3 Oct 2022| O-Founders
How Can AI Be Useful Business Management?
Have you ever thought about what it takes to run a successful business? If this question were asked a decade ago, you would say an efficient workforce and intelligent management, but things have changed, and the answer has changed with them. Only businesses that are flexible enough to accept new technology and efficient enough to take advantage of their benefits will be successful in today’s world.
Business process management (BPM) is a systematic approach to assisting organizations in developing an effective and efficient workflow. It enables you to swiftly adjust to and endure the ever-changing business environment in a planned manner. BPM aids in the management of a variety of corporate activities, from new hires to process automation and customer service.
With AI driving the corporate technology bandwagon, digital transformation is becoming firmly embedded in company operations. Making AI a component of BPM is gaining popularity due to the numerous benefits it provides. By creating a dynamic technological environment, it assists organizations in automating their complicated operations.
Here are some of the ways AI is helping to improve business process management.
One of the most popular artificial intelligence applications is the automation of repetitive chores. RPA, also known as robotic process automation, uses machine learning and artificial intelligence to automate many duplicate operations that would otherwise require dedicated human staff.
AI’s one distinguishing feature is its ability to learn, observe, and evaluate data sets gathered from diverse sources. These facts are used by businesses to choose their course of action, and AI can detect patterns that the human eye is unable to recognize. For example, data patterns may be analyzed for any fraudulent activity involving online transactions, or prospects can be segmented for marketing purposes based on their purchasing history.
Business process management installation is a lengthy process that needs both monetary and time commitments. RPA, on the other hand, is cost-effective and makes use of existing resources. As a result, BPM principles may be executed on a budget using RPA methodologies.
Previously, the cost was the primary motivator for AI adoption in BPM, but now the focus has turned to enhance the customer experience. Artificial intelligence-based BPM assists in gaining precise insights into client behavior and predicting future consumption patterns based on these inputs. The most frequent example of artificial intelligence-backed customer service is the use of chatbots and other related approaches. It enhances the customer experience and contributes to the creation of a transparent communication platform.
With the advent of AI, complex machine learning algorithms such as decision trees and neural networks have been created. These algorithms assist managers and company owners to resolve issues that arise while specifying attributes for specific datasets to obtain the desired results. Managers may also use AI-based decision-theoretic models to help them make decisions in a business process. These models, for example, can assist in determining if a consumer requires a product recommendation or a follow-up contact.
Machine learning-generated propensity models may be taught to score leads according to specific parameters. It assists the sales team in determining how ‘hot’ a leader is and whether or not it is worth their attention. Time is saved by just contacting the most relevant leads, and they can also focus their efforts to have the most impact.
Traditional fraud detection approaches rely on static rules-based systems, which have several drawbacks that make them less effective. AI can now analyze commercial transactions and assess their risk level. This score is then compared to a predetermined threshold, which determines whether the transaction is fraudulent or not. The fundamental notion here is that fraudulent and genuine transactions have significantly distinct features.
Businesses are using AI-enabled BPM solutions to help them overcome performance barriers and enhance the efficiency and quality of their operations. AI is no longer a frightening or difficult-to-adopt technology. Small and big businesses progressively realize the value of AI-enabled BPM software in streamlining their business processes. With time, AI for business process automation is expected to become more widely used and accessible to all organizations.
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Tags: Technology Artificial Intelligence