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Top Business Process Automation Tools For Your Business and Why You Need Them

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As current business landscape continues to become more and more complex, it can be extremely difficult to keep track of various complex business processes using traditional methods. Manual business processes can be extremely time-consuming and repetitive. Therefore, this could potentially cause unforeseen delays and bottlenecks in organizational operations.

Business process automation is defined as the use of digital technology to automate various repetitive, time-consuming business processes. Business process automation can help make current organizational operations much more efficient, increase profitability, improve productivity levels, minimize human errors, standardize various complex processes, simplify regulatory compliance and much more.

Therefore, business process automation can be extremely beneficial for streamlining and optimizing various day-to-day organizational tasks. A recent study has found that 97% of organizations believe that business process automation is crucial for digital transformation.

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What Is Process Mining and Why Does It Matter To Your Organization?

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With rapid changes in our current business landscape, modern businesses are constantly looking for new ways to optimize and improve various business processes. One of the most effective and efficient ways to improve existing business processes is through process mining.

Process mining refers to a subsect of business process management that involves capturing, analyzing and leveraging data from day-to-day business activities to develop detailed event logs. These event logs are then further analyzed to obtain valuable insights into the current performance of various business processes. Process mining can help businesses identify inefficiencies in day-to-day business processes and develop comprehensive and holistic strategies to address them.

A recent study conducted by IBM has found that process mining can increase process automation rates by 75% and process conformance rates by 67%. Therefore, your business must understand what process mining is and how it can transform your current business process management strategies.

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What Is Low-Code Security Automation?

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Recent developments in digital technology have not only resulted in more efficient and productive business processes but have also resulted in a proportional increase in security and encryption threats and vulnerabilities. However, as security threats and risks continue to become more and more sophisticated, it can become extremely expensive for modern businesses to implement numerous different expensive and time-consuming security solutions.

Low-code security automation is the answer. Studies have shown that 66% of businesses view increased responsiveness as their primary motive for adopting and integrating low-code platforms. Low-code security automation involves integrating low-code automation into various security and encryption business processes to enhance enterprise applications and security workflows as well as expedite development cycles.

This can be extremely beneficial for helping your business not only automate various time-consuming and repetitive aspects of organizational security processes but can also increase cross-departmental collaboration as well as empower citizen development initiatives.

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How To Improve KYC Compliance With Low-Code

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KYC is defined as a ‘Know Your Customer’ or ‘Know Your Client’ process that involves verifying a user’s identity as well as the suitability and potential risks involved with maintaining a business relationship. KYC procedures are especially crucial for financial institutions to understand the nature of a customer’s activity, verify their identity, confirm the legitimacy of a customer’s financial history before providing loans and evaluate potential risks.

It is an essential tool for helping to protect organizations across numerous industries from fraud and other illegal activity. As business processes become more and more complex, modern organizations across all industries such as insurance, banking, retail and much more must closely monitor KYC compliance. However, KYC compliance can often be extremely time-consuming if performed using manual processes.

Low-code is a visual approach to software development that requires almost no traditional coding to create powerful enterprise applications and business processes. These platforms enable citizen developers with little to no traditional coding experience to leverage the power of low-code automation to eliminate various time-consuming, impractical aspects of KYC compliance. Recent studies have shown that 26% of executives believe that low-code platforms are the most critical investment in automation.

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What Automation Capabilities Should You Look For In A Low-Code Platform?

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A low-code automation platform is defined as a solution that enables citizen developers with little to no traditional coding experience to easily and effectively automate various manual business processes, application development tasks and workflows. Low-code automation platforms can enable users to build complex and powerful digital architecture using visual development strategies.

Recent studies indicate that 83% of IT decision-makers believe that workflow automation is essential for organizational digital transformation. However, many users may find traditional automation platforms to be extremely complex and difficult to implement practically. However, as low-code technology continues to evolve, modern businesses can leverage the power of low-code automation capabilities to make enterprise application development and overall business operations much more efficient, accurate and profitable than ever before.

Low-code automation can help your business significantly decrease costs associated with long-term digital transformation, increase organizational productivity, improve customer experiences and satisfaction levels, optimize risk management strategies and much more. Therefore, your organization must choose a low-code platform that is equipped with the necessary automation capabilities to optimize and streamline business processes.

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How Financial Services Are Using Low-Code to Automate Their Businesses

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As digital technology continues to evolve, market trends and consumer preferences are increasingly shifting towards online business processes. Furthermore, many financial institutions may find it extremely difficult to keep track of and manage day-to-day organizational tasks using traditional application development and manual procedures.

Low-code development tools can help financial services integrate and implement automation into processes that would have otherwise had or have been performed manually by an employee. Low-code automation is defined as the use of visual development platforms that enable citizen developers with little to no traditional knowledge of code to easily automate various manual business processes.

The rise of low-code technology in recent years has empowered modern financial institutions to innovate and transform enterprise applications and financial services. Research indicates that the financial services application industry is forecasted to reach a market value of approximately $164.01 billion by the year 2025, with a Compound Annual Growth Rate (CAGR) of 7.89%

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Why SMBs should use low-code to automate their processes

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Today, new methods and business practices replace old ones at lightning speed. Advancements in technology change the operational scenario of offices practically every day.

It is thus imperative for businesses to step up their game and progress in sync with the technology surrounding them. However, not every business has the resources to deploy a team of coders toward creating and maintaining new software technology to cater to its evolving needs. Small and medium businesses or SMBs need a cheaper, more viable solution to their problems.

That is where low code development platforms or LCDPs step in. Low code allows for visual-based development with the help of drag-and-drop editors and pre-built modules. The best thing about low code is that a high level of professional coding knowledge is not required to create apps through it.

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What are the Top Benefits of Workflow Automation and How to Harness Them

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Businesses everywhere are looking for efficient solutions to their problems. When the problem takes the form of tedious business processes, the solution comes up as workflow automation

Workflow refers to the series of activities lined up to successfully complete a task. Workflow automation enables businesses to identify tasks that could be effectively carried out by a machine and assigns a predetermined set of rules to perform the function. It consequently removes manual involvement from the equation. Automating the workflow would optimize business processes by efficiently replacing humans with automation software that accomplishes all or part of a task.

Workflow automation is usually employed in business processes when tasks involved are repetitive and redundant and usually do not require skill-intensive involvement. Automating workflow provides a boost in time efficiency and significantly decreases the probability of human error. Using workflow automation, businesses can achieve optimum performance with lesser effort.

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Low-Code Automation vs. iBPM: Which Should You Use For Your Business?

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Business process management is defined as a set of organizational activities and processes which are undergone with the ultimate goal of tracking, analyzing, optimizing, automating and improving the overall functioning of various day-to-day business processes.

Business process management can be an extremely tedious, time-consuming and impractical process if not monitored by a digital solution. However, as the number of digital platforms and mobile solutions available to businesses increases exponentially, many businesses are unsure about what type of solution they should use to optimize their business processes: low-code automation and development platforms or iBPM playtforms.

Low-code automation solutions allow users to automate various business processes using a drag-and-drop app builder, a visual workflow builder and a scripting engine. This allows citizen developers and business technologists with little to no traditional coding knowledge to effectively and efficiently automate complex business processes. At the same time, it allows developers with coding experience to create process workflows and build apps in a fraction of the time it would take with traditional coding.

Intelligent Business Process Management (iBPM), on the other hand, involves the integration of artificial intelligence, machine learning and robotic process automation to automate various business processes using data analysis. iBPM solutions usually incorporate visual interfaces and a responsive software design.

But first, what are the benefits of automating your business processes?

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How To Set Up Strong Business Processes

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A business process is the basic building block of a business function. It is a set of tasks that a group of individual stakeholders must perform to reach a specific goal. The main advantage of having business processes is the optimization of resources.

A business process gives direction to simple tasks and helps individuals streamline their activities. It ensures that the tasks are being performed in the most efficient way possible.

Business processes help stakeholders focus on long-term business goals along with short-term business goals. Business processes also improve communication between departments and help establish clarity regarding the objective of the tasks.

Business process management is hence an integral part of modern businesses. It focuses on the overall improvement of all end-to-end business processes in an organization.

Setting up strong business processes is essential. A strong business process framework ensures that all the resources in the organization are used to their full potential and in the best way possible. It also helps in unifying teams and increasing the efficiency of cross-functional teams.

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