The market for business process management is set to grow rapidly, as more companies begin to embrace the benefits of online management software.
This prediction came from a report by Wintergreen Research which forecasts the global industry for business process management will reach $10 billion by 2020. Currently, the market is estimated to be worth $3.4 billion dollars.
Underpinning this growth is the popularity of cloud computing, as companies move more of their strategy and process management onto the Internet. The report pointed to the advantages of this approach, as the same information can be accessed across multiple devices from anywhere in the world.
By relying on cloud-based project management software, companies can also achieve much higher levels of productivity, with their employees able to contribute to any project from anywhere in the world.
Susan Eustis, the lead author of the study, pointed to this growth in mobile and cloud technology as underpinning the growth in this sector.
"Cloud computing, mobile computing, and smart devices represent the major forces impacting business process management (BPM) markets. Managers use large BPM systems and small and mid-size business use the BPM cloud," said Ms Eustis.
Another benefit of these new technologies, which the survey pointed to, is the possibility for collaboration across different sectors of the same business. Cloud-based software represents a way for different collaborators to break across the siloed nature of many corporate departments.
Key features like messaging and collaboration functionality can break down barriers between different sectors of your company, further improving the opportunities for innovation and cost-saving within an organisation, according to the Wintergreen study.
If your company is interested in pursuing cloud-based business process management, it helps to consult with an established firm within the industry. They will be able to advise on the right management software to suit your business needs.