What industries are crucially in need of Business Process Management (BPM)?

Benefits of BPM to finance, insurance and healthcare industry 

In a world where technological change is constantly rewriting the rules of how business is transacted, Business Process Management (BPM) plays an indispensable role in making business processes more efficient and effective.


BPM can help enhance an organization’s operational performance by improving the processes that sustain the organization in any industry. To be more precise, BPM enables companies to monitor, analyze and control business processes and insure that they keep pace with the demands of an increasingly changing world. 

Below are top 3 industries that are in high need of BPM:

1. Finance

Accounting and Finance serve a significant function in any organization. It is crucial for finance service companies to ensure the prompt implementation of new process to meet speed-to-market, service quality and compliance requirements. Financial staffs today have to handle the increasingly sophisticated data and documents, not to mention that they operate in global and cross border markets. As a result, BPM is considered to be a magical tool to drive greater efficiency, manage risks, reduce cost and ensure security.

2. Insurance

The Insurance industry is heavily regulated and involves a massive amount of paperwork. Insurance companies’ staffs must particularly focus on increasing cost effectiveness and better manage risk. Simultaneously, they must enhance agent and client satisfaction to expand market share. BPM allows insurers to streamline business process, which results in optimizing cost, meeting customer and market demands, while facilitating greater collaboration between business and IT.

3. Healthcare 

In our earlier post, we explained in detail how BPM benefits healthcare. Medical staffs often work under much pressure and handle tons of work. BPM is the life preserver that enables them to save time, improve productivity, reduce risks and strengthen patient privacy. 

To emphasize the impact that BPM has on the industries above, we quoted here some statistics about digital trends:

 Executives expect that 25-40% of their processes are automated

 Over 50% agree that business process automation will have a significant impact on business operations within the next 3-5 years.

 Banking, Finance and Healthcare led the way in cost savings through automation.

Above are just short list of industries that are affected greatly by BPM. Contact us if you want to know about other industries.

Keywords: Invoice processing automation, signature capture, Business workflow software