2022 BPM Statistics Roundup
The 22 Business Process Management Stats You Should Know
Business Process Management (BPM) is a strategic approach to optimizing repeated processes within a business. In today’s world, businesses must be both agile and adaptable if they want to be successful (and stay that way). A solid BPM strategy is the key.
But it’s not as simple as reading a couple of blog posts and applying what you’ve learned. BPM encompasses a wide range of approaches and requires a complete set of specialized skills and experience. Many businesses that wish to optimize their operations create internal roles dedicated to BPM.
But filling these roles with someone who has the necessary skills and experience can come at a high cost. That’s why other businesses choose the more cost-effective option of hiring a digital consultancy that specializes in BPM, like True Co.
Despite the global BPM market being valued at an estimated $13.2 Billion, with a predicted growth rate of 12% (putting it at 19.8 Billion by 2026), many businesses are still reluctant to incorporate BPM into their growth strategy. That’s why we’ve compiled 22 statistics that give you a better picture of BPM and its potential impact on your business.
These numbers will show you:
- Where the Industry Stands Today
- The Benefits BPM Strategies Offer
- Common Stumbling Blocks to Watch For
Ready? Let’s get started.
WHERE BPM STANDS
- 96% of businesses surveyed by BPTrends reported having some documented processes.
- According to a study by Camunda, automation rose 80% following the pandemic, due to large numbers of employees switching to remote work.
- Camunda also reported that 84% of survey respondents planned to increase their investment in process automation going forward.
- According to Mckinsey, automation could be used for a third of the tasks in two-thirds of current jobs.
- McKinsey also reported that at least 50% of companies are currently employing AI technology for a least one business function.
- Of the companies currently employing AI, McKinsey reported the following breakdown of use cases:
- Supporting IT Operations - 62%
- Improving Process Efficiency - 54%
- Supporting Manufacturing Operations - 48%
- For Research and Product Development - 49%
- 25% of global data and analytics professionals surveyed by Forrester reported a lack of overall automation strategy.
POTENTIAL BENEFITS OF BPM
- Inefficient processes can cost a business up to 30% of its annual revenue, according to data from IDC.
- One study found that 26% of an employee's time is wasted on administrative tasks that could be automated.
- 31% of business leaders surveyed by McKinsey agreed that automation software leads to reduced labor costs.
- 52% of the business leaders ADP surveyed believe 10-30% of their daily workload could be automated.
- More than half of the organizations agreed that business process automation (BPA) minimized human error, according to the same ADP survey.
- Additionally, ADP found that 85% of business leaders believed automation can give them and their employees more time to focus on the goals that truly matter to the company.
- According to Hubspot, 64% of sales leaders who invested in remote work enablement for their team in the wake of the pandemic met or exceeded their revenue targets. For sales leaders who didn’t transition to remote or hybrid models, only 50% met or exceeded their revenue goals.
- In a survey from Salesforce, 73% of IT supervisors and executives say that successful automation has saved anywhere from 10 to 50% of the time their employees had previously allocated for manual tasks.
- In that same survey, 57% of IT leaders reported that automation technology saved departments between 10 and 50% on costs compared to manual processing.
- 97% of IT decision-makers surveyed by Camunda in 2020 agreed that process automation is vital to digital transformation and a key driver of innovation.
61% of businesses struggle to implement strategic processes in their day-to-day work, according to a study from PMI.
- The PMI study also found that only 56% of strategic initiatives undertaken in the previous 3 years were successful.
- In a study by Deloitte, respondents named “resistance to change” as the third largest challenge to automation integration within their organization.
- 54% of companies surveyed by Salesforce said their biggest challenge to automating workflows came when mapping complex processes.
- Salesforce also found that 37% of organizations viewed implementation costs as a barrier to adopting automation.
Now that you’ve seen how BPM can reduce costs, improve efficiency, and boost revenue, what’s stopping you from applying it to your own operations? If it’s one of the challenges we just mentioned, like resistance to change or complex process mapping, give us a call.
True Co. customizes our approach to meet the exact needs of your business and can guide you through any challenges along the way.