AI is the hottest thing in the business process management (BPM) industry and it is continuing to heat up. In fact, it’s on fire!
But, the funny thing is that AI isn’t new. What is new is how businesses are using AI. We like to call it the new generation of AI — deep reasoning —which breaks AI’s traditional dependency on known datasets. Deep reasoning performs unsupervised learning from large unlabeled datasets to reason in a way that can be applied much more broadly. In other words, AI can “learn to learn” for itself.
Forrester Analyst Rob Koplowitz’s February 2017 report, “Artificial Intelligence Revitalizes BPM,” – where PNMsoft was one of the companies interviewed – explains that
“the primary driver for BPM investments just two years ago was cost reduction through process optimization. Today it is customer experience, with enterprises expecting to put top priority on digital automation two years hence.”
AI has the ability to take human cost and latency out of processes, as well as provide new interfaces that customers enjoy. With faster and more user-friendly operations, customers are happier, stay loyal to the business and do not look for alternatives.
That’s why it’s no surprise that customer experience (CX) and business transformation are expected to skyrocket to the top two primary focuses of businesses looking to improve their processes. This can be seen in the above chart from Rob’s report.
But, in order to progress the practice of AI, companies must first feed the system initial data for it to analyze. Enterprises are investing in and growing large sandboxes of data sets that will ultimately help build the AI algorithms that can inspire significant digital transformation for their businesses.
We will continue to see companies adopt new technologies, like AI, as a means to improve their bottom lines.