Artificial intelligence continues to provide innovative solutions to businesses.
Artificial intelligence (AI) has been helping organizations augment the technological performances of businesses for many years now. The COVID-19 pandemic even increased the call for developing AI-based techniques and models.
While some people see machines and robots as a threat to their jobs, AI proves more beneficial than harmful. That includes positively transforming business process management.
By incorporating AI functions into their operations, not only do businesses get better and more secure access to data, but they can also simplify complex processes through automation. Read on to discover how AI is transforming business process management.
What is business process management?
At the heart of a company is its business process, a set of activities directed toward its goals. Business process management (BPM), on the other hand, is the organizational strategy of improving business processes and ultimately optimizing them.
Business process management runs various technological advancements with the help of artificial intelligence as a driving force behind automation.
In a study conducted by McKinsey&Company, 50% of firms reported that at least one of their business functions adopted artificial intelligence. It also revealed that in response to the growing need for digital acceleration, companies showed more interest in investing in AI-based technology.
We all know how AI generates value for many organizations. But how exactly is artificial intelligence transforming the business process sector?
How is AI transforming business process management?
Artificial intelligence is the simulation of human and machine intelligence produced in technology such as computer systems. AI-based technologies include cybersecurity, language processing, cognitive engagement, and machine vision.
Here are some significant contributions of artificial intelligence in the business processes of many industries:
AI is changing customer relationship management systems
Without AI and its role in data analysis, customer relationship management (CRM) systems wouldn’t be possible.
When artificial intelligence is incorporated into software systems, it can automate your relationship management system. This, in turn, maintains the accuracy of your customer profile and data.
AI optimizes sales
The recent pandemic drove companies and the general population to make the digital shift, moving from face-to-face interactions to remote and digital transactions. These include online shopping and mobile banking.
Unstructured data such as product searches and preferences are prevalent on social media. But with the help of artificial intelligence, these data can be interpreted and analyzed better to improve sales strategies.
AI-powered sales solutions can identify which products or services are most preferred by customers. You can also determine which of these customers frequent your profiles the most.
This sales feature will help people in business prioritize their customers and improve their visibility and content marketing.
AI refines cognitive engagement and recruitment
Strategic talent acquisition is one of the most fundamental needs of any business operation. The entire recruitment and interview process is undeniably challenging, with people’s cultural and personal biases.
Biases and nepotism ingrained in current processes are difficult to combat. That’s why businesses continuously hone their team’s hiring and assessment skills.
Artificial intelligence streamlines the process by scanning high volumes of resumes and evaluating candidates based on job descriptions, transcripts, and portfolio. This will narrow down your talent sources and give you the most qualified candidates for specific jobs you want to fill in.
Ultimately, AI smoothens your recruitment process and ensures that your vacant seats are filled by the best talents you can have.
AI detects anomaly
The Association of Certified Fraud Examiners revealed that 5% of companies’ revenue is lost every year due to fraud. This is where the security that artificial intelligence brings comes in.
AI machine learning algorithms detect anomalies, exceptions, and outliers. AI-based technology helps prevent fraudulent behaviors and transactions in real time. The algorithm can also detect suspicious patterns of money transfers and payments.
This algorithmic security is extremely beneficial in the financial industry, where fraud and financial leaks happen unannounced. This security measure also covers cybercrimes, corruption, and tax evasion.
Revolutionizing business processes
Artificial intelligence continues to provide innovative solutions to businesses. This coming 2022, it’s time to start looking at the different ways on how your business can benefit from using AI.
AI evidently reshapes the way organizations work towards digital transformation and marketing tactics. As it continues to generate new digital solutions, businesses can expect a simplified and automated process.
These changes will lead to efficiency and conversions while unlocking new opportunities for your business growth and expansion.
