In late 2022, the prominent India-based tech giant, Infosys, announced the launch of the Center for Automation and Artificial Intelligence in Poland, in partnership with another global technology player, IBM. Infosys has taken this step for further development of its business process management (BPM) system, by integrating artificial intelligence (AI) into its solutions.
This center implements data solutions and AI into BPM, to increase business automation and accelerate its hybrid cloud journey. Several other companies operating in the business process management market, are taking similar initiatives to ensure the growth of their portfolio. These industry players are implementing various expansion strategies, such as collaborations, partnerships, mergers, and acquisitions, to stay ahead of the curve.
What is Business Process Management
Business process management (BPM) is the process of analyzing, modeling, and optimizing end-to-end business processes, in order to meet strategic business goals, including the development of a customer experience framework. It allows organizations to halt the business processes, implement the changes after analyzing, and re-execute them.
BPM allows the business processes to change or re-direct the workflow, customize, and bring variations, to make the whole process responsive. It helps the management team and business executives to get a keen perspective on the effects of those changes, and what works or does not work.
The entire cycle of business process management comprises five stages. These stages are – processing the design, creating a model based on that design, executing the model, monitoring the effects, and optimizing the model based on the feedback from monitoring and observation. Each new stage is connected to the results of the previous one, resulting in an effective and efficient flow of information.
Types and Applications of Business Process Management
There are three types of business process management – Document-centric BPM, Integration-centric BPM, and Human-centric BPM. The document-centric BPM is used for creating the final document after it has passed through multiple stakeholders and is processed to reach the final stage.
The integration-centric BPM focuses on bringing together and interconnecting all the functioning nodes in the model of a business organization on a single platform, ensuring a seamless flow of information among the departments within the organization. The human-centric BPM creates a balance of automation and human intervention, instead of relying completely on automation. It consists of a visual user interface that allows individuals to interact and take action in the process.
Impact of Artificial Intelligence and Machine Learning on Business Process Management
Use of natural language processing (NLP) and machine learning algorithms has enabled artificial intelligence (AI) to analyze large amounts of data and utilize the information to identify trends and patterns. AI uses information to automate numerous aspects of business information, including the generation of documents, entering relevant data, and making decisions. For instance, several businesses now use AI-powered virtual assistants and chatbots to automate routine tasks and handle basic customer queries.
- In October 2022, tech giants Nvidia and Oracle announced that they are extending their collaboration to increase the adoption pace of AI services by customers. The two companies have a synergic working relationship, where Nvidia uses Oracle’s cloud service, the Oracle Cloud Infrastructure (OCI), to enhance infrastructure with the help of thousands of Nvidia GPUs. Oracle is using Nvidia’s AI software for AI training and deep learning.
Implementation of AI aids in enhancing several internal business processes, including process automation, data aggregation, and SEO tasks. However, even though businesses have experienced an overall positive impact after the implementation of AI, some concerns still exist, including a potential reduction in the workforce and over-dependence on technology.
The Final Verdict
Use of AI in BPM solutions is expected to have a significant impact on business planning and processes. It aids in building better business models and creating business opportunities. Furthermore, it enables businesses to have a better feedback engagement to determine what improvements need to be made in the existing product and what products are developed, based on the trends observed in consumer demands.