spend a lot of time onboarding new candidates. iBPM can transform the entire onboarding process, automating and streamlining exhaustive processes from end to end, saving time and resources. Wipro enterprise operation transformation (EOT) helps HR departments deliver more comprehensive hire-to-retire support, perfecting the employee experience from application to their last day on the job.
For sales departments, coordinating purchase orders (PO) and invoices can be cumbersome, requiring a lot of communication between teams. With manual processing, human errors in these tasks are inevitable and time-consuming. Again, iBPM can help here by automating activities throughout this entire process, improving productivity, saving time, and reducing manual errors during invoice and PO entry. These efficiencies also support a shorter sale cycle leading to less requirement of working capital.
Finance departments also handle a lot of paperwork. From internal expenses to external spending, every team comes to Finance for approval or to process a request. This relationship — a single finance department communicating with so many other departments — can make day-to-day operations complex and hard to manage. iBPM can help organizations move towards one-click approvals and create workflows to automate tasks based on specific needs.
The true value of iBPM
Refining business processes might not seem so complicated at first, but take a closer look at a process — even a small, very specific one — and you’ll quickly see how many other associate processes are running in the background, connected to an influencing this one seemingly simple action. Once we start digging , we tend to find simple actions creating bottlenecks that delay the whole process. Sometimes, the solution to these challenges can be just as simple, like putting a check at certain place to ensure that overall flow of the process is not disrupted. Often, though, addressing the entire issue is requires a comprehensive approach.
For one, it is very difficult to keep a track of individual tasks. It is easier for leaders to think of entire processes and manage holistically. iBPM tools can help with this by focusing on the individual tasks and providing leaders with the continuous monitoring they need to manage the entire process more effectively, delivering outcomes that generate value and have greater impact.
At Wipro, we work with Camunda to help organizations implement workflow automation without having to worry about IT resources. We also have our own IP solution known as BASE)))™, which is an end-to-end operations management platform driven by analytics and technology blocks. Base))) delivers targeted solutions which help organizations adapt and manage their business effectively.
Benefits of implementing iBPM
Reducing costs and increasing customer satisfaction can be hard to do simultaneously. How do you balance business costs and customer experience?
Technology can help. With iBPM, organization learn where and how they need to change and which technologies can help them do it. Businesses of all sizes, across all industries are now looking to iBPM for benefits that will help them pull ahead of the competition:
Figure 2: Integration of BPM Platforms with other applications
How to select the right iBPM Tool
When selecting the right tool for iBPM for your business, the most important thing to understand is the organizational goal you are trying to achieve. Once you understand where you want to go, you can create knowledge maps that describe the current state of your business processes and possible paths of improvement.
Unfortunately, this entire process is more complex than it sounds. Each step involves many stakeholders and a lot of time. To achieve your transformation goals, your organization needs to take the time to document your business needs, devise strategies, and align on a path forward.
Base)))™is a business process platform driven by analytics that uses business and technology blocks to deliver targeted solutions. The platform helps align business operations with performance objectives, fast-track automation through Harmony, bridge strategy to execution, and acquire data from multiple sources for dynamic analytics. Base)))™ has four core components: Prism for root cause analysis, Harmony for managing business interactions and process harmonization, Core for effective operations management, and Govern for driving operational governance. The platform helps clients achieve substantial benefits in outsourced processes by improving process efficiency, effectiveness, governance, control, and compliance.
As a leader in iBPM support and digital business transformations, we know that it’s sometimes best to work with a business’ internal teams to truly understand their situation and that we compliment, rather than duplicate, their efforts. From implementation support to upskilling and technical assistance, our highly collaborative teams work with internal teams to meet business needs while providing them the autonomy to transform any current and future process.
Vartul Mittal is a technology and innovation specialist focused on helping clients accelerate their digital transformation journeys. He has 14+ years of experience in global business transformation as a consultant for management and global in-house centers. He has also managed technology and business teams in areas like intelligent automation, advanced analytics, and cloud adoption. He is passionate about extending customer relationships beyond the project level to transform enterprise operations and increase business value.
Shrinkhal Gupta leads transformation go-to-market activities for iCORE, Wipro Limited, with a special focus on virtual and industry events. He also leads growth marketing activities and demand-generation initiatives for automation and new-age SaaS platforms and solutions for global clients of Wipro Limited.