AI has found numerous applications in different fields and industries.
Process automation is one of them, and with the help of this advanced technology, businesses can streamline, automate, and optimize various processes, saving time and money in the process. Besides these apparent benefits of implementing process automation, also referred to as digital transformation, there are others that are equally important, such as eliminating human errors and improving accuracy.
If we bear in mind that organizations are losing $140 billion annually in wasted time, resources, and business opportunities resulting from disconnected data, it’s evident that process automation can tremendously improve the situation.
Let’s discuss how AI takes process automation to the next level and allows companies to make the most of this technology.
The Importance of AI in Process Automation
Process automation allows companies to optimize their efficiency and performance by freeing their employees from having to perform low-level, mundane, and repetitive tasks. Machines make sure that such tasks are completed much more quickly and accurately, while employees can focus on more creative tasks that require critical thinking.
However, we’re still talking about an imperfect system – it doesn’t require human intervention only when it’s dealing with rule-based tasks. Basically, this traditional automation can perform smoothly only when pre-programmed. In other words, if any kind of change in the pattern happens, this kind of system doesn’t have the capacity to adjust to the new circumstances.
The main advantage of AI-powered process automation lies in the fact that it’s capable of learning from the available data and getting more intelligent in time. Hence, AI enriches process automation with decision-making capabilities and creates an intelligent system that not only automates repetitive tasks and speeds up the entire process but also adapts to changes, overcomes challenges, and solves problems without any human intervention.
That’s no doubt one of the reasons why 54% of business executives claim that their adoption of AI-powered process automation brought about a tremendous increase in productivity in the workplace.
Finance and Banking
Research says companies in this industry that leverage the synergy of artificial intelligence and business process automation experience a profit margin of over 10%.
Dealing with other people’s money is a serious task which means that even the smallest mistakes are unacceptable. No wonder many institutions take advantage of intelligent business process automation in order to prevent fraud and other malicious practices.
Banks use AI-powered process automation to analyze their clients’ activities, spending habits, and location, which allows them to create a pattern and easily spot unusual or suspicious events.
For example, using the same card in two different locations within a short period of time raises red flags. In that case, AI takes notice and notifies a human agent, who can then check whether the card owner authorized these transactions and take necessary measures.
Financial institutions wouldn’t be able to manually keep track of and analyze millions of these transactions and behavioral patterns, and that’s what makes AI an absolute must for this purpose.
According to stats, $1.6 billion a year is lost due to poor customer service.
Although companies try hard to meet their customers’ expectations and offer the best support and care, there are some challenges along the way. Being 24/7/365 isn’t an industry standard but a luxury reserved for the biggest brands only.
With conversational chatbots, even small and medium businesses can solve this challenge, build their own AI-powered chatbots, and provide around-the-clock support. These smart algorithms can be trained to answer customers’ questions, troubleshoot common issues, or direct customers to the right agent or department capable of helping them solve a particular issue.
Early bots were much more modest in terms of performance since they could only produce canned and predefined responses. The latest generation of bots has the ability to simulate human conversation, determine underlying intent, personalize the communication based on previous interactions, and much more.
Building high-quality software and apps is a demanding task.
End users expect attractive design, excellent usability, and a great user experience.
The graphical user interface is one of the most important factors when it comes to whether people will decide to use a particular app, which means that designers have to pay a lot of attention to polishing it.
Testing plays a crucial role in the development and design process. There are many GUI elements to check and verify that they display properly in different environments, such as fonts, buttons, icons, text boxes, menus, etc.
If we bear in mind that people access apps and software from different operating systems and browsers, it’s obvious that there’s a lot of things to be tested and analyzed, which makes this process time-consuming.
Smart testing automation tools are particularly effective for continuous delivery and DevOps approaches that require continuous testing. It allows building tests without coding, comes with a full development environment, and is suitable for all major platforms. Advanced functionalities make it a comprehensive, end-to-end testing tool that both beginners and experts can benefit from.
HR and Recruitment
Landing top talent is one of the most important factors for the growth of every company.
Although many candidates apply for a single position, the truth is that only a handful are the right fit. That’s what makes the HR department’s job so difficult, as hiring specialists have to go through hundreds of applications, CVs, and resumes to spot and identify interview-worthy candidates.
Needless to say, this is quite a challenging task, especially if we bear in mind that 42% of resumes companies receive come from candidates who don’t meet job requirements. That’s why automating the process of screening resumes and shortlisting candidates allows recruiters time to focus on the interview itself instead of wasting time on these technical tasks.
Scheduling interviews as well as digitizing them is another part of the process that can be successfully automated. AI is capable of assessing candidates by scanning and analyzing their facial expressions, word choice, and tone of voice, thus assisting recruiters in determining who the best person for the job is.
That’s not all, since, after the successful completion of the hiring process, AI-powered process automation tools can be used in order to onboard new employees. This way, they will learn the ins and outs of their new job smoothly, at their own pace, and in their own time.
AI takes process automation to the next level not only by reducing the cost and speeding up repetitive tasks but also in terms of quality. Companies that have adopted this technology can expect a tremendous increase in revenue, productivity, and performance.
Leslie Gilmour works with companies, individuals, and teams to help with SEO strategy, processes, and implementation of a digital marketing plan.