Analytics and BPM: A match made in heaven
New business intelligence platforms and advanced analytics options are driving considerable attention in numerous industries. In particular their inclusion as a way to boost the efficiency and success of processes is worth taking note of.
Recent research from Gartner suggests that predictive analytics and performance metrics are able to provide significant improvements to firms’ BPM solutions, according to the Ashdown Group. The research firm notes that the introduction of predictive modeling can enhance the profitability of process management software by 20 percent over the next few years.
“Using historical measures to gauge business and process performance is a thing of the past. To prevail in challenging market conditions, businesses need predictive metrics, rather than just historical metrics,” said Samantha Searle, research analyst at Gartner. “Predictive risk metrics are particularly important for mitigating and even preventing the impact of disruptive events on profitability. This ability will be crucial in determining the organizations who survive the shift towards a digital world and those who will be left behind.”
The Gartner survey, which polled around 500 business and IT leaders, showed that 71 percent of decision makers are focused on the right KPIs to drive business success, but only half of that number can access this data to effectively change their strategies for the better. Furthermore, a mere 31 percent of respondents said they have easily accessible tools to drive the right planning and process management.
In order to make better use of predictive analytics and advanced business intelligence solutions, companies need to ensure they are optimizing their workflow around BPM solutions that deliver visibility and efficiency in planning and strategizing processes. The right support infrastructure will provide the backbone for growth and leveraging key opportunities. From the basics of operations to marketing and customer service, this will provide significant benefits.
The improvement of process management through predictive modeling also relies on firms having the right availability of data and processes to adjust and focus on their strengths while battling weaknesses in workflow. For many firms, cloud BPM will provide the support needed to ensure scalable and flexible operations over time, providing the right resources for steady growth and improvement. Without these platforms in place, companies may struggle to keep up with industry demands and the expectations of their customers, as compared to the competition, sooner than they expect.
Director of Corporate Communications