Emerging verticals to drive BPM [Video]
With the global business process management software industry expected to increase from a $150 billion to $233 billion market over the next seven years, it’s interesting to see where experts expect to see the largest growth.
The ever-changing regulatory climate along with the adoption of newer services are expected to dramatically affect the adoption of BPM across emerging verticals like the healthcare and retail industries.
Both the healthcare and retail BPM markets are predicted to increase at a faster rate than established, mature verticals such as manufacturing, telecom and banking.
According to research from Markets and Markets, the U.S. healthcare BPM market is in an upswing across a range of new technologies, including the Affordable Care Act and healthcare information management services such as medical billing and coding, transcription and finance and accounts.
For retailers, BPM can help develop new ways of handling the supply chain more effectively and optimize the areas of demand, and price, as well as automate more responsive promotion executions. BPM is also helping retailers monitor compliance of vendors against their service level agreements and can consolidate systems to better understand past and ongoing sales patterns and measure outcomes.
And BPM inventory features can help retailers relocate available stock and link back to future inventory planning.
Organizations across all industries that use effective BPM software can analyze information more quickly, which in the long-term will help them become more responsive in order to stay ahead of the competition into today’s challenging market.