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BPaaS and Cloud BPM – Traditional BPO Blends With the Cloud
Business Process as a Service Market research report categorizes the global market for BPaaS and Cloud BPM to forecast the revenues and analyze the trends for the business processes such as sales, finance and accounting, human resources, marketing and operations
Business Process as a Service (BPaaS) solutions redefine the traditional Business Process Outsourcing (BPO) service delivery model by blending it with the cloud technology offerings. Evolving business needs and the drive to cut costs has given way to the adaptation of newer business environments and disruptive technologies, thereby demanding agility and more flexibility. Over the past few years, there has been a significant rise in the global spending on IT services and solutions, as top managements have realized the potential of IT in storage, security and customer relationship management. It is expected that the global IT spending will hit more than $3.5 trillion by 2013 end, while the major proportion of this will include spending on cloud services including business process services, to address the changing business needs.
Realizing the need to embrace cloud technology, business processes are being moved to the cloud to refine the agility of the traditional business models. It is expected that approximately 50% of the businesses relying on the traditional BPO models will switch their business processes to the cloud in the coming years. With a rapid increase in the number of process initiations globally, the need for transparency in business processes is rising for enhancing the effectiveness of current businesses. This highlights the need of process monitoring to maintain the efficiency of business process operations. In an effort to centralize the collaboration and control of outsourced operations, BPaaS brings in enhanced provisioning and features, thereby connecting the entire business ecosystem comprising employees, suppliers and customers alike.
The BPO has been around for more than 20 years now, wherein the industry is now witnessing a paradigm shift in focus from mere cost-cutting efforts to providing feature intensive value-added services and expertise. BPaaS not just gives an extra edge to the structured work processes, but also helps in the delivery of consistent and value driven business outcomes. The development of automated and software driven outsourcing in the cloud is further driving the BPaaS market.
Business Process as A Service (BPaaS) Market is gradually firming grounds across all industry verticals as businesses can now concentrate on their core business areas by offloading their redundant processes. The BPaaS solutions deliver justifiable business value by providing responsiveness benefits, as the data is available ubiquitously at any time. As enterprises integrate BPaaS solutions more tightly into their existing business models, they are bound to leverage virtualization benefits of the workplace. BPaaS enables businesses to facilitate informed business decisions by improving their effectiveness, while it also enables faster scalability and accessibility.
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