This report is a comprehensive study of enterprise process transformation adoption. It describes top process transformation trends, best practices, enterprise challenges, and how service providers can leverage key technologies, including intelligent automation, AI and analytics, cybersecurity, Internet of Things, AR/VR, and blockchain, to drive process transformation for enterprise clients. It also highlights the current landscape of generative AI, the key players, recent developments, and trends.
Why read this Market Insights?
In today’s economic landscape, enterprises are leveraging cost optimization strategies to fund digital transformation, seeking a balance between savings and innovation. Generative AI has become a key investment for service providers and enterprises, recognized for its efficiency and ability to reduce redundancy. Digital Masters are enhancing their offerings by partnering with generative AI firms and developing cutting-edge services and solutions. This strategic approach is crucial for maintaining competitive advantage and fostering continuous innovation.
The Digital Masters Process Transformation 2024 Market Insights™ provides a view into important market trends and developments, helping build a granular understanding of the process transformation ecosystem.
Methodology
The market insights presented in this report are based on our ongoing interactions with enterprise CXOs and other key executives, targeted discussions with service providers, subject matter experts, and Avasant fellows, analyst insights derived from primary and secondary research, and lessons learned from consulting engagements.
Table of contents
About the Digital Masters Process Transformation 2024 Market Insights report (Page 3)
Executive summary (Pages 4–7)
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- Definition and scope
- Executive summary
- Avasant recognizes 13 Digital Masters helping enterprises with process transformation
Key macroeconomic factors impacting enterprises (Pages 8–14)
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- Broad economic trends affecting business process services and service delivery across the globe.
- Enterprises are forced to reevaluate their service delivery engagement models due to current economic challenges.
- Companies are strategically investing in technology-enabled solutions to implement cost-optimization plans and navigate the challenges of falling revenue.
- Enterprises are using IoT, automation, and AI/ML tools to improve customer experience and optimize service delivery, focusing on process cost reduction.
Innovating through digital transformation (Pages 15–23)
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- Providers continue to expand their nearshore presence and technology-enabled solutions to better service clients.
- Generative AI and some key niche technologies are disrupting different business services.
- Industry BPM is driven by the need for organizations to address unique challenges using more customized solutions.
- Service providers are focusing on R&D and inorganic investments to expand their horizontal service offerings and delivery.
Forward-looking view: Embracing the next phase of process evolution with generative AI (Pages 24–29)
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- Generative AI could be the biggest impact lever on effort reduction/productivity gains in BPS, especially agent productivity.
- Impact of generative AI on contact center, human resources, procurement, and finance and accounting.
Key contacts (Page 30)
Read the Research Byte based on this report. Please refer to Avasant’s Digital Masters Process Transformation 2024 RadarView™ for detailed insights on service providers and supply-side trends.