Speakers at an online Nasscom event last week predicted that three key trends will shape the future of business processes over the next decade. To begin with, the shift to digital will be accelerated in business enterprises. The consumption of mobile data and broadband will be doubled or even trebled.
The second aspect is that businesses will have to be prepared for fluctuation and unpredictability in the market. Business models need to be flexible and agile, while also ensuring that solutions are low-cost.
“Resilience is the third change to look out for,” said Indraneel Banerjee, a partner at McKinsey. “This is much required as remote working is commonplace. Determining factors such as efficiency can be achieved through innovative solutions,” he continued.
All these trends are expected to give a new look to business process management. To put things in perspective, the BPM industry came into existence around two decades ago. “At that time it was known as BPO [business process outsourcing]. The concept of domain picked up around mid 2015-2016. By 2020, domain re-characterised the BPM industry,” recalled KS Viswanathan, vice president, industry initiatives, Nasscom. By then, technology, people, processes and domain had all come together. That was the time when robotic process automation (RPA) technology had gained momentum.
Businesses have begun to streamline processes using cognitive RPA. Leaders and decision makers were quick to understand that RPA can transform the value proposition of businesses. The change will be brought about by integrating it with intelligent tools. Scalability and enhanced customer experience are among its benefits. To that extent, this decade will see the rapid adoption of RPA. Some of the verticals include banking and telecom, as well as government services.