What is AI Business Process Automation?
AI business process automation means implementing artificial intelligence technologies and assigning them tasks to be performed without any significant human intervention. AI technologies which may be useful in business automation are natural language processing, machine learning, robotics and other tools.
Businesses invest increasing amounts of funds into AI automation nowadays, as this is their chance to optimize workflows, automate repetitive operations, make all processes faster, more efficient and cost-effective. Implementing an AI-based solution developed by a bespoke software development company allows enterprises to reach their goals and objectives for much less costs than before.
Primary benefits of AI Business Process Automation are cost saving and minimizing errors due to reduced human-performed operations; better compliance thanks to algorithm implementation; data-driven decisions based on huge amounts of data provided by multiple sources, etc.
Key Benefits of AI Business Process Automation
While exact advantages of AI tools implementation depend on the type of a company or an enterprise, there are some benefits which are common between different types of businesses:
- Reduced operational costs. In comparison to people, AI-based solutions perform operations much more accurately, at the constant speed in the day and night, and without any breaks. It allows to free some employees from monotonous work.
- Optimized task execution time. When work is performed with AI, multiple routine tasks are completed much faster.
- Enhanced accuracy. With AI tools and assistance, the amount of errors is reduced, and accuracy and consistency show much better results.
- Data-driven decisions. AI automation tools allow to implement data analysis into business processes, alongside with machine learning and advanced algorithms. All this allows to extract meaningful particles of information out of large data volumes, and make data-driven decisions based on various sources.
- Enhanced customer service. Virtual assistants and AI-powered chatbots provide responses to users and process customer requests, escalating more complicated issues to the higher level — e.g. sales team. This improves support efficiency and frees human resources for solving more important tasks related to customer service.
- Human resources are freed. As routine tasks are automated, and from little to no control is necessary with AI implemented into processes, people can dedicate more time to creative, strategic and valuable processes.
Popular Areas for AI Automation
Document and contract processing
Automation using AI in document processing offers several times faster operation in comparison to solely manual performance. Banks and insurance companies utilize AI tools to retrieve important data from the documents of dozens of pages; healthcare providers interpret patient records with AI; logistics enterprises process customs forms and shipping documents to shorten any delays in delivery.
Order and invoice management in E-commerce and Fintech
AI-driven chatbots in e-commerce domain streamline order confirmation, help to extract structured data from emails, customer chats and order entries. Also, AI tools help to monitor inventory and inform on overstocking or stock out, as well as optimize delivery schedule.
Fintech resources need AI adapted to document processing to validate information in invoices and extract necessary data. Also, AI tools help to match arriving and outgoing payments with invoices and bank statements.
Intelligent chatbots for customer support and internal service desks
Chatbots and virtual assistants now handle up to 80% first-tier requests and provide support 24/7. Bots are available through multiple channels enabling users to get inquiries through Facebook Messenger, WhatsApp, websites and mobile applications. AI-powered bots can recommend products based on purchase history, provide tailored responses in multiple languages, readdress complex issues to human support team members, and collect feedback.
Supply chain optimization in Logistics
AI tools in logistics help to plan inventory, schedule production and monitor warehouse stocking. If a network is operated through AI-powered solutions, it can analyze inventory throughout the network, analyze inventory levels and optimize balances where necessary by reallocating goods between different warehouses and retail stores. Efficient route planning and delivery time calculation are also performed through AI where necessary.
Automated property application analysis in Real Estate
AI automation examples being utilized in real estate domain help quickly extract and verify data of prospective customers from submitted documentation. Especially designed AI tools retrieve data from unstructured formats like chats or emails, and convert them into structured one for scoring. Applicant profiles are assessed to define possible risks based on multiple factors.
How to Start Implementing AI for Business Process Automation
Assess which processes are suitable for automation. Deep understanding of your business workflows allows to define routine and repetitive tasks which can be automated through AI to streamline the whole process and increase the productivity of your enterprise.
Select the right technologies and platforms. It is crucial to define which type of AI business automation you need, and what tech stack you should use to get the desired result. Creating an AI tool upon your request, developers may choose among the following, without limitations:
- Machine learning – to enable the system learn from data and improve their results with time;
- Deep learning – to model complex predictions and patterns;
- Natural language processing (NLP) – to provide tailored and clear responses to questions;
- Robotic process automation (RPA) – when there is a need to automate repetitive tasks, mimic human actions;
- Intelligent document processing (IDP) – to work with documents, retrieve structured data from unstructured formats;
- Edge AI – to process data used in devices, ensuring real-time automation and fast operation; is used for IoT development.
- Google Cloud AI platform, Microsoft Power Platform etc. – to build, deploy, and manage AI tools, ensure their fast and reliable operation.
Develop a minimum viable product (MVP) for automation initiatives. When you have a clear idea of future AI business solution in your mind, since you examined your processes and determined the potential areas of improvement, you can address to a bespoke software development agency to create a minimum viable product (MVP) powered by AI. With professional assistance in development process, you can carefully adapt the features of the future solution to exact business needs and demands you have.
Launch a pilot project and gradually scale successful implementations. Having an MVP makes easier to check your ideas, test the key necessary functions in real-life conditions, and realize the complete functionality you need from the AI tool.
Nowadays, the faster, the more accurate and precise your processes are now, the more successful your business is going to be. Upcoming decades are going to change the whole business and production landscape all over the world, so do not hesitate to implement the AI tools in your operations. Having the right software technology partner to develop tailored solutions for you can help you stay on the cutting edge and avoid risks related to implementing changes, timely and thoughtfully.