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The evolution of Business Process Automation (BPA) is not just a trend but a necessity for businesses looking to thrive in a hyper-competitive market. Gartner predicts that by 2024, organizations will reduce operational costs by 30% through the combined usage of hyper-automation technologies and redesigned operational processes. Similarly, Forrester highlights that AI-driven automation can boost business productivity by up to 40% while enhancing customer experiences and accelerating time-to-market.
As businesses increasingly seek ways to streamline operations, reduce manual tasks, and enhance decision-making processes, automation powered by artificial intelligence (AI) has become pivotal in shaping the future of work.
Technology holds immense potential to create efficiencies and enhance the quality of business process automation. Continuous advancements in BPA tools and services are helping businesses grow while operating at minimal costs. From intelligent process automation to predictive analytics and cognitive automation, the integration of AI in BPA is brimming with possibilities that can reshape how enterprises operate, innovate, and deliver value to their stakeholders.
Embracing cutting-edge automation technologies enhances operational efficiency and scalability and positions companies for sustained success in an era of agility, adaptability, and digital transformation. However, this isn’t a one-time process. Business leaders must be aware of the latest trends to respond to changing market dynamics and stay ahead of the competition.
Let’s have a look at the top five trends in BPA that are expected to change the way businesses operate in 2024 and forward-
1. Hyper-Automation
Hyper-automation is the grouping of all traditional automation capabilities through the integration of advanced technologies like AI, ML, and RPA. It involves the strategic use of multiple automation tools to automate not only tasks but also processes at scale. Hyperautomation aims to automate everything that can be automated, driving efficiency and innovation.
It requires effective data integration and access to and merging of data from various sources to make informed decisions. Hyperautomation goes beyond simple task automation, addressing complex, multi-step workflows that involve decision-making and data manipulation. Scalability is a key feature, enabling these solutions to grow and adapt to an organization’s changing needs.
Gartner has identified hyper-automation as one of the top strategic technology trends, highlighting that by 2024- 80% of BPA implementations will include some form of hyper-automation.
Use Cases:
Financial Reporting: Hyperautomation can automate the entire financial reporting process, from data collection and consolidation to report generation and distribution. This ensures accuracy, reduces manual effort, and speeds up reporting cycles.
Customer Relationship Management (CRM): Hyperautomation in CRM systems can manage customer data, track interactions, and automate follow-up activities, helping sales teams build stronger customer relationships and close deals more effectively.
2. Cloud-based Solutions
Unlike traditional on-premises solutions, cloud platforms help scale storage up or down based on an organization’s needs without making significant upfront investments in hardware or infrastructure. This flexibility is beneficial for businesses in case of rapid growth or fluctuating workloads. For instance, a retail company may need to ramp up its automation capabilities during peak shopping seasons to handle increased transaction volumes seamlessly.
This seamless integration enables organizations to create cohesive and efficient workflows across different departments and functions. For example, a cloud-based BPA solution when integrated with a CRM system can help automate the entire consumer journey, right from lead generation to post-sales support, ensuring a consistent and high-quality customer experience.
3. Automated Workflows
Low-code and no-code workflow automation platforms democratize BPA by enabling users with minimal technical expertise to develop and deploy automation solutions. These platforms provide intuitive interfaces, drag-and-drop functionalities, and pre-built templates, making it easier for business units to automate their processes without heavy reliance on IT departments. This democratization accelerates digital transformation and empowers teams to respond swiftly to business needs.
Use Cases:
For instance, automating the employee onboarding process can ensure that every new hire completes all necessary paperwork and training sessions and receives equipment on time, involving HR, IT, and department managers seamlessly. This can help reduce operational costs by 30 % in the next five years.
One of the key principles of workflow automation is the digitization of processes. This involves converting paper-based, manual, or analogue processes into digital formats that can be managed and automated using software and digital tools. Digitization is the foundation upon which automation is built, as it enables the capture, storage, and manipulation of data electronically, making it accessible for automation. For instance, a finance department can digitize invoice processing, allowing for automatic data extraction, validation, and approval routing, significantly reducing processing time and errors.
4. AIOps (Artificial Intelligence for IT Operations)
AIOps leverages AI to enhance IT operations by automating the detection and resolution of IT issues. It uses advanced analytics to monitor and analyze data from various sources, predict potential problems, and take preventive actions. By implementing AIOps, businesses can achieve higher uptime, better performance, and more efficient IT management. This trend is significant as companies increasingly rely on complex IT infrastructures to support their operations.
Explore Quinnox’s ground-breaking AIOps platform, Qinfinite, to learn more about AI’s transformative power for managing IT operations.
Use Cases:
IT Incident Management: AIOps platforms use AI to monitor IT systems, detect anomalies, and predict potential issues before they impact operations. Automated resolution processes can be triggered to address these issues proactively, ensuring higher system uptime and reliability.
Performance Optimization: By analyzing performance data, AIOps can identify areas for further improvement and recommend optimization strategies, enhancing overall IT performance and efficiency.
5. Sustainability and Environmental Impact
As the global focus on sustainability initiatives intensifies, businesses are increasingly looking to BPA to reduce their environmental footprint, leveraging automation to reduce waste, optimize resource usage, and minimize carbon footprints. For example, automated energy management systems can monitor and control energy consumption in real time, leading to reduced environmental impact and significant cost savings.
Use Cases:
One key area where sustainability and BPA intersect is energy management. Automated energy management systems monitor and control energy usage in real time, optimizing consumption and reducing waste. For instance, intelligent buildings can adjust lighting, cooling and heating based on weather conditions and occupancy using automated systems, leading to significant energy savings and reduced carbon footprints.
6. Robotic Process Automation (RPA)
RPA technology enables organizations to configure software robots or “bots” to automate repetitive, rule-based tasks traditionally performed by humans, freeing up valuable resources to focus on higher-value activities.
One of the key strengths of RPA is its ability to work seamlessly across different systems and applications without the need to make complex integrations or modifications to existing infrastructure. This flexibility empowers organizations to automate end-to-end processes, optimize workflow efficiencies, and achieve cost savings by significantly reducing manual intervention and operational costs. For instance, by integrating RPA into a logistics company’s BPA strategy, manual tasks that were previously time-consuming and error-prone can now be automated with precision and speed. Further, RPA bots can monitor inventory levels in real-time, automatically updating stock counts, triggering reorder requests for low-stock items, and reconciling discrepancies between physical inventory and digital records.
Final Thoughts:
Having a solid business built from the right tools and workflow integration helps steer toward achieving maximum business value. The journey towards optimized processes, streamlined workflows, and heightened productivity begins with a strategic understanding of the evolving BPA landscape and a proactive embrace of technological advancements that pave the way for success in the digital age.
In coming years, not only automation but other next-generation technologies like digitization, advanced analytics, and process redesign will likely be pivotal in BPA, helping organizations improve efficiency, improve data quality, increase flexibility, and deliver a better experience.
Ready to revolutionize your business process automation by leveraging robust AI solutions? Reach Quinnox today!
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