IT can, driven by APaaS, become a Business Platform Provider and facilitate Business Value, and move beyond being Cost Center. While IT may, for some time to come, control the buying and maintenance of such platforms, the key to their success lies in understanding that they need to focus on the role of platform Engineering and Governance, and facilitate the business value driven applications development.
There are different styles of processes, and the techniques to handle those will have to differ. And all will continue to exist.
When a business process culminates in a transaction that has the organization as the beneficiary, they will find a way or the other to keep track of it, and not let the ball drop. But, not so much otherwise. When you see a broken process, problem lies mostly with focus and priorities; not with their ability (technological or managerial) to manage processes.