Are you trying to keep up with technology’s rapid rate of change, so your business can maintain a competitive edge? You’re not alone. Organizations of all sizes face similar challenges – especially when it comes to business process automation (BPA).
BPA technology enables companies to achieve the operational advantages they need to simultaneously scale growth and increase cost savings. By automating repetitive tasks, data becomes more accurate and processes become more efficient, freeing up staff to focus on more important work.
But BPA is constantly changing, with advanced technologies and market demands shaping its development. Technologies like artificial intelligence (AI) and its subsets, including machine learning (ML), are currently transforming automation solutions and how businesses can leverage them.
Your organization needs to keep up with the latest business process automation trends if you want to stay in the game.
How do you know if your business needs BPA? Download our guide to learn about benefits, use cases, and best practices, so you can make an informed decision.
4 Business Process Automation Trends to Monitor
Four significant trends are leading the charge in business process automation solutions. These trends focus on advanced technologies that automate complex tasks and analyze large amounts of data. From enhancing operational efficiency to adapting swiftly to market changes, these advancements will reshape industries and make processes more dynamic and efficient.
Adopting Artificial Intelligence
AI technologies are increasingly vital in business process automation solutions, with their ability to quickly analyze large volumes of data, identify patterns, and handle more complex tasks that, in the past, could only be completed by humans. This is reflected in their rising adoption rates. According to McKinsey, only 20% of organizations were leveraging AI in 2017, but by 2022, 50% had adopted it.
Companies using AI technologies like machine learning are seeing sizable improvements in efficiency and cost savings. For instance, companies implementing AI-powered accounts payable (AP) automation solutions reduce invoice processing times from an average of 45 days to just three days, and at a cost three times lower than manual processes. These improvements illustrate the transformative impact of AI on workflow automation and shed light on why so many organizations are adopting it.
Leveraging Hyperautomation Across the Enterprise
Experts predict that 60-70% of new IT projects will leverage hyperautomation by 2025. And while the year sounds like a distant future, 2025 is fast-approaching, which means hyperautomation adoption is on the rise right now.
The question is: Why is hyperautomation usage currently a business process automation trend?
Hyperautomation combines technologies like AI, robotic process automation (RPA), and other tools to automate tasks more widely across an organization. It extends intelligent automation from single processes to a larger scale, affecting many parts of the enterprise.
The benefits of hyperautomation include scalability, efficiency, and adaptability, which allow organizations to pivot quickly and respond to new market opportunities and operational challenges. With ensuring business continuity and building business resilience still top of mind post-pandemic, these are key advantages for many organizations and are undoubtedly driving the adoption of this advanced technology.
Enhancing Customer Onboarding with Automation
With complex onboarding processes deterring 74% of prospective clients, a strategic shift towards simplified, automated customer onboarding is underway. This transition changes how businesses engage with their clients by making service interactions more efficient and personalized.
This approach involves implementing business process automation solutions built to optimize client information validation, data management, and payment processing. Organizations are leveraging these solutions to reduce manual tasks, so customer service representatives are free to address more complex issues, providing higher quality service and more personal attention to customers. The results of customer-centric automation include stronger client relationships and improved customer loyalty and trust.
Transitioning to Cloud Document Management Systems
Migrating to cloud document management systems is also a current business process automation trend organizations shouldn’t overlook. These platforms store documents online for easy access from anywhere and enable real-time updates without data loss.
With workflow automation software integrations, these solutions streamline operations, facilitate collaboration throughout business divisions, and ensure robust security measures to protect sensitive data and comply with privacy and handling standards.
The adoption of cloud content management software is reinforced by increasing demands for digital solutions that support remote work and enterprise-wide collaboration. This trend is underscored by industry reports and market analyses that forecast continued growth in cloud services and a surge in investments in cloud security solutions, confirming the strategic move towards integrating cloud-based document management into modern business practices.
Embracing the Future of BPA Technology
As technologies like artificial intelligence, workflow automation software, and cloud document management systems continue to advance, they’re increasingly integrating into every aspect of business process automation across every industry.
For example, healthcare organizations’ AP teams are leveraging AI-powered invoice processing solutions to further increase invoice data accuracy, boost process efficiency, and better detect unusual, potentially fraudulent activity. Similarly, organizations in the financial services sector are leveraging artificial intelligence-driven BPA solutions to detect and prevent fraud. Such solutions can quickly identify fraud risks by analyzing transactional data, borrower profiles, and behavioral patterns. Higher education institutions are also adopting advanced, AI-based intelligent document processing solutions to improve critical tasks like vendor contract management.
These technological developments in the BPA space are helping organizations of all kinds reach their goals, which is why it’s crucial that you stay up-to-date on the latest trends and ensure you have the right solutions in place.
Engaging With Business Process Automation Experts
As a leader in business process automation solutions, MetaSource’s approach is tailored to meet each client’s unique needs and goals. By thoroughly analyzing a company’s processes, we identify key areas where automation can significantly enhance performance and productivity. Our integration of AI technologies not only streamlines operations but also improves customer satisfaction by continuously adapting to technological and market changes.
Additionally, our commitment to innovation is demonstrated through our human-in-the-loop approach, which integrates human oversight into AI systems, ensuring our automation solutions remain both effective and nuanced. This method emphasizes the importance of human judgment in critical decision-making processes, setting our services apart as we build lasting partnerships with our clients.