Best Workflow Management Software for 2020

Workflow can be defined as the procedural actions, tasks, people, or organizations involved and necessary input & output information and tools required at every step in a business process. The best workflow management software defines, performs, and manages workflows by means of software. It runs on workflow engines, which can deduce the process definition and intermingle with workflow participants. Workflows generally automate a business process.

The workflow management software products and services enable organizations to govern the numerous activities associated with a business procedure. They offer organizations benefits such as reduced cost through increased efficiency and less disruption, continuous organizational improvement, and enhanced agility of complying with the rapidly changing regulatory and judicial requirements.

With the growing number of businesses and rapid digitization across various verticals, workflow management products provide organizations with easy coordination and administration, along with economic benefits in terms of time and cost. The complete workflow management system market is divided into four segments: component, deployment type, industry verticals, and regions.

Top 5 Workflow Management Software

1. Xerox
2. IBM
3. Oracle
4. Pegasystems
5. Software AG

Xerox offers a comprehensive set of workflow management solutions. The company also offers workflow automation services for various industries such as insurance, retail banking, higher education, manufacturing, healthcare, government, and retail. The business revenue segments for the company include services, document technology, and processing technology among others. Xerox Corporation operates in more than 180 countries in the regions of the Americas, Europe, APAC, MEA, and Latin America. Xerox Corporation is a prominent provider of document management solutions and services. Read more.

IBM offers a comprehensive set of products and solutions across various categories such as cloud, cognitive, data and analytics, Internet of Things, mobile, and security. The company’s major business segments include global services which comprise Global Financing, Global Business Services (GBS), Global Technology Services (GTS), Systems & Technology, and Software. The company has been following the policy of integration of IT framework and cloud to attain higher values and profitability from market transitions. IBM regards customer care as its highest priority and diligently strives to provide its customers with a comprehensive set of offerings such as business process management, workflow management, enterprise content management, cloud, mobile, and analytics. Read more

Oracle is one of the leading providers of computer hardware and software products. It plans to improve its productivity by investing in key areas of its business as part of its long-term expansion planning. The main focus area for Oracle is on enhancing operational efficiency and maintaining strong cash flow. It is aiming at strategic alliances to enhance its product offerings in the workflow management system market. The company provides products and services that address all aspects of corporate IT, such as application, platform, and infrastructure. Oracle offers the complete workflow management system that facilitates its clients with e-Business integration. Read more

Pegasystems is a global provider of workflow management system products and services. The company offers workflow management solutions and services through the business segments of software licenses, maintenance, and services. The services provided by the company include consulting services, cloud services, and training services. The company’s main sales strategy is to sell its clients a series of licenses for its applications. Pegasystems also provides training for its partners and clients to learn its software at third-party facilities, client sites, or online via PegaACADEMY. Read more.

Software AG is a high-end provider of technology solutions and services with process management, integration, real-time analytics, and enterprise architecture management forming the core blocks of its portfolio offerings. The company offers its products and services across various verticals such as banking, communication media & services, energy & natural resources, government, insurance, manufacturing, retail, transportation, and utilities.

Market Overview

The workflow management software market size is projected to grow from USD 3,511.8 million in 2016 to USD 9,875.1 million by 2021, at a CAGR of 23.0%. Workflows generally automate a business process. Key growth drivers of the workflow management system market comprise the improved focus on streamlining business processes, achieving cost-efficiency through workflow management, and improved access to information.

The workflow management software market includes software and services that are used by organizations to improve workflow and cost reduction. Some of the workflow management products and services vendors include Xerox Corporation, IBM Corporation, Oracle Corporation, SourceCode Technology Holdings Inc., Pegasystems Inc., Nintex Global Limited, and Bizagi. There are also various emerging players and innovators that are increasingly providing new & innovative product and service offerings in this market and are giving stiff competition to the already established players. The key to successfully penetrating this market would be to provide advanced workflow management products and economical services with high-performance capabilities.

Workflow management software helps enterprises to administer, define, and coordinate business processes. The software offers functionalities such as real-time visibility and improved efficiency & performance. The workflow software solutions available in the market are easy to implement, can be accessed through web & mobile, can be integrated with third-party applications, and are cost-effective.

Workflow Management Software has been around for a couple of decades. The application of scientific management and assembly line production in the manufacturing process was introduced in 1900. Both these technologies started the evolution of the workflow management software. Moving forward to 1950, business process modeling and Six Sigma principles started to evolve, which further progressed the timeline of the workflow management system. Between 1980 and 2000, the workflow management software progressed dynamically to become the modern system, which organizations use to streamline tasks, people, and business processes. By 2021, it is expected to focus more on employee collaboration methods through the evolution of social workflows. Cloud computing is also expected to play a vital role in the development of the workflow management system market, through emerging technologies such as Workflow Software as a Service and Business Process as a Service (BPaaS).

The workflow management system market is gaining traction owing to the growing need for streamlined business processes. Organizations are burdened with repetitive work procedures that reduce the efficiency and prolong the time required in accomplishing business operations, which is the reason why they are increasingly considering the transformation of conventional workflows. The workflow management system automates the functioning of business processes and assists the management in efficient decision making.

The workflow management system offers information management and document management and blends seamlessly with the existing operations. Organizations are receptive to the adoption of workflow management system as it provides a number of benefits such as enhanced employee collaboration & communication, as well as real-time secured access to information. These benefits enhance effective decision-making and help organizations to gain a competitive advantage, which is essential in order to face the dynamic business landscape.

The focus on streamlining business processes, as well as increased demand for access to information among organizational employees are driving the growth of the workflow management system market across the globe. The rise in demand for Workflow Management Software in the emerging markets increased adoption of the cloud-based workflow management system, and better focus on digital transformation initiatives are some of the major factors which are contributing to the higher adoption of workflow management software.

The MicroQuadrant matrix provides information about the best Workflow Management Software companies. It summaries the findings and analysis of how well each market vendor performs within the predefined MicroQuadrant criteria. The vendor assessments are based on 2 broad categories: Product Maturity and Company Maturity. Each category carries several criteria, based on which the vendors have been assessed. The assessment criteria considered under the Product Maturity include breadth and depth of product offering, product features and functionality, deployment type, and support services offered. The assessment criteria considered under the Company Maturity include the geographic footprint, industry verticals covered, organic growth strategies, and mergers & acquisitions strategy.

Pegasystems, Appian, Xerox, and IBM have been recognized as the visionary leaders in the Workflow Management Software space. They offer a robust portfolio of solutions and services to their commercial clients. The products and solutions of these companies are highly scalable and can be customized as per the client’s requirements. These companies are known to be investing significantly in R&D to introduce innovations in Workflow Management. Moreover, these companies have also undertaken various organic and inorganic strategies to achieve constant and advanced growth in the Workflow Management software market.

Software AG and Oracle have been recognized as the dynamic differentiators in the best Workflow Management software industry. These companies have a significant network of channel partners and resellers to increase the deployment of their solutions across a wide range of verticals. These vendors have been constantly generating positive revenue growth in the Workflow Management Software market and their market position has grown by their organic and inorganic ventures.

Bizagi and SourceCode Technology Holdings have been recognized as innovators in the Workflow Management software industry. These vendors offer innovative solutions and also have a strong breadth and depth of product offerings. The innovators have been at the forefront in deploying their solutions for niche and custom software requirements of the clients.

Newgen Software Technologies and Nintex Global have been recognized as the emerging companies in the Workflow Management Software market. The emerging players are specialized in offering highly niche and customized Workflow Management solutions and services to their clients. These companies devise new ways of working to drive business results in the market.

What are the major drivers in the Workflow Management Software market?

1. Increased focus on streaming business processes

Workflow management system offers many advantages to organizations in terms of lesser lead times, reduced errors in work handoffs, and microscopic insights into process execution. The coordination and collaboration of work among teams become easier, quality work is delivered as it is executed efficiently, and the whole process becomes flexible. The workflow management system streamlines and coordinates business processes and the tasks associated with them to enhance the overall agility of the business. This system is also effective in providing total transparency of all activities across teams and organizations, as well as increasing customer satisfaction and shortening the time required for products and services to reach the market.

Enhanced employee satisfaction is an added advantage of the Workflow Management Software. The elimination of laborious manual workflows reduces the need for ad hoc intervention, thus making it easier for employees to operate efficiently and have clear benefits not just in terms of productivity, but also in terms of improving job satisfaction for the teams involved.

Increasingly complex legislation processes dictate adherence to compliances on the part of corporations. Companies without an agile and flexible business process incur countless unforeseen costs and penalties that are associated with non-compliance. Hence, the workflow management system enables organizations to produce automated reports in order to adhere to compliances in a cost-effective manner.

2. Achieving cost-efficiency through workflow management

One of the tangible benefits that are driving the workflow management system market is cost savings. Cost savings can be easily measured and identified and add definite value to the business. Cost-efficiency through workflow management is achieved by optimum utilization of staff in terms of professional productivity, better decision making, and reduction in lead times. Companies are starting to recognize that the workflow management system is critical for long-term financial stability and development.

Workflow automation helps contain costs by reducing manual operations. For instance, an accounts payable workflow automation software equipped with an advanced optical character recognition feature would minimize the need for manual typing. The reduction in labor costs through workflow automation makes capital available for investment into other areas of the business, which ultimately improves the company’s bottom line.

The proper implementation of a workflow management system achieves cost-efficiency by reducing overall IT costs, shipping costs, reducing lost opportunities, or simply by reducing rework and duplications costs associated with manual errors. It also helps in eliminating paperwork, which not only cuts the company’s costs but also helps reduce its carbon footprint. Hence, the workflow management system helps companies to reap financial benefits.

3. Increased access to information

The rapidly changing business environment of today demands compound and composite knowledge in order to make judicious business decisions. Rapidly growing corporations need access to detailed, timely information to stay ahead of the competition.

Workflow management system aids in the flow of information across hierarchies, levels, and teams in organizations. Team members report higher satisfaction, as they can focus on their tasks instead of probing for information from superiors or colleagues. It automates the task of information flow among hierarchies.

 What are the growth opportunities available in Workflow Management Software?

 

1. Huge growth potential in emerging markets

There is a growing realization of the benefits of workflow management such as cost-effectiveness, process automation, and process integration. Rising businesses with a clear understanding of these benefits and the usability of the workflow management system would help to gain incredible opportunities for the adoption of workflow management software.

The highest growth in the market is expected in the APAC region. The growing number of mobile and cloud-based devices in the regions is also a reason for enhanced growth projections for the workflow management system market.

2. Increased adoption of cloud deployment model

Cloud computing enables hosting and delivering services over the internet. Within a short period of its emergence, cloud computing has become popular with organizations, as it eliminates the need for physical infrastructure, thus reducing costs. Cloud computing provides a flexible, on-demand computing infrastructure for a number of applications. Thus, it is imperative that Workflow Management Software would also find its place in the cloud, among the other cloud-deployed applications.

Opportunities are also emerging for the migration of legacy on-premises workflow management system to the cloud mode. The increased adoption of cloud deployment means that most of the applications partaking in workflow management are being deployed in the cloud. This makes it essential for the workflow management system too, to be cloud-deployed, otherwise integration issues may arise between an on-premises workflow management system and a cloud-deployed application.

Most of the top vendors in the workflow management system market are now focusing on the development of a complete suite that would have the ability to create, appraise, and enhance the digital properties via cloud-based offerings.

3.Increased focus on digital transformation initiatives

Organizations around the globe are shifting their focus toward digital transformation and are

realigning their processes so that digital transformation technologies can be accommodated within the workflow. Digital transformation essentially means incorporating digital technologies such as social media, data science, cloud deployment, mobile apps, and security into business processes to better fulfill business goals. Companies are expected to capitalize on the new opportunity of digital transformation in order to achieve significant business improvement.

The digitalization of organizations has given rise to a clear opportunity to refine and streamline the various business activities through the Workflow Management Software. Digitized documents enable faster access and collaboration with documents, regardless of time or location. A large number of industry verticals have become reliant on digital technologies for a variety of business functions, resulting in limitless opportunities for workflow automation.

What are the challenges faced in the Workflow Management Software market?

1. Less awareness about workflow management software

Although workflow management system speeds up the process of modern business drastically, a majority of the users, consisting of business owners, corporate executives, and the workforce in general, are still unaware of the benefits of proper workflow management and are less enthusiastic about the adoption of its software. The regions of North America and Europe are advanced in the areas of workflow management and make productive use of the software; however, regions such as MEA and Latin America have less knowledge about workflow management and its benefits and are thus less inclined to adopt workflow management system. Continued education about the benefits of the workflow management system is essential to drive its adoption.

2. Concern among employees due to workflow management software implementation

Change is not received well by organizations, especially when it happens due to workflow automation. Doubts arise in the minds of the employees regarding the reason for workflow management and automation. Employees start fearing for their jobs, as many employees have the impression that workflow management software can replace human jobs. This genuine concern causes workforces to feel uncertain about their livelihoods and jobs.  Many longtime employees at organizations develop critical functional and technical knowledge over time, and when a manual process exists, their knowledge becomes essential in ensuring the successful completion of the job. This creates a dependency of the organization on the employee concerned. Such employees feel that they are in control over situations, given that they are the experts, and no one in the organization can overtake them. This feeling is challenged by the implementation of the workflow management system. Workflow automation takes away the control from an individual but guides every employee in the organization on how to complete a task successfully, without any prejudice.

What are the different components in Workflow Management Software?

As organizations are progressively expanding, a workflow management system is required for automation and collaboration of the business procedures along with providing employees secure access to information and keeping track of ongoing projects. The solution is gaining adoption in Small and Medium Businesses (SMBs) and enterprises owing to rising requirements for streamlined and optimized business processes.

The digitization of several physical materials and the need for organizational process change are driving the workflow management system market and consequently enhancing the optimization of the organizational resources. The implementation of the Workflow Management Software in organizations has collaborated, upgraded, and synchronized the business process.

1. Production Workflow Systems

The increased desire for automation of business operations and its collaboration is driving the production workflow systems market. The production procedures comprise several repetitive and sequential activities. These systems form the conventional aspect of the market and grew out of the first systems available in the market. It is also known as file store-based systems, forms management systems, and document-image processing systems. These systems route folders comprising one or more forms or different types of documents through the enterprises. The documents in this system are stored in a central repository and check-in, check-out functions are performed along with version control for those documents.

Production workflow systems support various functions and features that allow superior customization. These systems perform in a broad range of computing environments and networks. Production workflows are available in the market from a long time back and there is the availability of superior quality expertise for this system that enhances its traction among organizations. The systems are generally more expensive as compared with other systems. They need costly integration and application development services from an external consultant.

The present-day production workflow systems support various functionalities such as image management, forms management, document management, database management, object management, product data management, computer-aided software engineering, project management, directory services, electronic messaging, electronic commerce services, and Intranet/Internet services.

2. Messaging-Based Workflow Systems

Messaging-based workflow systems are developed to support characteristic ad hoc business processes—a workflow with a few participants, less pre-planning, and easy routing rules that get redefined daily. These systems offer rule-based message management, sequential routing, and cycle back to the originator.

Messaging-based workflow systems are categorized into electronic messaging technologies, database management, and forms management. Email systems are used for electronic messaging. Forms and messages are routed between each other with the help of people using emails. Forms generated through standalone tools are circulated among people allowing them to update and change fields. When forms arrive at their endpoint, it is written to the database.

Messaging-based workflow systems are also known as administrative workflow systems. It consists of standalone tools that route documents such as forms and file attachments over present email systems.

These systems are less expensive as messaging is based on an existing email system. They support fast definition and activation of simple business processes typically of a parallel or sequential nature. These solutions need minimal customization and training for its implementation.

3. Web-Based Workflow Systems

Web-based workflow systems is gaining traction owing to high consumption and surging usage of web services. These systems are on the foremost edge of workflow application development. Make the most of the extent and proliferation of the World Wide Web, these systems use the same environment to execute workflow competences. To deliver their functionality, these systems make use of web clients and servers. Web-based workflow systems require internet access to perform its functions while production-based and message-based systems function over application infrastructures which include a broad range of protocols and application services.

4. Suite-Based Workflow Systems

Suite-based workflow systems enable users to route individual desktop application files instead of folders of documents and forms. These systems are characterized by their support for unplanned actions, one-time actions, and ad hoc processes. These systems can be categorized into office application suites and groupware application environments. These workflow systems use email as the routing vehicle.

Suite-based workflow systems offer a suite of integrated office applications such as a spreadsheet, word processor, email, and presentation. The assistance of any third-party consultant is not required for suite-based workflow systems implementation. However, the system needs robust maintenance and support

5. Others

Other workflow systems include ad hoc workflows and collaborative workflows. Ad hoc workflow is considered to be a flexible system in which the entire process is not completely defined at first and is dynamically changed as per changes in the business process. Ad hoc workflows are created to deal with unique situations. Collaborative workflows are defined by the interactions between participants involved in the workflow process. These collaborative workflows consist of several iterations over the same process step, until all the participants involved, agree upon the process flow.

What Services are provided in the Workflow Management Software?

The  growing competitive environment and the changing business landscape is driving the need for workflow management solution in the organization. It enables automation, collaboration, and synchronization of work in a company. In order to streamline workflow, the organization has started investing in a solution which has also given the rise in demand for services such as IT consulting, training & development, and integration & implementation.

1. IT Consulting

The need for effective business process management has propelled the demand for proper workflow management. Automated workflow enables an organization to offer enhanced customer service and helps in increasing business efficiency. Vendor knowledge and real-world experience in the design & implementation of the solution enable IT consulting to guide the organization in maximizing the business value of the solution.

2. Integration and Implementation

 The implementation service helps organizations to document and validate the implemented solution. These services provided by the workflow management system vendors include identification of project scope, comprehensive plan layout, optimizing data quality & delivery through testing, building, and deploying customizable designs suiting organizational business needs, and assistance by trained professionals in enabling the smooth installation of these solutions. This service also includes comprehensive assistance to integrate solutions within its existing infrastructure of the organization at optimized costs.

3.Training and Development

Training and development help the clients to have an operational working knowledge of the solution. Moreover, the certifications provided after training and support by workflow management solution vendors give a better understanding and solution-specific expertise.

What are the different modes of deployment in Workflow Management Software?

1. Cloud

With the recent development in cloud computing, Workflow Management Software are also getting deployed through the cloud. The factor such as ease of deployment, flexibility, less cost, and real-time access to data regardless of the location of employees facilitates the adoption of a cloud-based solution. These systems are cost-effective as it does not require robust IT support and software developers to employ them in the organization. Organizations in possession of inadequate IT and insufficient funds desiring to adopt a workflow management system to streamline tasks are inclined to adopt cloud-based solutions. Small and medium enterprises which have budget constraint is expected to prefer cloud-based solution owing to its less cost and pay-per-use model.

2. On-Premises

On-premises workflow management system is a well-received and highly penetrated technology. Large organizations that possess enough IT support and adequate finances embrace the on-premises solutions to automate and restructure activities involved in business procedures. Although these solutions are a little expensive, it stores critical information on-premises which is preferred by many organizations. On-premises solutions have already been adopted by large organizations in regions such as North America and Europe which are mature markets for these solutions. Emerging economies adapt to this technology gradually.

Which industry verticals widely use Workflow Management Software?

Organizations consist of several repetitive tasks that are to be performed every time a work is executed. The workflow management system enables enterprises to automate and streamline the procedures involved in the business. The digitization of physical materials such as images, text, and documents has propagated the use of this system along with employees demanding secure and quick access to information. It helps industries to streamline and automate their functioning by sequencing various activities involved in the business process and thereby enhancing productivity. Organizations demand customized systems and are increasingly adopting Workflow Management Software across all industry verticals. The workflow management system market is categorized into certain specific industry verticals which include BFSI, public sector, healthcare, energy & utilities, retail, IT and telecom, education, travel & hospitality, transportation & logistics, and others.

1. Banking, Financial Services, And Insurance

BFSI companies are rapidly adopting the Workflow Management Software. These institutions have a large number of files to store and huge paperwork involved in its functioning. Digitization of files, text, and other physical & electronic documents has increased the usage of workflow systems in this industry. Banks perform various iterative tasks for each activity; these activities are automated, sequenced, and streamlined to be performed which reduces human effort and raises the efficiency of the organization. It automates various activities such as loan approval, document management, and loan management. Workflow management system does not facilitate flexibility in the functioning and is not easy to integrate with existing business processes; but despite these difficulties, BFSI companies are significantly adapting to it.

2. Public Sector

The public sector comprises a huge amount of documents and files to be secured and accessed when needed. These organizations are facing pressure to employ a workflow management system. Organizations are in a constant process to improve efficiency and provide better services to consumers with compliance with certain regulations and need to disseminate public information. Despite security and compliance issues, public organizations are adopting a workflow management system to enhance their productivity and provisioning of better services to the users. In addition, public organizations face challenges of file & document management, correspondence to the public & higher authorities, grievance resolution, and e-governance. To manage and streamline their procedures, public organizations are gradually adopting a workflow management system.

3. Healthcare

There has been an increased demand for the amplification of patient care across the world and it has led to the coupling of tasks to perform activities. For efficient task performance, there is a need for co-dependence among employees and departments. For its simplification, organizations are adopting systems that automate various activities and provide real-time access to information. The digitization of infrastructure involved in the healthcare industry and the regulatory pressure require automation of workflows. There is a large number of patient case files which need to be managed properly as it consists of confidential information. Demand for document management, enhanced patient care, and competitive landscape increase the adoption trend for management systems despite the growing pressure of maintaining compliance with regulations.

4. Energy and Utilities

Organizations face dynamic market scenarios and an increased cost of energy. Globalization and liberalization have enhanced the expectations of consumers across the globe and changed the competitive landscape for the companies. To address the competition, organizations desire to reduce their operational cost. The workflow management system is adopted by companies to automate and enhance their productivity. These suites are comprehensive enough for collaborating the systems and employees together for synchronized functioning. In addition to it, companies can monitor and regulate their key performance indicators. Even though these solutions are complex, still companies are forced to adapt it to become more agile, versatile, and adaptive to dynamic changes in the business environment.

5. Retail

Retail and hospitality have customer service and satisfaction as a prime concern. The workflow management system reduces the inefficiencies in the execution of tasks. These solutions are primarily used for human resource management, efficient task completion, customer service enhancement, intelligent device scheduling, and handling inventory. Workflow management system addresses social media management and customer service management. In addition, it helps the organization to leverage human resources and its effective management by providing real-time access to information.

6. IT and Telecom

Telecom service providers require amplified agility in counteracting to the dynamically changing practices of telecommunication. The enhanced competitive landscape of the telecom sector in emerging nations calls for a robust solution that provides a competitive advantage and a streamlined procedures to better serve the customers. Workflow management system offers several features including reduced throughput time, enhanced customer services, superior responsiveness to customers, and reduce mistakes in billing. Telecommunication service providers are increasingly adopting cloud-based solutions to simplify their functioning.

7. Travel and Hospitality

The travel and hospitality sector is majorly driven by customer service and satisfaction. Workflow management systems in retail and hospitality have customer service and satisfaction as a prime concern. Workflow management software reduces inefficiencies in the execution of tasks. These solutions are primarily used for human resource management, efficient task completion, customer service enhancement, intelligent device scheduling, and handling inventory. The workflow management system addresses social media management and customer service management. In addition, it helps the organization to leverage human resources and its effective management by providing real-time access to information.

8. Transportation and Logistics

Transportation and logistics companies have a huge amount of documents such as bills, invoices, and proofs that are critical for serving customers. Companies need real-time access to vital documents and customer information. By the automation of supply chain workflow, third-party logistics and private fleet providers can effortlessly get the critical information for efficient customer handling and vigorous supplier correspondence. Despite complications in implementation and integration with present work procedures, companies are adopting it to enhance productivity. It inculcates various features such as order management, fleet management, carrier & customer rate management, real-time event management, and automation of reporting & documentation.

9. Education

The workflow management system is expected to witness an increase in demand in the education sector owing to growing IT investment and a growing need for streamlined business processes. Higher institutes and universities are investing in an automated solution to optimize the workflow. A growing need to deliver operational efficiency, quality service, and an optimized business process is expected to drive the market over the forecast period. The solution helps education institute to take control of their routine work, automated repetitive process, and manage the daily process better. The solution is also being offered as a pay-as-you-go model which is expected to drive its demand in cost-sensitive users

10. Others

Other verticals include life sciences and communications & media. Change in consumer preference toward digital channels has created the need for traditional media companies to adapt to new technology and workflow. The changing business landscape and the need for automated technology are anticipated to give rise in demand for workflow management system over the forecast period.