The global economic crisis is demanding an unprecedented level of business process agility, control and transparency from global markets, says Cordys, a company who specializes in next-generation business process management solutions.

 

Platforms such as enterprise resource planning and customer relationship management software are not showing enough flexibility to facilitate the rapid change in operations management required in this situation and that has transformed the business landscape in recent months, says Jan Baan, chief executive officer and founder of Cordys.

 

With the collapse of many large financial institutions, many companies are now looking at cost cutting program and mergers and acquisitions as last measures to save their businesses from sinking. These steps result in large-scale reorganization of businesses.

 

There is a need for businesses today to innovate and adapt to the new situation extremely fast without being hampered by time-consuming and costly IT projects.

 

Business process is the underlying feature of every business. It defines the way a business works, generates revenue and supports its customers, suppliers and clients. Building a unique business process becomes a strategic and critical asset for the company in the present market condition.

 

Business process management (BPM) solutions enable enterprises to adapt to change, market trends and evolving standards and regulatory requirements at a greatly reduced expense and time to market, notes Cordys.

 

Cordys cites a market report from Gartner (News - Alert), which states that overall BPM market grew from $1.229 billion in 2006 to $1.692 billion in 2007. BPM solutions are taking a larger share of the overall application infrastructure market, showing an increase of 37.7 percent year on year.

 

According to Cordys, this trend will continue as companies feel the effects of the global credit crunch and suffer as a result of inefficient, hard-to-manage processes.