As 2020 comes to a close, we look ahead to 2021, a year in whichbusiness process automation will grow to an estimated $12.7 billion market. This means that the market has nearly doubled in just 4 years. The rapid growth is not surprising given the enormous benefits that process automation technologies offer nearly every organization.Research shows that process inefficiencies cost many organizations between20-30% of their annual revenue. Not to mention, inefficiencies reduce quality, reduce employee morale, and lead to costly errors. For most leaders, the question is not should we automate, but rather what and how do we do it. The wide range of process automation technologies combined with overlapping functionality can seem overwhelming.In this article we will explore common process automation technologies, how they integrate, and how to go about choosing the best solutions for your organization.
What is business process automation?
Business process automation (BPA) refers to the use of technology to perform repetitive tasks or processes. BPA improves efficiency, reduces costs, and significantly decreases the occurrence of human error. As process automation technologies have grown in popularity, organizations are using more and more solutions to meet their needs. In fact, according to research and consulting firmGartner, 75% of organizations utilized more than 4 distinct automation solutions in 2017.
Key process automation technologies
iBPMS
, or Intelligent Business Process Management System, is a term that was introduced by in 2012. iBPMS combines business process management (BPM) software with additional digital technologies like artificial intelligence (AI) to help organizations fully automate more processes. iBPMS solutions are cloud-based and typically feature functionality allowing both professionals and “citizen developers” to seamlessly build and implement efficient workflows.
