Anyone who has ever owned a company, no matter how big or little, knows how challenging it can be. U.S. Bureau of Labor Statistics data shows that roughly 20% of new enterprises in the United States fail during their first year in operation.
Increasing consumer demands, shortfalls in trained personnel, and expanding complexity across business and IT processes are just some of the obstacles that may make it difficult to build a sustainable firm.
That’s why businesses may employ AI and automation (also known as “intelligent automation”) to streamline menial operations and boost resilience in the face of uncertainty.
The use of artificial intelligence (AI) has been increasing over the last several years.
IBM’s 2022 Artificial Intelligence Adoption Index found that 35% of businesses now utilise AI and another 42% are investigating the possibility of using AI in their operations.
The era of “intelligent automation” is here. It’s become a crucial investment for the success of modern organisations.
Start with process mining to automate business processes
Intelligent automation is assisting companies in overcoming obstacles. Yet, successfully deploying and growing such technologies is frequently a formidable obstacle in and of itself. Initial attempts at automating processes often fail because of a lack of direction and confusion about how to get started.
Technology for identifying, optimising, and monitoring processes, known as process mining, is proving to be an excellent launching point for companies prepared to adopt automation and undertake digital transformation projects.
There is no such thing as a “one size fits all” when it comes to the importance of procedures to the success of a business. Accounting, purchasing, project management, risk management, and supply chain operations (and more) may all benefit from process mining, allowing for more efficient management and freeing up staff time for higher-value tasks.
A Chief Automation Officer (CAO) and their team can discover automation possibilities, rank them by effect and estimated return on investment, if they are familiar with the inner workings of the business processes that make up the company (ROI).
Improve your business with the help of process mining.
Agility in response to change and in the execution of new initiatives requires an in-depth knowledge of business processes. Businesses may improve their efficiency and save expenses by making more informed choices when they have a deeper knowledge of the processes at their foundation.
During the course of the epidemic, Max Mara’s digital share of business volume than tripled. Max Mara is a big Italian luxury fashion firm committed to make high-quality fashion accessible to common people. They understood that the effectiveness of its back-end operations would now have a more direct bearing on the level of pleasure experienced by its clientele. As a result, the store used process mining to enhance the shopping experience for customers during peak periods of business activity, and it was able to show a 90% improvement in customer service resolution times and a 46% decrease in average cost per resolution.
Credem, an Italian bank operating in 19 different provinces, is another company in the midst of a digital transition. Credem is proud of its well banking concept, which it employs to meet the whole spectrum of its clients’ financial service requirements, from day-to-day banking to wealth management.
The bank saw the need to boost business value, save expenses, and boost efficiency while facilitating the monitoring and management of mission-critical business operations. As a first step, the bank carefully examined all of its operations to see which ones may benefit from automation technology. Acceptance and verification of retail clients’ credit cards are two such examples.
To save costs by around €500,000 annually, they automated their business processes to reduce the approval time from four days to one. In all, Credem automated 91 procedures, resulting in a 70% reduction in processing time for loans and a cost savings of almost €1.4 million.
Data and information gathered via process mining may be used to enhance the efficiency and effectiveness of corporate processes.
An increase in process understanding may lead to better data-driven decision making, lower costs, and enhanced customer service.
Starting with process mining to automate business processes helps companies save time and money while simultaneously enhancing innovation, product quality, and customer retention.
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