Business process includes management processes (corporate governance and strategic management), operational processes (purchasing, manufacturing, marketing, and sales), and supporting processes (accounting, recruitment, and technical support) (Ref. 1). In the current tech era, technological advancements have been constantly reshaping the business landscape and improving business process in very innovative ways. Novel technologies have been gaining presence or even momentum in certain process optimization across a wide magnitude of industrial sectors in terms of the aforementioned three types of business processes.
- New Technologies in Management Processes: Task management tools for corporate governance; data analytics and big data for strategic planning; remote conferencing.
- New Technologies in Operational Processes: Industrial robots for manufacturing industries such as automobile and electronics; professional robots for service industries such as healthcare and hospitality; marketing automation software for email management process and other sales tactics (Ref. 2); clouding computing for e-commerce database management; interactive websites and online chat for customer interaction (Ref. 2, 3); social media platforms for digital marketing (Ref 2); smartphones and mobile devices for enhanced communication (Ref 3); Augmented Reality for gaming and education (Ref 4); smart wearables for fitness and entertainment; Internet of Things such as connected sensors and cameras for monitoring productivity and efficiency (Ref. 4); 3-D printing for healthcare and prototypes (Ref. 4).
- New Technologies in Supporting Processes: Encryption technology for increased levels of security; E-accounting and taxing software; recruitment software for more efficient hiring.
The market of technologies and their applications has been just soaring according to many reports. For instance, global industrial robotics market will reach $42.29 billion in terms of robot machines and $138.03 billion in terms of robot systems by 2026, representing 2019-2026 CAGRs of 11.57% and 12.59% respectively (Ref. 5). Spending for Marketing Automation tools will grow vigorously over the next few years, reaching $25.1 billion annually by 2023 from $11.4 billion in 2017; The US Marketing Automation Software industry is a $3.3B market in 2017, growing 30%+ annually (Ref. 6).
In spite of the identified trend of adopting novel technologies in business processes, there are challenges in implementing the high tech into companies and organizations. Effective steps have to be taken in order to ensure a smooth incorporation and achieve the expected benefits and efficiency.
- Business process modeling. https://en.wikipedia.org/wiki/Business_process_modeling
- 5 ways technology can improve your business. MAY 24, 2018. http://www.localmarketlaunch.com/business/5-ways-technology-can-improve-your-business/
- Business operations: Using technology to improve operational processes. by Tobias Matthews. March 8, 2018. https://www.fourthsource.com/tech/business-operations-using-technology-improve-operational-processes-22584
- 5 New Technologies You Should Integrate Into Your Business. Ilya Pozin. Oct 15, 2015. https://www.forbes.com/sites/ilyapozin/2015/10/15/5-emerging-technologies-you-need-to-know-about-for-your-enterprise/#5821dc7876aa
- Global Industrial Robotics Market by Subsystem, Robot Type, Function, Component, Configuration, Payload, Industry Vertical, and Region 2015-2026: Growth Opportunity and Business Strategy. Apr 2019. Grace Market Data. https://www.gracemarketdata.com/index.php/our-products/industry-research/2001-1904-detail
- Ultimate Marketing Automation statistics overview | 2019 June. https://www.emailmonday.com/marketing-automation-statistics-overview/