The banking industry faces numerous challenges when it comes to risk management. With complex regulatory requirements, growing customer expectations, and the need for efficient processes, banks are constantly seeking innovative solutions to streamline their operations. One such solution is low-code automation, a technology that can revolutionize bank risk management. This article aims to explore the benefits of low-code automation in the context of risk management and provide a step-by-step plan for implementing it effectively. Read more
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.
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.
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%
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.
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.
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.
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?
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.
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.