Business Process Transformation involves reengineering workflows and adopting digital technologies to improve efficiency, agility, and competitive advantage.
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Business process transformation is the complete overhauling of key business processes for improving operational efficiencies and accelerating the time to market. Another way to put it is business process transformation is reengineering of processes. Business process transformation when done right brings complete change in the way business functions and workflows are carried out. Read on to understand more on business process transformation, its need and ways to go about transforming core business processes.
As per Markets and Markets Research, the BPaaS is poised to grow at a CAGR of 8% to reach USD 92.9 billion by 2028. The BPaaS market encompasses various services like human resources, finance and accounting, procurement, customer services, and supply chain management. The key market drivers include increased adoption of cloud computing, need for greater operational efficiency, and growing complexity of business processes.
Adopting business process transformation by embracing BPaaS enables businesses to bridge the compliance gaps and modify their business processes accordingly.
The main focus of business process transformation is innovation and adoption of new capabilities, technology, and concepts. Successful business transformation involves evaluation of current processes and identifying steps required for enhanced business outcomes.
Successful business process transformation not only helps establish sustainable business practices, but also helps businesses grow with newer innovations. A deeper level of planning, integration, and alignment is necessary for successful business process transformation.
According to a Markets and Markets report, the Business Process as a Service (BPaaS) market is poised to reach 68.76 billion USD by 2022 growing at a CAGR of 11.3% during the forecast period of 2015-2022.
The factors driving the market growth are
There is an increasing need for business processes to comply with regulations, irrespective of the type/size of the organizations. Dynamic government regulations make it difficult for businesses to keep track of and update their policies accordingly. Opting for a Business Process as a Service solution enables businesses to bridge the compliance gaps and modify their business processes accordingly.
Business process transformation is undertaken to achieve two goals: One is using innovation for better business outcomes and differentiation, and the other is to optimize business processes.
The need for business transformation varies with each business. Some of the reasons why organizations go for process transformations are listed below:
Business transformation is not a business fad, but a strategy that the leadership must take seriously at every stage of business growth. With the markets evolving every day, it becomes imperative to prioritize the effectiveness and efficiency of business processes regularly.
A process transformation that works well for your business can bring significant, positive changes in operations, culture, and go-to-market strategy.
One of the most important business process transformation steps is to understand where your organization stands and identify the processes that require changes/improvements. Modeling existing workflows/processes helps identify the gaps, redundancy, and repetition.
Here are the main steps for a smooth process transformation:
For a successful business process transformation, you need a technology partner who can take you through the transformation. Right from planning to implementation, the solution provider must provide support. Cflow is your preferred partner for the digital transformation of business workflows. Cflow is a no-code process management system that ensures a hassle-free transformation.
Business process transformation is not just about changing business processes, but also about changing people’s mindsets toward change. At Cflow, we have been changing people’s ideas of process transformation by delivering bespoke workflow automation solutions. Hassle-free implementations and seamless integrations define our automation solutions. Get started with Cflow now.
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