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

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

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 Do You Need For Successful Process Mining

Process Mining is defined as a process analysis method that aims to identify, observe and modify day-to-day operations by extracting knowledge from available event logs in the data and information systems of an organization. According to a recent study conducted by Gartner, the process mining market will cross the $1 billion mark, growing by approximately 40 to 50% by the end of 2022.

Process Mining is quickly crossing the bridge to the business sector and is currently being employed in a much more functional and consistent fashion than ever before, thus making it almost effortless for business owners to constantly monitor and optimize their daily business processes. Being an advanced and innovative technology, process mining can substantially enhance efficiency, improve productivity levels, increase customer satisfaction levels and ultimately lead to significant savings in the long run by steadily redesigning business processes.

Therefore, enterprises will be able to cut costs, increase customer satisfaction levels, improve employee engagement levels and run the organization much more efficiently every day. Moreover, process mining can help ensure that your organization’s business processes are fast, accurate, data-driven and complete by utilizing intelligent data transformation and powerful algorithms. Process mining can act as an advanced X-ray in finding discrepancies in daily procedures and scaling up efficiency, learning and adaptability across the organization.

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How To Use Low-Code BPM To Overcome Complex Business Challenges

Business process management (BPM) is an organizational discipline in which a company takes a step back and examines all of its business processes individually, collectively and holistically. It examines the current situation and identifies potential areas for improvement to create a more efficient and effective organization. It is the process by which a company creates, edits and analyzes the predictable processes that form the foundation of its business operations.

BPM software enables organizations to align various business functions with customer needs and assists organizational executives in determining how to deploy, monitor and measure company resources. When properly implemented and executed, BPM has the potential to significantly increase efficiency and productivity, lower overall costs and reduce the risk of human errors, thereby substantially optimizing results.

In recent years, building enterprise applications has become much more accessible due to low-code application development. Low-code application development platforms can enable businesses and citizen developers to create powerful BPM software without extensive coding knowledge or the interference of a skilled software developer. According to a recent study, 84% of enterprises have turned to low-code technology to reduce strain on IT resources, increase speed-to-market and involve the business in overall digital asset development.

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

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

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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How Standardization And Automation Can Drive Your Company’s Success?

As digital technology and modern organizational structures continue to evolve and progress at an exponential rate, many businesses must begin to look towards standardization and business process automation to facilitate and foster company success.

Business Process Automation is defined as the utilization of technology to automate various time-consuming and complex business processes. Studies have shown that 97% of IT decision-makers believe that business process automation is crucial for digital transformation.

Standardization involves developing and implementing standards for business processes as well as ensuring that all organizational functions are held to the same standards.

Therefore, your business must understand the various benefits of business process automation and standardization so that you can leverage them to drive organizational growth and long-term success.

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How To Use Low-Code To Automate Your Business Processes

A business process is defined as a set of activities and procedures undertaken by an organization to achieve short-term and long-term goals and objectives. The structure and efficiency of your organization’s business process can significantly impact the productivity and profitability in the long run.

Well-managed business processes can help your business establish a benchmark for quality standards, reduce potential risk, avoid damaging human error, improve opportunities for cross-departmental collaboration and implement effective communication. Research has shown that effective business process management can improve customer satisfaction levels by up to 30%.

However, many business processes can be time-consuming, repetitive and tedious which can lead to employee dissatisfaction and disengagement. It may be difficult to effectively and accurately monitor and keep track of manual business processes. Therefore, many businesses are beginning to leverage the power of low-code solutions to automate various manual business processes.

Low-code automation is a visual approach to automating business processes that requires little to no coding and instead focuses on graphic on-screen guidance and drag-and-drop tools. Studies have shown that 49% of organizations that use low-code solutions have stated that they have the greatest ability to automate business processes.

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Top 10 benefits of business process automation

Companies all over the world continually try to achieve efficiency. All the processes in a company contribute towards one goal – an optimal business design that best solves all the organizational problems while yielding the highest results. One of the most efficient tools to achieve that level of optimization is business process automation.

Automation has become an integral part of every business. According to McKinsey, approximately 31% of businesses have fully automated at least one business function. Therefore, with the growing integration of automation into various business processes, modern organizations must understand the advantages of business process automation.

Business process automation is defined as the incorporation of certain types of digital software and tools that can automate certain time-consuming and repetitive organizational tasks that would have otherwise required human intervention.

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What is a low-code business process management platform?

Every business depends on a set of repeatable processes that a low-code business process management (BPM) platform can standardize and automate.

Every business depends on a set of broadly similar processes to facilitate the coordination of people and assets to produce information. Digitization is the key to enabling a smooth flow of that information in order to continuously enhance mission-critical operations, and this is where business process management (BPM) comes in.

That said, BPM is a commonly misunderstood term. Despite the widespread misconception, BPM is not a technology itself, but a discipline concerning how businesses analyze, measure, improve, and automate their business processes. Every business department has its own set of processes covering a diverse range of areas from product or service delivery to conducting regulatory compliance checks to handling billing and payments.

While not a technology solution in its own right, efficient BPM does rely heavily on digitization. As such, it often involves the use of intelligent approaches to automate and standardize tasks and workflows. For example, a business-critical process like fulfilling a product order is usually a repeatable and standardized operation, and that means it can be automated with the right software. Read more