Global process automation investments continue to rise as the market is predicted to reach $124.29 billion by 2019. A recent report from MarketsandMarkets notes an anticipated CAGR of 6.05 percent from 2013 to 2018, with specific growth focused on technology, hardware, software, services and the communication protocol used for automation.
Beyond this global growth, the oil and gas industry is expected to see a massive increase in investments into process automation and supporting solutions. Another report from MarketsandMarkets notes a potential value of $31.24 billion by 2020, at a CAGR of 8.23 percent. This makes the oil and gas industry one of the fastest growing markets for BPM software as well, to support growing automation needs.
Automation relies in high-quality hardware to support physical operations, but considerably advanced software to meet the day-to-day needs of the professionals running these systems. Business process management software is critical for optimizing automation efforts and minimizing risk. Nearly every industry, from oil and gas to finance, benefits from the introduction of BPM solutions into their operations, and the streamlining of basic processes so that teams can focus on mission-critical tasks more fully.
Automation as a core growth driver
One of the major benefits companies gain from implementing process automation is increased productivity, which in turn drives growth as a whole. For most businesses, this leads toward increased profits, though for some it becomes more focused on loss control and resource regulation. Regardless of end result, improving efficiency in order to advance operations across the board is incredibly beneficial for all enterprises.
Automation as a problem solver
Another key advantage to investing in automation is the ability to better relegate problems. While this may not seem like a task designed for an automated system, setting a series of checks can advance troubleshooting and serve to expedite task management for businesses. If a problem occurs, the appropriate person can be immediately notified and put on alert to handle it, as opposed to passing the task along a chain till it reaches the right person. This helps prioritize workflow and make professionals more flexible for emergencies.
By making the right investments into BPM software in the first place, companies can embrace automation and start these initiatives out on the right foot, leading toward faster results and more efficient growth in the future.
Director of Corporate Communications
Appian is the unified platform for change. We accelerate customers’ businesses by discovering, designing, and automating their most important processes. The Appian Low-Code Platform combines the key capabilities needed to get work done faster, Process Mining + Workflow + Automation, in a unified low-code platform. Appian is open, enterprise-grade and trusted by industry leaders.