Artificial Intelligence in modern business is ubiquitous, and enterprises are using technology to simplify workflows and improve overall productivity. AI is not limited and it has been helping businesses automate workflows and improve business process management. Let’s learn how AI can transform business operations.
One crucial task which can be enhanced by leveraging AI is Business Process Management (BPM). BPM is a structured strategy that helps companies analyze, control, and optimize business processes with effective workflows to improve efficiency. BPM allows enterprises to manage and plan business processes such as onboarding, new hiring, customer service, etc.
BPM is a crucial part of every business, but somewhere down the road, there are several challenges companies face.
Aligning AI with BPM comes with several benefits. Artificial intelligence in business process management creates a dynamic technical environment to support BPM initiatives and automates manual and complex business processes.
According to a report by Markets and Markets, the global business process automation market is expected to grow from $9.8 billion in 2020 to $19.6 billion by 2026.
AI business process automation has multiple benefits, which can transform everyday processes under BPM. With appropriate AI strategies, businesses can get better results. Let's understand how artificial intelligence in business process management can transform everything.
Consumers prefer digital transactions for tasks like mobile banking and online shopping. Data from these digital transactions are often unstructured and hard to analyze. AI can leverage unstructured data to improve sales and marketing strategies and provide better solutions. AI analyzes data to identify popular products and services and provide valuable insights to the sales team. It also helps sales teams identify frequent visitors to prioritize their customers.
Identifying patterns with AI makes it easier to observe and analyze data sets collected through various channels such as websites, search engines, social media, etc. AI also analyzes online transactions based on buying behavior to check for fraudulent activities.
Data redundancy is one of the most common problems in almost every company or workplace. This requires a dedicated human workforce to sort data, which is time-consuming and prone to manual error. AI automates repeated time-consuming processes so that employees can focus on other essential tasks which require human attention. This saves companies time and reduces errors.
Customers should be every business's top priority, and providing a better customer experience is a crucial objective. AI in business process management can learn and analyze customer behavior to provide accurate insight. Also, AI-embedded chatbots can improve customer satisfaction by providing prompt responses and solutions while creating a transparent, user-friendly environment.
AI uses advanced Machine Learning (ML) algorithms to help managers across departments and business leaders solve problems and make decisions. AI provides valuable insights, and various decision-based models using previously unused and wasted data from business processes. Algorithms use the data and can run through an infinite number of scenarios to uncover the best possible strategies. Based on the findings suggested by AI, teams can make informed decisions backed by data.
A 2020 report by the Association of Certified Examiners estimated that organizations lose 5% of revenue to fraud every year. Over $4.5 Trillion is lost to fraud globally each year. These figures seem surreal, but it's a fact that companies have been losing hard-earned money due to fraud. AI in business process management leverages ML algorithms to detect exceptions and anomalies to prevent fraudulent activities, transactions, suspicious payments, and money transfer activities.
Recruitment is an essential process and a fundamental need for businesses. From the first interview to submitting an offer letter, the recruitment process is challenging as recruiters must handle different candidates for different positions on any given day. Another recruiting challenge is selecting the right candidate without any personal or cultural bias. AI can improve and streamline the recruitment process by
This way, AI helps teams narrow down candidates and ensures that the best talent fills the vacancies.
Artificial intelligence in business process management offers practical solutions to improve the entire process and work quality, productivity, and efficiency and overcome performance obstacles. AI can be applied to any enterprise level to optimize business processes.