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How Workflow Management Enables Business Transformation

Posted by Resources on 6/6/19 3:54 AM

Nowadays, most of us at least have a passing acquaintance with the concept of workflow management, an increasingly core component of modern enterprise information technology. Still, with advances in workflow technology coming almost daily, there’s always more to learn – especially if you’re in the business of delivering organizational change at scale – and no better time to learn it.

Just look at the industry growth picture. Recent trends show a dramatic acceleration in workflow management adoption. The global market for workflow management systems, solutions that help organizations automate the execution of their critical business processes, is set to grow at a staggering 23 percent compound annual growth rate, topping out at nearly $10 billion by 2021.

Of course, it’s no surprise that prospects look so bright for workflow management solutions. After all, the market demand is clear. Automation is becoming a major business prerogative. In a comprehensive analysis of 800 occupations and 2,000 job tasks, McKinsey forecasts that no less than half of all work could be automated by the year 2055, maybe even earlier.

The reasons why are varied, though one obvious motivation is the fact that automation boosts productivity. Economy-wide forecasts, here, show an annual, automation-related bump to productivity in the order of 0.8 to 1.4 percent over the course of decades.