Digital transformation and the changes in technology and consumer behaviours it is driving are having a fundamental impact on business processes.
Digital transformation is disrupting industries across the global economy including the finance and leasing industry. This transformation is fuelling investment in innovation and Business Process Management (BPM) as organisations look to maintain competitive advantage and meet evolving customer expectations.
The power of BPM during this digital transformation is that it provides the frame for companies to operate in coordination with the external demands and the internal adaptation of their systems, processes; and interaction with their partners, services and products.
The Impact Of Digital Transformation On The Organisation
In this cloud and everything-as-a-service era, companies across all industries, have to navigate continual rapid change to meet new customers’ demands, like seamless mobile experiences, or the influx of new players, that force business to innovate and adapt their strategies.
Digital transformation is disruptive both in the way customers interact with the company and across the businesses itself: from customer experience to back office processes; and from IT infrastructure to internal business flows.
The Growth Of BPM Investment
The BPM industry was expected to grow by 4.4% in 2015 and reports suggest this is going to continue in the short to medium term.
A recently published report estimates that the BPM industry is set to grow at a compound annual growth rate of 14.2% between now and 2021
. A growth that is reflected in the investment that major vendors of BPM software such as Oracle are making in their cloud-based software solutions.
As the digital transformation continues to fuel disruption and innovation, how companies react and the way they manage their processes is going to be critical. Implementing BPM discipline as part of their business strategy enables more efficient processes that open the door to innovation, improve competitive differentiation and new business opportunities.
VIP Apps Consulting has extensive experience within the financial services industry with the knowledge capabilities and operational track, to help organisations implement the process changes, optimisation and innovation to realise the financial value in a customer driven market.
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