As automation, low-code, and artificial intelligence grow in terms of adoption the terminology, industry jargon, and acronyms are increasing at a rapid pace. Our team of process automation experts has compiled a list of the Top 11 automation terms to help you go from an automation novice to the subject matter expert in your company.

1. Artificial Intelligence

In its pure sense, artificial intelligence (AI) refers to systems which are self-aware, and capable of rational thought. However, in recent years, the term has been used more broadly to encapsulate the simulation of human intelligence processes by machines, especially IT systems. These processes include learning (the acquisition of information and rules for using that information), reasoning (using the rules to reach approximate or definite conclusions), and self-correction (identifying that a course of action is proving or likely to prove unsuccessful and modifying that course). 

2. Automation

Automation is the use of machinery, control systems or technology to manage the execution of activity which would otherwise require human input and/or intervention. The term automation software typically refers to solutions designed specifically for the purpose of automating a defined task, activity or process. In its simplest form automation includes techniques such as macro-routines and scripting, while in other cases automation software is designed to automate a highly specific task, activity or function. The most advanced and flexible manifestations of automation software will include those which deliver the orchestration and execution of a variety of activities and the management of their relationships and inter-dependencies.

3. Business Process Automation

Business Process Automation is means of managing and improving the performance of an organization’s business processes through the automated application of applications and technology to undertake continuous optimization of business processes in a closed-loop cycle of modeling, execution, and measurement. Business Process Automation uses a defined set of methods, techniques, and application tools to design, enact, control, and analyze an organization’s operational business processes which typically involves people, applications, information, and organizations.

4. Citizen Developers

A citizen developer refers to an end-user who creates new applications or programs from a corporate or collective code base, system or structure. In a general sense, this developer is not a professional developer who is paid to code applications, but an “amateur,” someone who uses the tools available to him/her for building applications that his/her team can or will use during the course of their work.

5. Connected Cloud

Connected cloud is the concept of connecting all cloud-based systems and data regardless of the platform.

6. Digital Transformation

Companies are focused on pieces of a process that directly touch a customer versus the process behind the form. K2 thinks of digital transformation as processes in general, how to transform those processes and how to ensure the back-office systems are connected and tracking the effectiveness of the companies digital transformation strategy. For example: If you are requesting service, you have to find the right support person to answer the questions. This ends up being very manual and disconnected. If this isn’t done correctly it can really impact the experience for the customer if it isn’t done right. K2 focuses on the process behind the process because that is where our customers gain the most benefit.

7. Digitization vs. Digitalization

Digitization is the concept of taking something analog and converting it into a digital form. Digitalization, on the other hand, is the task of using digital technologies to change a business model and provide new revenue-producing opportunities. 

8. IoT (The Internet of Things)

The primary drive for automation in the IoT is to significantly reduce operating expenditures when automation is applied to Internet-enabled devices. There are major advantages to be derived from the acquisition and organization of previously unthinkable amounts of disparate data. The ultimate result will be that your greatest asset – your people – will be freed up from more routine, repetitive, or administrative work so they can put their energy toward core business goals.

9. Low-Code Application Development

Low-code is a visual approach to app development. Low-code enables developers of varying experience levels to create applications for web and mobile, using drag-and-drop components and model-driven logic through a graphic user interface. Low-code platforms relieve non-technical developers from having to write code while still supporting professional developers by abstracting tedious plumbing and infrastructure tasks required in application development. Working together, developers in the business and IT create, iterate, and release applications in a fraction of the time it takes with traditional methods. This low-code application development enables the production of a full range of app types for disparate use cases. 

10. Machine Learning

Machine learning is a type of artificial intelligence (AI) that provides computers with the ability to learn without being explicitly programmed. This area of AI focuses on the development of computer programs that can teach themselves to adapt and change when exposed to new data. Unlike heuristics, which uses historical data to inform decisions, machine learning can include experimentation – testing various approaches via trial and error in order to “learn” what will deliver a successful outcome or the timeliest solution to a problem.

11. Robotic Process Automation (RPA)

Robotic process automation (RPA) refers to software that can be easily programmed to do basic tasks across applications just as human workers do. The software robot can execute a workflow with multiple steps across applications, such as taking received forms, sending a receipt message, checking the form for completeness, filing the form in a folder and updating a spreadsheet with the name of the form, the date filed, and so on. RPA software is designed to reduce the burden of repetitive, simple tasks on employees.

The post Get up to Speed with the Top 11 Process Automation Terms appeared first on K2 Appstore.

Although the general economic outlook has undoubtedly improved since the downturn, worker productivity remains a problem. A recent JPMorgan Chase report noted that worker productivity has grown by only 0.7% in America in the last three years.

Over the next decade, we will see banks reinvent themselves, not only in response to the pressures of today, but as they flex their business operations to adapt to the world of tomorrow. The shift in mindset of banks will see them becoming more innovative by embracing the future of banking technology and automating business-critical processes in order to drive worker productivity, increase profitability, streamline services and meet the constant changes in customer expectations.

Why are productivity gains so challenging?

One of the biggest productivity gains is business process automation. To date, IT systems have only succeeded partially in achieving this. But the future of banking technology has moved on, and banking organizations are starting to understand that they need to change the way they work. Many are implementing new platforms and applications, such as BPM-enabled software, to streamline workflows and drive worker productivity.

How can BPM drive worker productivity?

Together with automation, BPM can transform financial services processes such as mortgage and loan approvals. Without automation, it is still common for banking staff to have to move paper documents around the back office as they pass through the various stages to completion, or for documents to be sent by post to other sites for further processing. The average mortgage application goes through 35 manual hand-offs before completion.

Implementing automation with BPM can:

• Reduce processing cycle times.
• Improve visibility into the status of requests for front office and customers.
• Standardize processes across business areas or regions.
• Enhance the quality of service to customers.

Management insights into progress and productivity through process visibility across the business enables dynamic redistribution and prioritization of work across multiple service centers. Intelligent routing and prioritization of tasks to back-office agents with specific skill sets will enable tasks to be processed by the right operator within the right timescales.

Key productivity benefits of BPM

With BPM, organizations can align internal business functions with customer needs and determine how to direct, monitor and measure company resources. When properly executed, BPM has the capacity to reduce costs, enhance efficiency and productivity, and minimize errors and risk.

The key benefits of BPM are:

• Optimization of business-critical processes – streamlining repeatable processes, such as loan applications, will reduce the amount of time each process takes and free up back-office staff for frontline services and other value-added activities.
• Efficient Task routing – intelligent routing and prioritization of tasks will reduce the risk of delays and mislaid paper documents, increasing overall efficiencies.  
• Improved Customer experience – BPM can meet and even exceed customer expectations by integrating channels, systems and applications to make sure that accurate, consistent information is delivered to the right people at the right time across any channel.
• End-to-end process visibility – With real-time monitoring of bottlenecks, transforming operational efficiencies.

The post Moving from Paper to Profitability with BPM in Financial Services appeared first on K2 Appstore.

I get asked a particular question a lot when I talk with organizations about process automation and the question goes something like this “I’m looking at automation within our business and I’ve narrowed it down to K2 and Robotic Process Automation (RPA). Why should I invest in a Digital Process Automation (DPA) platform? RPA seems to do everything that DPA does so it seems to make more sense to invest in that.”

As this is so common, I decided to give my opinion. But before we launch into it, let’s start with an analogy.

Most days I sit down for some food at the dining table in my house. In front of me, I usually have a few items of cutlery – namely a knife, a fork, and a spoon. Depending on the dish that I’m eating I’ll choose the appropriate utensil for the job. If it’s soup, a spoon works. If it’s something large, a fork to hold the food steady and a knife to cut it. If it’s a piece of bread with butter – a knife to both cut the butter and to spread. But back to my soup, what I don’t do is see the fork and think “if only I could make that into a spoon” then proceed to go into my garage and get the welding equipment out…

My point – each utensil has its own purpose and responsibility and the clever part is to know what to use and when. I understand that with DPA and RPA the lines can be quite grey but here’s my take on when to use each one.

Let’s start with RPA. RPA is the use of software to handle high-volume, repeatable tasks that previously required humans to perform and integrate with current systems. Single process tasks that are repeatable, predictable and do not necessarily require human intervention. It provides companies with the tools to automate the monotonous tasks that monopolize employees’ time. There are countless examples of workloads that can be delegated to a bot. A few include: compiling and emailing standard sales reports, processing routine invoices, and migrating data from one application to another to update records. If we think of HR with a new employee onboarding – from internal request from a department for a new headcount to the actual onboarding of the successful candidate – a robot could be used for searching LinkedIn for relevant candidates, verify CV information and extracting key data, the setting up of accounts for a new employee, the creation of employee contracts – some very manual, time consuming tasks that a human would otherwise have to do – but as this is a very formulaic process based.

But think about the wider context of the holistic process we’re discussing, there are a lot of humans involved here. There may be a web page to allow a candidate to submit their application, there will be interviews to be scheduled and take place, there will be financial sign off on contracts and budgets, negotiations of terms, acceptance and signing of documentation etc. that all require some form of automation but are human-centric end to end processes. This is where DPA comes in. That ability to Automate workflows, create rich user experience through digital forms, capturing and displaying rich sets of data to allow you to make better decisions, be provided with insights as to how your business is running, where bottlenecks are, where we could use robots to create efficiencies, creating new apps for your organization that can be used across multiple devices – in short orchestrating humans and robots in one cohesive process.

This provides and enhances any RPA offering with the out of the box task management, escalations, SLA’s, process monitoring and orchestration across an organization. RPA can hang off DPA. DPA can enhance RPA.

Use RPA to –

• Automate rules based repeatable tasks that would typically be performed by a human.
• Augment current IT infrastructure and applications without the need for additional custom integration.
• Ensures compliance while providing improved efficiency and risk deduction on laborious data-driven tasks.
• Focus on returning humans to the work at hand rather than repetitive, sometimes low-value exercises.

Use DPA to –

• Automate, systemize, and create new end-to-end business processes.
• Digitize of all aspects of processes (forms, workflow, and data) and the democratize the tooling.
• Embrace data rich and intelligence-driven decision making to understands how your business is running.
• Prioritize and focus on providing a first-class end-to-end customer experience.

When it’s all said and done, my advice would be twofold:

1. Knives, forks, and spoons are all equally important, but they can only provide value within their appropriate use case.
2. You could make your own fork from a spoon, but the longer-term impact will not be worth the hassle.

The post Knives, Forks, or Spoons – Which is Best? appeared first on K2 Appstore.