Artificial Intelligence (AI) that is helping machines perform smarter by virtue of cognitive intelligence unlike the natural intelligence of humans is now expanding into many business sectors.
Business process management (BPM) is one area where applications of artificial intelligence are showing greater potential to elevate businesses toward super efficiencies, according to Nicolas Chabanoles, an AI expert with Bonitasoft.
Fei-Fei Li, a professor of Computer Science at Stanford University notes that both AI and the fourth industrial revolution will be touching every aspect of people’s lives in the time ahead. Many companies are in the fray offering advanced intelligent application software for businesses. Whitestein Technologies, a global Swiss company is in the frontline as a major player in intelligent BPM technology solutions.
BPM processes refined by AI applications make back-office processes more satisfying to end-users. As applications graced by AI gear up for better user experience, a surge in quality at operation and strategic differentiation helps the companies.
One example of applying AI on BPM can be a service level agreement (SLA) Monitoring App. Under the AI impact, the app will be able to predict when an organization going to miss out on the terms of the time-sensitive SLA. The app will alert the person responsible if a deliverable is looking late and not noticeable by a human observer.
Business process management (BPM) per se aims cost reduction by improving operational efficiencies by trying to do things in a better way. However, mere operational effectiveness will not render a critical competitive advantage. Here the application of AI in BPM will act as an extra spice to deliver “better” and “different” ways of doing things.
Main areas of AI opportunity in BPM
More examples of AI applications in BPM can be using robotic process automation (RPA) to observe what people are doing and automating them to end error-prone redundant work.
Machine learning is also usable for process execution to trigger new processes and reroute many ongoing processes. Noting the advantage of AI in BPM, Wil van der Aalst, a professor of computer science at the Eindhoven University of Technology in the Netherlands said classic data mining techniques are not helping processes as they have become too complex.
AI, on the other hand, cuts delays stemming from blocked business processes on account of human error, skewed resources, workloads, and issues like external dependencies. The benefit will be AI can recommend corrective actions for any existing applications and suggest redesigns for future applications.
AI growth expanding cognitive software market
According to market research, cognitive computing market will reach $ 49.36 billion by 2025, per Grand View Research.
There is a high demand for Cognitive software in North American and European markets owing to the propensity of business organizations to incorporate advanced data analytics to ascertain the risk associated with strategic initiatives. They include companies making R&D investments and companies into mergers and acquisitions.
The consumer preference towards profound data analysis, the rise of a cloud computing, and on-premise hardware for secure data storage are also aiding the traction of cognitive software in businesses.