Top Business Process Management Stats to help you add efficiency in 2023

Business process management is an organized approach to enhance the processes’ efficiency in an organization. BPM employs various methods to analyze and comprehend the current reality of business processes and helps in making better decision for the future. In this blog, let us find out the top Business Process Management Stats.

What is Business Process Management?

Business Process Management is a process of modelling, analyzing, designing, monitoring, managing and executing tasks in an organization effectively. In simple words, Business process management or BPM manages various processes at the organization to effectively extract value to reach organizational goals.

Over the years the concept of business process management has gained momentum. With myriads of BPM tools available in the market, process management is a stage every business wants to achieve. In the coming years several factors such as Machine Learning(ML), Artificial Intelligence(AI) are expected to drive higher growth in the BPM market.

Compiled below are top business process management market (BPM) statistics and trends in 2022 that will help you navigate your business growth in the future. Check out the top 11 BPM stats.

Top Business Process Management Stats and Trends

1. The global Business Process Management market is expected to grow to $26.18 billion in 2028 from $11.84 billion in 2021 at a CAGR of 12.0%.
2. According to Gartner, using Business Process Management framework in any processes increases the project success rate by 70%.
3. A study by Lukasz Tartanus of Procesowcy reveals that 69% of the firm that reported established procedure only 4% managed and tracked the performance.
4. Less than 20% of an organization’s processes significantly impact that organization’s competitive stance and are worth the effort to innovate or make disruptive advances through BPM efforts, according to academic and practical research that has been conducted repeatedly.
5. BPM helps organizations to target realizable business value – and can help point digital initiatives for organization on those targets.
6. Only 1% of firms, according to another survey, have their business processes sufficiently under control to fully realize the financial benefits of their digital transformation initiatives.
7. 67.5% of the organization know hoe to manage business processes throughout its lifecycle from strategy design to implementation.
8. Just under 40% of the entire primary responsibility is held by executive management, which is primarily responsible for process management and digitization.
9. Forrester claims that BPM initiatives can result in productivity benefits of 30 to 50 percent. Comparatively, only 25% of typical IT and ERP projects were finished.
10. According to a survey of their clients’ BPM experiences, 81% of enterprise organizations working on BPM initiatives will see an internal rate of return higher than 15%.
11. According to Gartner’s BPM maturity model assessment, 75 percent of organizations are still in the midst of standardizing and automating processes.

The end goal for every BPM implementation is to achieve process efficiency to provide higher customer satisfactions that leads to enhanced business ROI. To assess where your business in terms of Business Process Management system is standing and where should it be headed, Business Process Maturity Model is introduced.

What is a Business Process Maturity Model?

The Business Process Maturity Model (BPMM) describes a five-level progressive approach that helps firms go from inexperienced or immature, inconsistent business operations (level 1) to experienced, structured processes (level 5). The phases are organized in a way that each improvement made at each stage serve as a base for improvements in the following stages.

Today organizations are hastily venturing into ambitious business transformation without assessing their current capabilities. For businesses to make the most out of their business transformation initiatives, it should

1. Asses its present capabilities to enhance value for different organizational stakeholders.
2. Determine the necessary steps to create products and services to deliver the desired value.
3. Evaluate your BPM maturity to identify gaps and ensure your organization is well-prepared to embrace transformation.

Also Read: All you need to know about Business Process Maturity Model

Conclusion

For any business, process improvements include certain touchpoints for example, continuous reduction in costs, minimization of waste, elimination of errors, improved productivity and streamlined functions. For process automation, business management and case management can be used. But, they differ in certain areas relating to complexities, approaches and management. The above business process management statistics show that the BPM market is growing as business have now considered the value it brings. Quixy is a no-code business process management platform that enables you to create applications according to your process needs without writing any code. Get a free trail and learn more.