- What is it?
In a global transformation project, tactical views and immediate implementation needs often take priority over strategic needs. People tend to overlook long-term process needs while focusing on only the immediate needs. Business leaders are under immense pressure to remain competitive, decrease costs, and increase productivity by improving business processes.
Business Process Management (BPM) is a systematic approach to mapping, analyzing, and improving organizational processes. Since the 1980s, mid-sized companies and corporations have been investing in BPM methodologies, such as Lean, Six Sigma, and business process re-engineering.
A Business Process Management (BPM) Center of Excellence (COE) is a governance mechanism that is widely adopted by organizations aiming for a consistent and centralized rollout of BPM initiatives. It allows companies to realize a range of benefits through the establishment of organizational structures and procedures to more efficiently leverage and share knowledge, implement consistent standards, optimize resources, and manage central services. As the name suggests, it’s a center of excellence that sits in the middle of all the process initiatives and is run by senior management.
According to this research, the global BPM market is expected to grow from \$8,766 million in 2020 to \$14,440 million by 2025.
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