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Need for Cloud Business Process Management (BPM), Busting myths around BPM
The present greatest business improvement obstacle has nothing to do with cash and everything to do with the business improvement procedures we are putting our time into. This boils down to one significant commodity - time and a significant question - What is your time worth to you?
Business process management (BPM) has become the focal point for any improvement strategy as it has been tried and tested for the last two decades. It involves managing multiple business activities spread across several departments being performed by people, frameworks, or a mix of both. By monitoring these activities as part of business workflows through BPM, organizations get visibility on their business processes which leads to process optimization.
Optimization involves normalization through an open API model, utilizing new abilities to drive creative business arrangements. As indicated by a Gartner review, 80% of organizations implementing BPM projects will meet an internal rate of return greater than 15%. Organizations that view implementing cloud solutions along these lines can make huge business growth and innovation in the rapidly evolving digital era.
Cisco predicts that by 2021, cloud data centers will process as much as 94% of all workloads
Combining cloud platforms with BPM suites enables us to deploy any workflow application on the web. This empowers clients and employees with the flexibility to manage / monitor business processes from anyplace, anywhere. BPM architecture must make run-time modifications and inconsistency resolution possible at the same time. Agile cloud-based BPM solution solves the problem. This is useful for automating business processes that allow modifying inputs in real-time.
Why do companies need to move current BPM practice to the Cloud?
Ensuring Prolonged Business Continuity and Scalability:
As businesses grow, organizations are realizing that on-premise arrangements don’t scale without challenges. Companies need to invest in additional infrastructure for managing increased load on existing systems. On-premise systems require a dedicated team for continuous monitoring which results in additional time, money, and assets.
Common challenges faced with on-premise applications
Legacy business systems fail to meet customers’ expectations and are not always user-friendly.
On-premise systems do not work on multiple devices and web which denies accessibility and flexibility for clients and employees.
Extensively supporting locally installed software is a major challenge faced by IT teams.
Mckinsey report says that cloud-specific spending is expected to grow at more than six times the rate of general IT spending through 2020
How Cloud BPM solutions overcome these challenges?
Cloud solutions support multiple access without any additional expenses.
As all the frameworks are hosted over the web, rapid scaling is possible without the need for additional infrastructure.
A cloud-based monitoring solution helps in minimizing downtime and ensuring smooth and high-speed updates and transitions.
Security, Privacy, and Trust
Maintaining on-premise information security can be overwhelming, particularly for customers without a dedicated security vertical. Traditionally, on experiencing a security breach, the systems go on shutdown to prevent any misuse of data or to prevent any data leak. With cloud-based solutions:
High-level encryption and a dedicated team from vendors itself help the organizations in issues regarding data security.
There is a significant reduction in cost that goes into hiring and maintaining the systems by organizations themselves.
BPM contributes to an organization in
Gaining operational agility and acquiring adaptability
Getting the highest levels of customer expectations and achieving rapid customer-centric innovation
Strategically controlling expenses, savings on resources
Complying with the regulations and standards, risk controlling, and increasing response time.
The future of BPM needs digitalization
A business change involves people, companies, things, and processes. Organizations need to review all current processes to get to digital transformation. With reports from Gartner suggesting spending and innovation increase for iBPMS (intelligent Business Process Management Suites) by $4-$5 Billion by 2021, the following trends can guide BPM strategies in the future:
Low Code/No Code: Visual development approach that allows skilled and non-professional developers to collaborate and speedily build and deploy applications. Preparing for these differentiators is critical to achieving better business outcomes, improving business-IT collaboration, and overall handling of application lifecycle.
Hyper automation: Expansion of legacy business measure robotization, hyper-automation empowers computerization for basically any repetitive undertaking executed by business clients utilizing AI and RPA. With process discovery, automation has gone one level above.
Intelligent Cloud-based data integration: Handling of unplanned events and real-time dynamic monitoring and reporting will help BPM make smarter decisions from structured and unstructured data.
BPM and cloud can appear to be complex and dynamic business measures at first; however, the correct methodology can get you there. From improved accessibility, customer centricity, and scalability to better information security, the advantages of a cloud BPM to an organization are manifold. Exploring BPM and the cloud and making the right, even-minded decisions guarantees an organization is future-sealed and can begin scaling rapidly.
If you have any questions about BPM tool, do contact us at email@example.com
NSEIT is an expert in implementation of workflow solution or a BPM tool, as we understand the industry and tech closely and have been empowering our clients to be future ready. Check out Business Transformation and understand how you can emancipate from conventional business process approach and step ahead in your digital transformation journey.
Please check out our previous blog to learn about Transformative Power of Banking Workflow Solution, where we have discussed how BPM solution helps in solving the business problem of banks.
Assistant Manager, Presales and Solutioning
Shikhar is a part of the Presales and Alliance team at NSEIT - working with senior leadership on identifying and growing the strategic alliances in digital transformation practices disrupting the Banking, Financial Services, and Insurance space. He’s an MBA from the Great Lakes Institute of Management, Chennai, and takes a keen interest in new-age digital and analytics developments.
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