21 Beneficial BPM Statistics You Should Know in 2024

Hi there! As we step into the new year, I wanted to share some insightful statistics that showcase the current state and future outlook of business process management (BPM).

Whether you‘re new to BPM or have some experience with it, this data will help you understand where the market is headed and the tangible benefits BPM can offer your business. Let‘s dive in!

Steady Growth in the BPM Market

The global BPM market has witnessed steady growth over the past decade, and this momentum is projected to continue.

• As per Mordor Intelligence, the BPM market was valued at $10.21 billion in 2022. It is expected to reach $19.97 billion by 2027, growing at an impressive CAGR of 14.53%.
• Gartner predicts that by 2025, nearly 70% of organizations will leverage BPM platforms and technologies, up from 30% in 2020.
• In a survey by Pega, 86% of organizations reported having a formal BPM program in 2021 – a significant jump from 72% in 2020.

The takeaway? It‘s clear that BPM is moving from a "nice to have" to a "must have" for companies seeking digital transformation and competitive advantage. The expanding market size and adoption validate the business value delivered by BPM.

Key Drivers of BPM Adoption

What factors are fueling greater BPM adoption?

• Need for efficiency: 72% of organizations say process inefficiencies have significant impact on company performance as per an ESI study. BPM helps spot and eliminate bottlenecks.
• Customer expectations: 89% of customers get frustrated with disconnected experiences as per Salesforce. BPM connects processes to deliver seamless omni-channel customer journeys.
• Growth challenges: 93% of rapidly growing companies face problems coordinating across departments according to InsightSquared. BPM provides cross-functional transparency.
• Competitive pressure: Pega finds that the top driver for BPM investment is keeping up with changing customer needs and expectations. BPM enables agility to respond to market dynamics.

The Pandemic Propelled Prioritization of BPM

COVID-19 served as a wake-up call for many organizations to ramp up their focus on BPM and business resilience.

• 72% of organizations say the pandemic exposed inefficiencies in processes according to ObjectEdge.
• 90% of companies with advanced process automation capabilities adapted better during COVID as per Appian.
• 44% of organizations now prioritize improving core business processes as a strategic objective according to Deloitte.

Key insight? Companies realized the merits of BPM in enabling operational continuity and quick adaptation to market changes during such black swan events. This has led to greater executive-level interest and investment in BPM.

BPM Drives Tangible Business Impact

The most compelling reason to adopt BPM is the measurable results it delivers for organizations across metrics like:

>30% improvement in efficiency

BPM helps streamline workflows, eliminate redundancies, reduce cycle times, and optimize resource allocation. These add up to major efficiency gains.

• 31% average increase in workforce productivity after BPM initiatives per McKinsey
• 80% improvement in response times for client requests at IBM
• 50% faster loan processing with automated workflows at Banorte

10-25% cost reduction

BPM lowers costs by reducing errors, digitizing manual work, improving transparency, and preventing re-work.

• 25% decrease in operating costs per business process at DHL Express
• 22% reduction in total cost of quality per product line at Carrier Corporation
• 18% cut in operating expenses after workflow automation at Coats

15-40% increase in customer satisfaction

BPM ensures consistent and contextualized customer experiences across touchpoints.

• 15% boost in customer satisfaction at Tesco Bank after BPM rollout
• 40% faster complaint resolution for telco customers with automated workflows
• 20% increase in customer retention for an insurance firm after claims process optimization

25-50% faster time to market

BPM fuels faster execution of new strategies and initiatives.

• 50% reduction in product development cycles at Flextronics
• 33% faster launch of new promotions at a retail chain
• 25% shorter time for nationwide marketing campaign deployment at Vodafone

The proof is in the results – BPM delivers a significant competitive edge!

Top BPM Challenges to Address

While interest in BPM is rising, organizations also need to address some key challenges for successful implementation:

• Only 37% have a well-defined enterprise process architecture that maps how their business processes work and connect. This insight from Gartner is crucial for BPM success.
• Just 34% proactively monitor and measure process metrics on an ongoing basis after implementation according to BPLogix. This limits ability to refine processes.
• 57% of firms struggle with organizational resistance or lack of support during BPM rollouts as per BPTrends. Securing buy-in across the company is vital.
• 48% say the inability to quantify ROI from BPM investments makes getting budget approval tricky according to IDC. Developing clear business cases and metrics is key.

Mastering these areas will ensure you maximize the value derived from BPM.

Notable Recent Investments in BPM Software Companies

The BPM software market has seen significant investor interest and funding reflecting bullish market outlook.

• IBM acquired process mining software firm MyInvenio in 2021 to strengthen their automation and AI capabilities.
• Leading BPM platform Appian is now valued at $3.5 billion with shares trading on Nasdaq.
• Celonis raised $1 billion in Series D funding in 2021 at a valuation of $11 billion – a leader in process mining space.
• Bizagi raised $156 million growth equity round in 2022 propelling its valuation to $2.2 billion.
• Automation Anywhere raised $290 million Series B funding in 2021 at a $6.8 billion valuation.

Key BPM Software Capabilities to Look For

Today‘s BPM software landscape has advanced tremendously with new technologies like artificial intelligence (AI), machine learning (ML) and process mining now mainstream.

Look for these key features in your BPM software selection:

• Intelligent automation – AI-driven automation of processes to reduce human workload
• Real-time analytics – Dashboards providing visibility into process KPIs and trends
• Low code platform – User-friendly visual design and development of workflows
• Omni-channel integration – Connecting processes across customer touchpoints
• Process mining – Discovering as-is processes by mining event log data
• Decision management – Applying rules/logic to automatically guide processes

Developing a Future-Ready BPM Strategy

Here are four recommendations to ensure your BPM efforts deliver maximum value:

1. Secure executive sponsorship: Gain leadership buy-in by building a strong business case for BPM aligned to strategic goals.
2. Focus on continuous improvement: Treat BPM as an ongoing initiative rather than a one-time project for sustained impact.
3. Take an end-to-end view: Map out processes across departments to identify connectivity and constraints.
4. Build in-house capabilities: Invest in upskilling staff on process excellence methodologies for long-term success.

Now Is the Time to Reimagine Your Business Processes

The data shows BPM delivers tremendous advantage in terms of cost reduction, productivity, customer experience and future preparedness.

With enabling technologies reaching maturity and proven best practices emerging, there has never been a better time to modernize your business processes.

I hope these statistics provide you with a better understanding of the BPM landscape. Whether you‘re just starting your BPM journey or looking to optimize existing initiatives, feel free to get in touch! I would be happy to offer tailored advice based on your specific business goals and needs.