What is Business Process Automation?
Business Process Automation (BPA) is the application of technology that allows organizations to automate business processes.
The goal of BPA is to reduce or eliminate the need for human intervention in business processes and to improve efficiency.
BPA can be implemented using a variety of technologies, including artificial intelligence (AI).
Organizations have been using BPA for many years to automate simple processes, such as filling out forms or sending emails.
As businesses grow and scale, it becomes increasingly difficult to manage all the processes manually.
This is where business process automation comes in, using artificial intelligence to automate routine tasks. This can free up employees to focus on more important tasks, improving efficiency and overall productivity.
However, with the advent of AI, organizations are now able to automate more complex processes, such as decision-making. AI can be used to analyze data, identify patterns, and make recommendations.
This allows organizations to automate tasks that would otherwise require human intervention.
AI can be used to automate a wide range of tasks, including:
- Data entry
- Data processing
- Data analysis
- Decision-making
- Customer service
- Marketing
Here are some example, AI can be used to predict customer behavior and preferences, or to automate the ordering and fulfillment process. In other cases, AI can be used to make decisions that are too complex or time-consuming for humans to make.
For example, AI can be used to evaluate and recommend products or services, or to identify potential customers or suppliers.
Overall, AI can be a powerful tool for businesses of all sizes. It can help to improve efficiency and productivity, and it can also help to make better decisions, faster.
What is Robotic Process Automation?
Robotic process automation (RPA) is a type of artificial intelligence in which software that automates tasks on behalf of humans or other software.
RPA allows companies to reduce the number of workers required to perform daily tasks such as data entry or data processing.
RPA is being used in many different industries including:
– Healthcare
– Financial services
– Retail and eCommerce
– Education
– Government and Defense
Two examples of how RPA is used in healthcare are:
- Healthcare provider Kaiser Permanente uses RPA to help its doctors and nurses perform their jobs more effectively.
- Consumer services company Cintellix uses RPA to help companies reduce the amount of manual data entry that employees need to do.
RPA is used in these two examples because they are in industries where there is a lot of pain points.
For example, healthcare providers are looking for ways to use technology to improve patient outcomes and ensure lower costs.
Similarly, companies are looking for ways to reduce the amount of manual data entry that employees need to do.
Artificial Intelligence in Business Examples
In business, there are many applications for artificial intelligence (AI). In many cases, AI is used to automate processes and tasks that are repeatable and predictable
Here are three examples of how AI is being used in business today.
First, AI can be used to improve customer service. For example, French telecom company Orange has developed an AI chatbot called Amelia that can answer customer questions in real time.
Second, AI can be used to improve decision making. For example, Google has developed an AI system called DeepMind that can learn how to play complex games like Go, chess, and Poker, and then beat human players.
Third, AI can be used to improve productivity. For example, Japanese insurance company Fukoku has replaced 34 human insurance claim workers with an AI system that can assess claims faster and more accurately.
Fourly, AI is being used to personalize customer experiences. By using AI, businesses can track customer behavior and preferences and then use that information to personalize their interactions with customers.
This can lead to increased customer loyalty and better customer retention rates.
Lastly, AI is being used to make better business decisions. AI can help businesses analyze data and make sense of it in a way that humans can’t.
This can help businesses make more informed decisions about things like product development and marketing.
What Industries use RPA?
In 2017, MasterCard partnered with The Boston Consulting Group (BCG) to research artificial intelligence (AI) in 24 industries. The BCG study discovered that industrial robotics use RPA to automate their processes and improve efficiency.
Industries using RPA to automate their processes include:
– Healthcare
– Manufacturing
– Financial services
– Retail and eCommerce
– Government and Defense
Here is a list of industries that are using artificial intelligence (AI) to automate their processes. It’s up to you to identify which industries these are:
1. Healthcare Industry
Healthcare providers do not use artificial intelligence in their hospitals, but they do use it in other areas of the business. For example, they use artificial intelligence to track patients’ medical histories
2. Manufacturing Industry
The manufacturing industry is using artificial intelligence to help companies increase speed and accuracy in their assembly lines. For example, Ford Motor Company has used artificial intelligence to increase the speed at which it builds cars by 20 percent.
3. Financial services Industry:
Financial services companies are using artificial intelligence to cut their costs and improve transparency in their operations.
4. Retail and e-Commerce Industry
Retail and e-commerce companies are using artificial intelligence to optimize their supply chains, reduce errors in inventory management, and give customers personalized experiences.
5. Government and Defense Industry:
Governments use artificial intelligence to improve their security systems, to analyze data, and to make better decisions faster than humans could.
Ways AI Is Revolutionizing the Business Process Management
1. Redundant tasks automation:
Automation of repetitive jobs is a very common use of artificial intelligence. RPA, also known as robotic process automation, is a type of software that uses machine learning and artificial intelligence to manage a high number of redundant procedures that would normally require a specialized human team.
2. Increased productivity:
RPA is used to automate tasks that are involved in the low-level business process. With the help of RPA, productivity levels increases by 5 times and sometimes even more.
A few organizations achieve 50% reduction in cost within months of implementation
3. Better decision making:
Automation doesn’t mean taking away human power, rather it is a tool to augment humans and make better decisions with speed.
There are several features which are accessed with the help of AI like decision trees, analytical functions, and so on.
Analyses can be conducted using virtual environments and scenario planning. The process gets simplified by using various data points to make conclusions based on that information.
4. Increased employee satisfaction:
Automation means there is no need for human interaction at all, but it doesn’t mean employees will not be happy about it.
With automation, employees get a chance to focus on things which are much more creative and are in accordance with the business vision. The result is better understanding of employee value by the employees and overall satisfaction of the employees.
5. Increased employee engagement:
Automation isn’t just a one time implementation, it requires continuous improvement and involvement on behalf of humans.
People need to be alert about the changes in tasks allocation, projects and so on. When people are a part of the decision making, they tend to be more motivated.
6. Cost-effective:
With the help of automation, cost can be reduced. With the passage of time, new technologies come up and cost reduction is achieved by improving efficiency.
It also helps in reducing project cancellations in real estate and construction industry due to lack of accurate structured data and analytics.
7. Enhanced customer service:
With the help of automation, it is much easier to provide better and more efficient customer support.
8. Data consistency:
With automation, inhouse data does not get fragmented and all records are accounted for. With automation, data consistency is improved and it becomes much easier to manage the same.
9. Improved compliance and regulatory reporting:
RPA is easily adapted to automate all types of compliance reporting like Sarbanes-Oxley Act (SOX), International Financial Reporting Standards (IFRS), Dodd-Frank Act (DFA), and The Health Insurance Portability and Accountability Act(HIPPA).
RPA is also effective in optimizing the tax department through data cleanup and automation of data entry.
10. Process efficiency:
Processes are improved by keeping a tab on the actual outcomes of various processes and taking the initiative to automate multiple steps involved in those processes.
This helps in reducing time-consuming repetitive steps, thereby enhancing the overall process efficiency and the overall productivity of an organization.
11. Collaboration:
As the organization becomes more efficient, collaboration improves. It becomes easy to find the best solution for a task using RPA and get feedback from others.
Collaboration alone makes the process more effective in difficult situations.
12. Security:
RPA is considered as one of the top security tools as it doesn’t store sensitive information like customer information, financial details and so on. RPA is fast and efficient as it can generate reports in minutes compared to months.
13. Increased knowledge base:
Database management is a job that requires great amount of focus which can be easily taken care of by artificial intelligence because it does not require the same level of human involvement.
In addition, RPA can also take care of repetitive tasks which cannot be automated using other existing technologies (like data mining).
