Business workflow automation and optimization tools and software enable tasks and processes to be automated in an organization, thereby optimizing productivity. Activities such as assignments, requests, approvals, and claims are automated through a digitally executed organized workflow, eliminating paper and much of the manual work. Through this tool, documents, notes, and comments are routed, consolidated, and preserved for retrieval and reference purposes. It benefits organizations by improving communication through the automatic notification of process or task completion, reduction of human error and time-to-market, streamlining of processes, integration of other third-party applications for added benefits, and real-time reporting to enable quick-decision making. With a transformation toward digital workflow systems, businesses require improvements in their front-office and back-office processes to increase product consistency and reduce costs and waste. This reconfiguration of work and processes in an organization gives rise to the need for automation to make enterprise resource planning (ERP) more agile so as to capitalize on return on investment. Such software provides data visualization features for processes and workflow status, automatic form-filling abilities, and ease in report generation.
The growing need to reduce human effort and errors is giving rise to the requirement for the automation of processes and workflow, thus driving the business workflow automation and optimization software market. The reduction of manual work and repetitive tasks through automation leads to a reduction in errors, thus saving time and ensuring quality. Furthermore, with the growing size and expenses of organizations, there is an increasing need to adopt cost-effective techniques and tools. This is fuelling the growth of the business workflow automation and optimization software market. Such tools and software also help improve communication and organization by means of notifications, alerts, status updates, platform pop-ups, and post-it notes. These help an organization process information more quickly and reduce time-to-market to gain an edge in terms of competition. Such solutions and features are bolstering the growth of the business workflow automation and optimization software market globally. However, high initial investments are a rising concern for the business workflow automation and optimization software market as they may hinder market growth during the forecast period. Nonetheless, off-the-shelf customized products are expected to lead to market growth opportunities during the forecast period.
The global business workflow automation and optimization software market has been segmented on the basis of deployment, end-use industry, and geography. As per deployment, the market has been classified into on-premise and cloud. On the basis of end-use industry, the global business workflow automation and optimization software market has been divided into legal, IT and telecom, education, BFSI, transportation and logistics, manufacturing, healthcare, and others. In terms of geography, the global business workflow automation and optimization software market has been segmented into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America is expected to showcase significant growth during the forecast period owing to the high rate of digitization among organizations.
Some of the major players in the global business workflow automation and optimization software market include Oracle Corporation, International Business Machines Corporation, SAS Institute Inc., Adobe Systems Incorporated, SAP SE, OnviSource Inc., Microsoft Corporation, Xerox Corporation, Patterson Pope, Inc., and JDA Software Group, Inc.
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