How data, automation and AI are transforming Business Process Outsourcing into a competitive advantage

Process standardization translates into a better customer experience, higher productivity, better quality, more clarity for better decision-making, and increased morale across the organization. Business process management is a way to evaluate your entire process, model the ideal process, and then improve your work based on that process model. You don’t necessarily need to use these terms, but understanding the three different types of BPM helps you know which one to use to improve your processes. Moreover, automation is well-suited for helping to review income and asset documents, which are often the source of fraud risk. AI can be used to detect inconsistencies and to identify information that borrowers may have been altered.

Rather than identifying suspicious activities using a manual process, lenders can use technology — in tandem with human analysis — for automated review of borrower documents and data. AI-driven automation enables documents to be processed using natural language recognition and semantic analysis techniques. It also provides a way for fintechs and other businesses to use insights from proprietary data to streamline existing services and to create new products and services. For example, analyzing data from bank statements — and mapping that information against the performance of its loans — can help lenders optimize pricing and risk models and make better lending decisions. Intelligent document processing combines document-driven workflows and data-driven workflows into a system that enables enterprises to digitize documents and extract the data into a structured format for analysis.

Benefits of business automation

That’s why it may make sense for business leaders to prioritize SOPs as a quarterly goal across an organization, and to establish universal “SOP time” for all employees to take the time to define how they do their jobs. Once you’ve Implemented new processes, monitor them to see how well they’re doing. Have these new processes actually improved bottlenecks and inefficiencies?

Although hiring employees may seem like a fuss-free process, it involves multiple tasks. Filling out employee information forms, setting up induction sessions, arranging training sessions, setting up bank accounts, collecting relevant documents, and assigning mentors are just a few of the activities involved. NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices that pave a clear path invoice examples for every kind of business to success and are proven to deliver rapid business value. With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support. Task management is for individuals looking to improve their personal efficiency and effectiveness. With good task management software, you can gain clarity on your work and get your highest-impact work done.

Workflow Management

Business process automation contributes to one or more elements of the process improvement practice and hence is a part of business process improvement. If you are thinking of investing time and effort in improving your process, process automation is the right choice. RPA is an emerging technology that can transform healthcare operations and outcomes by automating tedious and error-prone tasks.

• During the Optimize step—sometimes called Automate—continue to tweak and improve your business process.
• AI can be used to detect inconsistencies and to identify information that borrowers may have been altered.
• Automation is also essential for the capture and review of borrower documents, which can help to expedite approval for long-term leases.
• These manual hours can be spent on more high-value tasks rather than the clerical tasks involved in the process.
• If you’re aware of automation but don’t know where to start, this guide is for you.

What’s more, capture-to-process integration with records management gives compliance departments access to document and usage data, streamlining verification and audit inquiries. RPA is increasingly being integrated with human decision-making in order to optimize document management. This hybrid technology combines machine processing power and speed with human analysis and insight. The result is unparalleled document processing efficiency that automates classification, capture, and analysis. Processes that require a higher volume of processing and transactions are best suited for automation.

What is Business Process Automation (BPA)?

According to organizational consulting firm Korn Ferry, more than 85 million jobs could go unfilled by 2030 because there aren’t enough skilled workers to take them. The new BPO enables companies to quickly access more expert, technical, functional and industry specific talent than they can assemble in-house, driving new levels of efficiency across their business functions. SOA technology has enabled rapid and flexible integration of systems across organizational boundaries. BPMS technology is improving flexibility and optimization of business processes.

This includes business process automation (BPA), robotic process automation (RPA) and AI-powered automation. Collectively, this can enable healthcare organizations to leverage cognitive capabilities such as machine learning, computer vision and natural language generation to further enhance their automation potential. Manik, VP and senior partner for IBM Consulting, outlined a massive opportunity to strategically redesign the client’s finance operations and payment processing by leveraging AI, data analytics, metrics and automation. Ultimately, modernizing these processes could save hundreds of millions of dollars, improve the employee experience and make the company more agile and competitive, he says. One of the potent catalysts for increased business process automation is the advancement in distributed computing [21]. In distributed computing, multiple automated systems that are geographically distributed communicate with each other over a network.

Why Leveraging Intelligent Automation is Key to Driving Your Organization’s Digital Transformation

However, not all solutions contain the full range of technology needed to automate end-to-end operations. This can lead to many point solutions, higher costs and an inability to scale. Business process automation involves the use of software for data manipulation, document management, record-keeping tasks, and analysis.

When managed ad hoc, these workflows typically involve multiple email threads, documents, and handoffs. Even minor human error can cause a cascade of inefficiency, with communication breakdowns, bottlenecks, and missed deadlines. ForwardLine Financial, for example, is using BPA to capture historical borrower data and more effectively analyze credit risk. Automation also has expedited the ability of ForwardLine borrowers to submit supporting documentation for loans, and has reduced loan approval time from three hours to under 45 minutes.

Why You Should Invest in Business Process Automation

In contrast, RPA systems develop the action list by watching the user perform that task in the application’s graphical user interface (GUI), and then perform the automation by repeating those tasks directly in the GUI. This can lower the barrier to the use of automation in products that might not otherwise feature APIs for this purpose. Automating business processes demands a certain amount of clarity about the process right at the designing stage. If you don’t know the tasks involved and the people responsible for running the process, you can’t design and automate the workflow effectively. When companies implement business process automation they free themselves and their employees to do the work that matters. When you hear the words “automation,” the first thing that comes to your mind are robots building cars (and stealing your jobs).

• Red Hat works with the greater open source community on automation technologies.
• Any business or organization that follows a process can benefit from business process automation.
• SOA provides a set of principles and architectural methodologies to integrate loosely coupled, distributed and autonomous software services.
• During the early stages, business organisations developed their own proprietary notations to describe such process definitions.
• You’ll probably have to put some time into research if you want to find the right tool for whatever job may be – but to make it easier on you, here’s a couple of use-case examples.

A process driven messaging service is an option for optimizing data exchange layer. By mapping the end-to-end process workflow, an integration between individual platforms using a process driven messaging platform can be built. The focus of IT has shifted from serving internal needs, like efficiency and cost control, to engaging with external customers and creating new business opportunities. That’s why Red Hat believes the traditional business automation model needs to evolve. Instead of focusing solely on streamlining processes, businesses need to develop new strategies to automate the business itself.