06Nov 23 The Role of AI in Revolutionizing Business Process Automation
Artificial Intelligence might sound like a part of a fiction novel or sci-fi movie. Nevertheless, it has a significant hold in reality. AI has ‘invaded’ every aspect of our lives, and speaking broadly, this ‘invasion’ has made our lives much easier than before
Even though there are many critics of this revolutionary technology, AI has become an inseparable part of our day-to-day lives.
But what does artificial intelligence offer a business owner? The answer to this question is simple: Business Process Automation or BPA.
Business Automation in a Nutshell
BPA, or Business Process Automation, is a blessing for many business owners, especially for those brands that go through the same tasks regularly. This procedure not only helps in completing mundane tasks in minutes but also optimizes these operations for companies, making them optimized and cost-efficient.
Traditional business automation works in a particular way, and a little change in the automation process can create a whole new set of errors. All because the automation system is not programmed to deal with modifications or upgrades in a systemic manner. Traditional business processes do not have the technological support, and that’s why the implementation of AI in business automation comes in handy.
Combining AI tools with the automation systems of traditional business processes, business owners obtain the power to handle modern business problems.
In short, AI for the business automation process works like a human employee, learning on the job and working to improve with time. But unlike human workers, these tools can learn at a faster pace, which is almost unthinkable for humans.
Different Types of Business Automation
AI into Robotic Process Automation
With the combination of AI and RPA (Robotic Process Automation), business owners can automate operations that go beyond basic rule-based procedures. Organizations can perform more intricate and complex tasks and advance their automation programs with the help of AI-powered RPA bots. These bots can evaluate unstructured data, make context-based choices, and handle exceptions.
Modifying Process Mining and Optimizing
With process mining tools, business owners can save a ton of time and money as they enable them to visualize their operations, spot errors, and conduct necessary modifications to get the expected results. With AI, one can easily find hindrances, inefficiencies, and improvement areas in process data. Obtaining this information can help business owners fine-tune their BPA and improve different processes for better results.
Risk Management Made Easy with AI
AI is useful in ensuring that procedures and transactions are carried out following corporate policy and legal requirements. Artificial intelligence (AI) can allow proactive risk mitigation strategies and lower the possibility of expensive incidents by identifying possible hazards, such as fraud or data breaches. Additionally, AI can automate reporting and preserve audit trails, making it easier to prove compliance and reduce the risk of negative legal or financial outcomes.
Advancing the Performance of Human Employees
Many AI critics think that AI is here to diminish human jobs. Similarly, human employees who are involved with business automation processes perceive AI as a threat to them. But implementing AI into BPA can do quite the opposite, such as creating new job roles in the tech sector that pay better. In short, AI can help human workers develop their skills.
Earlier, BPA was simply an automated reaction to a specific action. Automated systems have been designed to perform pre-defined actions before predictive analytics technology was introduced to the scene.
With this technology, systems can analyze different cases and then offer suitable actions. These recommended actions make it easier to deal with different critical situations that may arrive in the future with more efficiency. In the end, it helps your business excel by making prompt and accurate decisions.
Getting Ready for AI-Enhanced BPA: Important Things to Keep in Mind
A systematic strategy and a thorough knowledge of the processes to be automated and the intended outputs are necessary for the effective implementation of AI-enhanced BPA. Businesses wishing to use AI-enhanced BPA should take into account the following crucial factors:
- A Clear Definition of Your Goals – Choose the precise outcomes you hope to get using AI-enhanced BPA, such as lower costs, more productivity, or better decision-making.
- Developing Important Skills – To operate, manage, and boost AI-backed BPA, business owners should focus on training their employees with the necessary skills in machine learning, BPA, and AI.
- Analyzing Existing Processes – In addition to training your employees, you should take the initiative to conduct a routine analysis of your business operation to pinpoint problem areas. By doing so, you can successfully implement AI-powered BPA initiatives to gauge which tasks require automation to get the most benefits.
- Change Management Planning – In order to successfully implement AI-backed BPA, effective change management plays a crucial part. The employees should get the full brief of the BPA automation as well as get the necessary training along with planning for any errors that may arise due to the change.
- Upgrade to the Latest Tools and Technology – It’s time to modify your office with the latest BPA and AI tools to optimize your efforts. Make sure that these tools and technology are aligned with your objectives and existing systems.
Real-Life Examples of BPA
To show you that BPA automation is not some wild imagination and is as practical as the next business idea, we are going to offer you some real-life examples of this application. So many companies have already embraced and successfully implemented AI into BPA. And as per reports, their work process has improved a lot and become more efficient. Here are two of the world’s biggest brands running on AI-backed BPA:
Netflix
There aren’t many people who are unfamiliar with this gigantic entertainment platform.
Part of the reason why Netflix is so successful is because they make the right data-driven decisions.
Netflix doesn’t just invest in any shows; they make that decision by scanning through heaps of data. Before, the experts at Netflix used to conduct this research manually, but the whole process has become automated after the integration of AI into BPA. Their analytics algorithm analyzes their subscribers’ viewing patterns. The generated outcomes then help the decision-makers make solid investment decisions.
Doing this process manually didn’t provide them accurate results, and on top of that, it was costing the company a lot of money.
American Express
Did you know that American Express currently has 110 million active users? Well, that leaves the brand with a pile of data to scan. And they need to do it regularly as a fraud-prevention precaution. Doing this manually would’ve needed an army of analysts constantly operating throughout the day. But even after all of that, the result won’t be that accurate.
On the other hand, their adoption of intelligent business process automation has made this data analysis automatic and accurate, all the while saving operational costs. The machine learning algorithm can also be programmed to detect more complicated fraud methods of the future.
Number of Ways Businesses Can Adopt Intelligent Business Process Automation
VOC Data for CSAT Improvement
The data from your customer’s conversion can be a game changer for your company. It will not only give you detailed information about your targeted audience but also help you tailor your business objective to boost your ROI significantly.
Ignoring what your customers have to say would be a mistake, especially if you are trying to enhance your marketing objectives. Using machine learning and similar advanced technologies, you can extract important data from your customers’ conversations. And with that data, you can build a solid plan to constantly improve your interaction with your consumers, whether it’s online or in person.
Moreover, you can figure out the real-time mood of your customers as well as the general customer sentiment. This way, you can concentrate on making your customers more satisfied rather than win back disappointed ones.
Dynamic Case Management
Case management and business process management are combined to make the case management protocol more dynamic for the companies. This exponentially helps business owners to handle unstructured tasks. This process is flexible and vastly adaptable.
Even though dynamic case management is not a new thing, and business owners have been using this process since the early 2000s to analyze and modify their efforts quickly. However, implementing AI into this process has made it way more approachable. This is because collecting real-time data has become way quicker, more efficient, and more accurate with the help of AI.
Now, dynamic case management is equipped to make on-spot task delegation decisions. This is especially important for crises when you need to make quick decisions due to unexpected occurrences. You can make a quick policy change instead of waiting for a meeting or bracing for a worst-case scenario.
Intelligent Case Management
AI-powered intelligent case management is here to delegate different tasks to a suitable person. All of this is based on the importance of the task and the skill set of the person in question.
It happens in two ways:
AI categorizes all the incoming emails into different sections based on their urgency levels. Afterward, the task delegation happens based on the workload of each of the employees. So, if an employee is always working on four urgent tasks, AI will delegate the task to the next person in the queue to prevent task overload.
Sales and Product Recommendations with Intelligent Business Process Automation
A great way to boost the ROI of your business is by using behavior analytics to make sales and product recommendations. Imagine this: you want to send out products that are tailored to each of your customers’ preferences. Making this decision manually can be very time-consuming and require a lot of manpower. But with behavioral analytics, you can do this instantly with zero labor cost and with unmatched accuracy. As a result, you will be able to cater to your client’s individual needs.
Analyzing Customer Sentiment with Accuracy
Another great application of intelligent BPA is understanding the customer sentiment about your services or products and then recommending the best actions accordingly. By doing so, you can greatly improve your user experience and, essentially, your ROI.
People and machines are both equipped to conduct customer analytics. When done by human employees, they read the reviews, find certain positive or negative words, and then score the product or service based on the data. Because all of this happens manually, it is a slow process and can only be done by scanning a small number of reviews. So, providing accurate sentiment reading with this manual procedure is not possible.
Nevertheless, using machine learning algorithms makes this process way quicker, and you will also get accurate results that are based on a large amount of data.
AI-Backed Predictive and Adaptive Analytics
Predictive analytics itself is based on scanning the data, and intelligent business automation is all about automating repetitive business operations and boosting the decision-making process. That’s why integrating AI into this process is bound to make the forecast more accurate.
Now, adaptive analytics is the process of analyzing past data to learn from mistakes and improve errors in future decisions.
Predictive analytics plays a huge role in enhancing the efficiency of many brands across different industries, such as health care, finance, manufacturing, and retail. Top brands like Apple, Netflix, and Amazon have successfully improved their sales and the level of customer satisfaction.
Adaptive analytics is also an important part of today’s business operations. With this method, brands can increase their profit while improving their operations. An excellent application of adaptive analytics is adaptive marketing.
Adaptive marketing can predict which services or products will be best received by your clients by analyzing their preferences, past purchases, or online searches. With this analysis, marketers can create tailored ads and send them to suitable clients. This method improves user experience as the client receives more personalized ads instead of any generic ad for a product they have yet to search for.
Modeling and Simulation with AI-Backed BPA
Modeling and simulation play an important role in assessing the functioning of a process and testing a new business operation model. The best approach to implementing modeling and simulation is to figure out how your business will run under different scenarios. For instance, you can simulate different situations like shipping times or customer service calls and then make the necessary changes to suit your business requirements better.
The effectiveness of this method increases by a ton when combined with machine learning and different AI tools and technologies.
There are three main components of intelligent business process automation:
- AI (Artificial Intelligence)
- DPA (Document Process Analytics)
- RPA (Robotic Process Automation)
With the integration of these technologies, business owners can analyze data, streamline daily repetitive tasks, and get valuable information to run the business. Along with that, AI-backed BPA allows you to get valuable data-driven insights.
Integration APIs
APIs are a great way to test the water when you want to give RPA or ML/AI solutions a try for your business. Several products offer APIs that can be linked to their own products with others. More importantly, these APIs transfer data between their platform and other systems such as Google Docs or Box.
Conclusion
Business process automation has always been an effective way to analyze, monitor, and boost business performance. After the integration of artificial intelligence, the effectiveness of this process has changed significantly. However, AI-backed BPA is still a new territory; hence, proper training and knowledge are important before approaching it.
Trust the experts of Use Per Wish to unlock the full potential of business process automation with the efficiency of AI. We not only have the required experience and knowledge, but we are also proficient with every new development in the field of AI and BPA.
So, contact us today to ride the new waves of business development and automation.
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