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At least 74% of businesses have expressed a growing interest in adopting BPM, with 70% of surveyed companies already utilizing at least one process management application. However, in 2024, simply having a BPM system is no longer sufficient. Industry leaders are integrating AI tools as an essential part of their daily operations. So do BPM vendors, integrating the AI-powered features into their systems. So, if you’re striving to stay ahead of the curve, then it’s the right time to bring AI into your business processes.

We’ve tested, evaluated and compared the top AI-Powered BPM systems that rank high on trusted review sites, such as G2. Keep reading to choose the best fit for your company’s needs!

Top 5 BPM Systems Powered With AI

Here is a table where you can compare the top three BPM systems powered by AI.

5 Smart BPM Systems 2024: In-Depth Look

Now, let’s go through the detailed descriptions of the top 5 AI-powered BPM systems that have been earning 5-star reviews from verified users. We’ll explore how these products leverage AI and what benefits they can offer to your business.

1. Comidor

Rating: 4.8 out of 5 on G2.

Comidor has been helping businesses to undergo digital transformation and modernization for more than two decades. It’s an all-in-one Low-code BPM system that integrates cutting-edge technologies and features into a single platform. An important part of the Comidor platform is the integration of AI and ML technologies. The core modules of the system are:

• Cognitive Automation
• BPM and Workflow Automation
• Low-code/No-code App Development Environment
• Data Master Management
• NLP (natural language processing) Chatbot Leia

We have managed to create a unified intelligent platform where you can analyze, automate, and improve all aspects of your business. AI capabilities play a key role in this transformation. They enable you to build a holistic knowledge base that AI/ML models learn from. Once they learn how your organization works, they can provide accurate and specific recommendations. That’s, for example, the principle behind Leia, an NLP chatbot. Leia understands the user’s queries and gives clear, human-like responses based on the data stored in the system.

Comidor’s AI-driven features go beyond natural language processing capabilities. The integration of prescriptive and generative AI in low-code application development is just as impressive. Rather than building an app from scratch, both professional and citizen developers can simply issue a command to AI. That’s all it takes to get a ready-made application that can be further modified.

Finally, Comidor enables you make data-driven changes within your organization. You can use AI to track the workflow performance, analyze data, and make strategic decisions based on insights from the system in real-time. This is particularly useful for proactive risk management in workflow automation. Comidor notifies you about potential issues before they even arise.

2. Laserfiche

Rating: 4.7 out of 5 on G2.

Laserfiche is a reputable provider of BPM solutions that entered the market a long time ago—in 1987. Since then, it has been consistently upgrading its product portfolio.

The latest, 11 version of the Laserfiche, reflects the company’s innovation-driven approach. Just like Comidor, it has integrated AI into all of its core features. These include AI-based solutions for data management, low-code app development as well as advanced document and form recognition. Any business, regardless of size, can efficiently manage big data volumes with Laserfiche. The system processes both structured and unstructured data to make it searchable in one centralized place. The NLP and analysis capabilities of AI play a crucial role in this procedure. Paired with OCR, the intelligent document automation solution quickly transforms scanned documents into editable text, including hand-written ones. The cognitive capabilities also enable automated file organization and retrieval.

Laserfiche’s strength lies not only in its intelligent document management but also in low-code app development. On top of intuitive drag-and-drop functions and ready-to-use templates, the platform offers the RexBuilder tool. RexBuilder leverages AI capabilities to help you translate ideas written in natural language into code. It also serves as a virtual “consultant” that explains what highlighted pieces of code or diagram elements mean. You can dramatically reduce the time needed to build custom business apps of different complexity.

3. iGrafx Process360 Live

Rating: 4.6 out of 5 on G2.

Process360 Life, developed by iGraph, is a comprehensive intelligent process management platform. It comprises solutions for process mining, design, simulation, AI-based automation, and analysis. The system is quite similar to the products we’ve discussed before, especially in terms of AI integration and design. But there are some unique features you’d want to know about.

First, Process360 Life uses machine learning to train a chatbot that not only extracts information from your repository. It’s also able to execute commands and give suggestions on how to improve the process. You don’t need great prompt-building skills to make it do the job. Due to the fact that the bot is powered by NLP, you can tell it what you need in simple words.

The system also leverages NLP to respond to support and inquiry requests without human intervention through email, live chat, and messaging platforms. If your CS team is struggling with a high volume of repetitive inquiries, this feature can be a huge time-saver.

Another standout feature of Process360 Life is AI-based workflow automation. It helps you analyze, improve, and monitor existing processes as well as create new workflows that are more efficient and error-free.

4. Appian

Rating: 4.5 out of 5 on G2.

Appian is a low-code software development platform that provides multiple advanced solutions for business process management and automation. It offers complex AI tools that have a steep learning curve. Appian’s standout solution is a low-code app development platform with AI-copilot. Developers create user-friendly AI-powered apps taking advantage of the platform’s AI capabilities. The Appian’s Copilot creates workflows in response to simple instructions. You can then ask questions about your workflow, request necessary information, and receive AI-based suggestions to improve the app’s performance. It’s also possible to use Copilot for process mining.

What’s more impressive is that you can build and train your custom AI models on your business data. This lets you make Appian’s Copilot even “smarter.” The well-trained models can provide your team with more accurate and relevant suggestions.

Also, you can integrate AI into your workflows. For example, you can have AI analyze your emails to send only the relevant information needed for the next steps. The other, more “traditional” AI-powered features of Appian include document management, data unification, and analysis.

5. Nintex

Rating: 4.3 out of 5 on G2.

Nintex has put 15 years of experience into a powerful and user-friendly platform for BPM and low-code application development. Its portfolio includes AI-powered tools for data management, document generation, workflow building, and automation. You can easily generate documents in bulk using Nintex. All it takes is giving an accurate description of its content and structure. For faster results, users can use templates provided by Nintex to reduce manual work. The supported document formats include MS Office documents and Adobe PDF.

On top of that, Nintex offers an AI-translation tool that generates natural-sounding and accurate translations of your documents. This capability is embedded within the workflow and form building tools. If your business operates globally, this feature can greatly streamline collaboration between your teams.

AI-based workflow generation is another USP (unique selling point) of Nintex. This feature lets you create, edit, and automate workflows just by sending the right commands to AI. On top of the advanced generative capabilities, the system offers an NLP chatbot for quick data retrieval from a unified database.

Conclusion

The best AI-powered BPM systems go beyond the “simple” generative capabilities we are used to.These tools take on complex tasks to help your teams make data-driven decisions faster and more accurately. They are not just enhancing operational efficiency, but they’re also transforming how businesses innovate and adapt.

With Comidor, you can streamline workflows, automate repetitive tasks, and integrate AI tools to optimize your business processes effortlessly. Why wait? Take the next step towards transforming your business.

Try Comidor for free or book a personalized demo to see how AI-powered BPM can drive growth and efficiency in your organization.

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Business Process Management (BPM) has emerged as a strategic ally in enhancing business processes. BPM ensures businesses adapt to the dynamic market by optimizing workflows and enabling data-based decisions. Using BPM to manage your resources and enhance allocation helps streamline communication and improve product development quality.

Whether you develop in-house software or outsource your software requirements to build custom BPM software solutions, both help you achieve high-quality results and maximum revenue. Additionally, BPM automates parts of the process, ensures greater agility, and accelerates time to market.

In this article, we have listed the top 10 Business Process Management statistics to understand the significance of BPM in the modern business ecosystem. Learn why BPM software is important for all kinds of businesses.

The Top 10 BPM Statistics to Understand the Significance

Let’s explore the top 10 Business Process Management statistics you must know before adopting BPM for your business.

#1 $65.8 billion Market Size by 2032

The Business Process Management market is growing exponentially. It is currently valued at $15.4 billion, according to the research conducted by Allied Market Research.

The need for organizational excellence and reduced operational costs drive this increasing market size. This increase is also influenced by the evolving business landscape and the need to thrive in the digital realm.

#2 74% Claim Increased Interest in BPM

There has been a spike in interest in Business Process Management. At least 74% of businesses have shown an increased interest in adopting BPM. 70% of the businesses surveyed use at least one application for process management. 63% of businesses use two or more tools.

This statistic indicates the increasing use of BPM as businesses believe it can help them manage tasks and increase efficiency.

#3 Only 4% of Companies Track their Process

Of the organizations examined in a survey conducted in 2016, by Procesowcy.pl’s Lukasz Tartanus, only 69% had established processes for the BPM review. 4% of organizations measured them in detail. Businesses must understand that measuring the BPM and tracking it continuously can help enhance the processes. Knowing the processes or creating them isn’t enough. You must automate processes and track the process performance for continuous workflow optimization.

If you fail to manage the processes or deviate from your goals, you may not be able to accomplish them. Businesses must understand this statistic and ensure their procedures are fully documented.

#4 74% believe automation saves time

Process automation has helped businesses reallocate their resources to more strategic and defined tasks. At least 74% of IT and engineering leaders believe that automation saves close to 50% of their time. According to 51% of people, it can also help save costs.

62% of businesses use triggered actions to build their automation. Chatbots and AI have also joined the automation to enhance the processes. This indicates that businesses must use BPM to strategize and enhance automation outcomes.

#5 38% formalized the BPM programs

38% of the organizations measure the BPM in a formal manner, which increases the returns on investment.

When you have a formal tracking method, it becomes easier to understand what went wrong and how. These formal processes help you track with an end goal in mind, which results in successful processes and maximum returns. It is crucial to spend some time understanding the best ways to formalize the processes and align them with the goals.

#6 46% Resisted Change

Before you adopt a new process automation solution, your organization must be ready for the change. At least 46% of the surveyed people mentioned they were not ready for this change. This was a barrier to entry for the BPM solutions in the organization.

This resistance led to reduced returns on investment for organizations taking into consideration the competition.

#7 Lose $1.3 Million to Inefficiency

If you have been depending on manual processes or paperwork, you may experience inefficient systems. This inefficiency can result in recorded losses that can have a financial impact on your business.

At least $1.3 million was lost annually by businesses owing to inefficient processes. You must prepare your business to adopt automation for efficient processes. BPM is one way to solve inefficiencies.

#8 40% Reduction in Errors

Companies that have embraced Business Process Management have seen a reduction in their workload. Automation has helped them reduce manual intervention and the errors that arise from them. It has also helped them improve the quality of work and ensure better retention. At least 40% of organizations surveyed relayed they observed reduced errors and more precise decisions.

#9 Highest Adoption in BFSI

A good 35% of the banking, financial services, and insurance market segment adopted BPM to improve their processes.

Apart from the BFSI, healthcare, and retail also benefited from the automation.

#10 Spend 10% to Nearly 40% Time on Mundane Tasks

At least 70% of the C-Execs believe that they spend 10% to 40% of their work hours completing mundane tasks. This has led to an increased inefficiency at the top level, which hinders their work and decisions. Automating these tasks can help them increase productivity and accomplish their goals faster.

Conclusion

The modern business realm is continuously shifting, calling for greater agility and efficiency. Business Process Management statistics and BPM trends reveal that Business Process Management can shape industries and businesses as a catalyst that enhances the process times and accelerates time-to-market. BPM software can help define a clear trajectory for application development and mitigate the risks proactively. You can use automation to eliminate complexities and identify opportunities.

You need a good software development company to help you determine the ideal BPM solution for the business. Comidor can ensure the solution is perfectly aligned with your process needs and business goals, offering expertise and tailored support for optimal results. Our comprehensive approach integrates advanced technology with your unique business requirements, driving efficiency and fostering sustainable growth. With Comidor, you gain a strategic partner committed to elevating your business operations through innovative BPM solutions. Come in touch to schedule a demo call today!

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Workflows can be linked with a generic process or with an app.

• To access Workflows, click on App Factory Icon > Process Automation > Process Designs. Open a record, and click on the tab Design.
• For Workflow applications, go to App Factory Icon > Application Builder> App Designer and then open a workflow-type app and go to step 2.

Code Components

Include Code Components in the Comidor Workflow Designer, and enhance your processes without using any coding. Users without development skills can add the following code components into the workflows to replace commands and queries:

• Set values
• Existence check
• SQL Creator
• String Utilities
• JSON Array to Excel
• Deserialize JSON

Set values

One of the available code components is the set values, where Comidor enables users to assign values to specific fields. For example, you can give to a date field the value of the current date (#DATE#), make a calculation, define a value (make a checkbox checked, or give an option in a key-value list type field), etc.

• Give a Title to the component.
• Set the Parent Stage which is the stage of the parent process as soon as this step is reached.
• In the Data map, define the fields of the workflow and the values you wish to assign to them.
  • Click on the + icon to map more fields
  • Click on the – icon to remove a row.

• In case you want to modify the Set values code component, you can click on the pencil icon and proceed accordingly.

• When you run the workflow, the Set values code component runs automatically when you reach this step. The fields defined in the map have the values you have set (eg the checkbox “Paid” will be checked, the “Travel date” will be today’s date and the “Total amount” will be calculated based on the formula and the values of the other 2 fields).

Existence check

With the existence check component, Comidor enables users to check if a record exists in a particular Comidor application. For example, you can check the existence of a contact or an account based on a defined condition (eg. email).

• Give a Title to the component.
• Set the Parent Stage which is the stage of the parent process as soon as this step is reached.
• Define in which Entity you want to search in if a record exists. Choose from the list of all Comidor applications.
• Write the Condition of your query (as if you would write it in a script)
• Choose a Response field to store the response of the check existence code component.
  • If you receive value 1, the system has found at least one query result
  • If you receive value 0, the system has not found any query result
  • You can use the response field in the workflow conditions to activate an alternative flow.

• In case you want to modify the code component, you can click on the pencil icon and proceed accordingly.

SQL Creator

Another code component is the SQL Creator component, which enables users to produce or execute database queries. For example, you can run an insert query in a specific table (e.g. Contacts). The SQL Creator component supports the statements: Select, Insert, Update, and Delete.

• Give a Title to the component.
• Set the Parent Stage which is the stage of the parent process as soon as this step is reached.
• Type: define the kind of operation/statement you want to perform. Choose between the Select, Insert, Update, and Delete options.
• Action: choose between:
  • Produce query – the component will form the statement, and write it on the Statement field so that the user can run it on a DB
  • Execute query – the query will be executed and the results (in case of selection) will be shown on the Results field
• Advanced Query: if checked, the advanced query text area will be displayed and the users write by themselves the query to be executed
  • Recommended for complex queries which cannot be specified otherwise
• Define in which Table, you want to search in if a record exists. Choose from the list of all Comidor applications.
• Choose fields: the field (select one field of the table) Value (select an app/process field)
  • in case of insert: the entity which will be inserted will have the value to the respective field
  • in case of update: similarly for the entity which will be updated
  • in case of select: the results of the select query for each field(1st column) will be stored in each Value(2nd column)
  • Click on the + icon to add more fields to your query.
  • Click on the – icon to remove a row.
• Write the Condition of your query (as if you would write it in a script)
• Order by: in the first row select the field which will sort the results, and in the second, specify if the sorting will be ascending or descending.
• Choose a Results field to store the response of the code component.

Examples are given below:

• You can insert a new contact with specific values in the Contacts table.
• You can update an existing contact, by providing a new email.
• You can delete all the existing contacts that have been created before a certain date.
• You can get Name, Country and Email from all the existing contacts. (select statement) In the results field, you see the JSON array of all the existing contacts in your database(the response of your query).

• You can get data such as Shipping Address, City, Vat Registration number, and other account fields from 1 existing account. (select statement) In the choose fields, you can map the account fields with process/app fields to assign values to (the response of your query). Do not forget to limit your query with a condition (e.g. where the id of the accounts table is equal to a record field where you chose 1 account “ID=”+#app.USR_SELECT_ACCOUNT#), or add ordering (eg Order by CREATE_DATETIME Descending, and it will fetch the last record added).
  

• In case you want to modify the SQL creator code component, you can click on the pencil icon and proceed accordingly.

String Utilities

Drag-n-drop the String Utilities code component into your workflow to perform common functions for a string variable (text field). Currently, the String Utilities code component supports the Index of and the Substring methods.
By using the Index of method, the user identifies the position of the first character of a string inside another. It is also a way to actually check if a character or a string exists in another.
The Substring method enables the user to get a part (substring) of a string(text) by defining the start and the end positions.

• Give a Title to the component.
• Set the Parent Stage which is the stage of the parent process as soon as this step is reached.
• Select a string field: the text or memo type field to run this code component.
• String function: choose between the options:
  • Index of
  • Substring
• Determine the Function Parameters:
  • Value to be found – for Index of: define the value of a field(runtime value) or a hardcoded value to be found in the string field selected above.
  • Start index – for Substring: add a value of the character position to start the substring
  • End index – for Substring: add a value of the character position to end the substring
• Choose the Result field to store the response of your function.

Examples:

• Search a text or memo field that includes the name of a file eg Report_January23.pdf to find the keyword “Report”.  In the String Utilities code component, choose the “Index of” function, define in the function parameter the value to be found “Report”, and choose in the result the field you wish to store the position character that the keyword was found. If the keyword is not found your number field will have the value of 0.
  • You can use this response field in your conditional paths.

• From a text field that includes the name of a file eg 1020104_January23.pdf, we want to store the unique code, which is the first 7 characters, in another field. In the String Utilities code component, choose the “Substring” function, define in the function parameters the values for start and end indexes (1 and 7 respectively), and choose in the result the field where you wish to store the unique code.

• In case you want to modify the String Utilities code component, you can click on the pencil icon and proceed accordingly.

JSON Array to Excel

One of the code components that allows you to get values from a JSON is the JSON Array to Excel. Add this code component into your workflow, get values from a JSON array and give its values to an excel type user field.

• Give a Title to the component.
• Set the Parent Stage which is the stage of the parent process as soon as this step is reached.
• Choose the memo/text field that contains the JSON array in the Input.
• Define from the list of user fields the excel type field to store the Output.
• Choose the Result text field to store the response of the code component.
  • The response will be “Error” or “Successful”.

Example: If you have received a JSON array as the response from a RESTFull web service or an SQL query, and stored it in a memo or text field, like this:

[{“ID”:”678782656625000″,”USR_STATUS”:”Reserved”},{“ID”:”678782656625800″,”USR_STATUS”:”Pending”}]

you can use this code component to show it to the end user in an excel type field, which is more user-friendly and readable than the JSON array.

Deserialize JSON

Drag-n-drop the deserialize JSON code component into your workflow, get values from a JSON object and give its values to certain fields. Comidor enables users to map the keys of a JSON object with application fields and assign its values to them.

• Give a Title to the component.
• Set the Parent Stage which is the stage of the parent process as soon as this step is reached.
• Choose the memo/text field that contains the JSON object you want to deserialize.
• Map the JSON keys with fields in which the values of the corresponding keys will be stored.
  • Click on the + icon to add more keys
  • Click on the – icon to remove keys.
• Choose the Result text field to store the response of the code component.
  • The response will be “Error” or “Successful”.

For example, if you have a response from a REST service or SQL query stored in a text/memo field in a JSON like this: [{“ID”:”678782656625000″,”USR_STATUS”:”Reserved”}]

you can use this component to get the values of each key and assign them to specific fields.

Find out more about the rest workflow components here and how to connect them with code components.

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Business process management is a key component of any modern-day financial institution. It is a set of tools and techniques that helps to streamline and simplify the organization’s business processes, thereby improving customer service, reducing costs, and increasing profitability. BPM is often used in the financial sector as it helps with decision-making and reporting, amongst other things. With the use of BPM software, organizations are able to standardize their internal processes. The efficiency of these processes is measured in how well they can complete tasks in a timely and accurate manner.

In this article, we will discuss how BPM has changed and how it will continue to shape the future of finance, as well as how the use of BPM in financial services can help to improve customer service, reduce costs, and increase profitability.

BPM in Financial Services 

Over the past decades, the financial industry has started utilizing BPM. More and more bankers are becoming more tech-savvy as they can access their accounts online. Users expect convenience, speed, security, and accuracy in all their transactions. Financial institutions can handle change with effective BPM and provide efficient customer service. 

BPM helps financial firms move towards full digital transformation and create bigger organizational goals. The change includes utilizing new tools, such as automating tasks and gathering data. 

Key Advantages of BPM in Financial Services 

Here are five key advantages of using BPM in financial services:

1. Compliance, Safety, and Security 

Seasonal audits are common for financial institutions. Regulatory compliance management is challenging as policies and regulations get updated regularly. Unfamiliarity with the changes can result in the business’s loss. 

At the same time, safety and security are two of the primary concerns of people. Bankers want to feel secure; thus, cyber security is critical in banking.

With adequate protection, more people would trust a financial institution. With BPM, organizations can easily follow regulatory compliance. The tools used for it allow the business to see what changes have happened. This will make it easier to comply with and follow the standards. Furthermore, BPM helps financial institutions be more secure and safe for people. You’ll be able to provide services while giving them peace of mind. 

One of the tools for BPM is to automate repetitive transactions. For example, customers will receive the current balance via text message or email. They will have more visibility over their accounts, avoiding risks such as fraud. For instance, you can see any untrusted transactions from one of your customers. Using BPM, you can create a strategy to alert the person automatically. This will let them know if there is any suspected fraudulent activity using their account online. 

2. Improved Business Agility and Flexibility 

Businesses are changing nowadays, including financial industries. Most organizations are shifting towards technology to keep up with the growing market. 

For example, many financial firms offer a straightforward account opening. Some don’t even require new people to go to their physical office. If a person wants to open a bank account, they can do it online. They can also use the organization’s app for easier access. 

Since changes are happening quickly, it’ll be difficult for financial firms to keep up. Many consumers have been utilizing online applications for their financial transactions. They can transfer funds, pay bills, check balances, and shop using various apps and websites. 

Using BPM will prepare the financial firm to adapt to the changes effectively. It’ll put the current process on hold, implement changes, and proceed with the new process. Financial firms can easily apply automation in their systems and other improvements in the future. 

Since updates and changes often happen regularly, financial firms need to have BPM set up. 

 3. Higher Efficiency 

Making the business more efficient and productive is essential. Financial firms process various forms and emails every day. They have to ensure that all clients receive the services they opt for. 

The integration of business processes takes the potential improvement into action. With the correct data, financial services can monitor delays. They’d be able to avoid any risks and allocate resources if needed. Automation is one of the solutions regarding BPM. It removes repetitive tasks such as sending new information to the bankers. They can receive messages regarding their recent transactions. 

Since there is automation, employees can become more productive. They’d be able to focus more on pressing matters that the customers may need assistance with. They can help them make their accounts more secure. Customers will feel more appreciated, thus resulting in a high retention rate. People will also have services available for them most of the time. 

4. Better Visibility 

Visibility is one of the most critical aspects of financing. Since all the transactions involve money, customers want to see how their cash flows. If customers can see their finances clearly, they’ll trust the bank or the financial firm more. 

However, the visibility factor isn’t only for the consumers. Your financial firm can benefit from it, too. 

You’ll be able to see and improve the team’s performance as the automation results are in real-time. Of course, you wouldn’t want the members to decrease their performance metrics scores. BPM software can let you see which factors they need to focus more on. You’d be able to identify which areas your business needs to improve and provide quality services inside and outside the firm. 

For instance, if some members scored low in their KPIs, you can create a program. Under the training, they’ll be able to improve their skills. If you find that they excel in other areas of the firm, you can reassign their tasks. It’ll make the whole organization productive. 

Visibility means building trust between your customers and your employees. 

 5. Enhanced Customer Experience 

BPM streamlines business operations and drives automation so processes can run smoother and quicker. As mentioned above, employees can concentrate on more critical issues. 

Automation handles repetitive tasks. For example, a customer wants to know the process of employee onboarding. Explaining the same information to all customers could take time. The people who need assistance more will be left unattended. 

On the other hand, if customers have pressing concerns, your team can deal with them faster. Let’s say their card was stolen, and they would like to lock their account. It could already be too late if they would wait in a queue. If customers get reliable customer service immediately, they’d most likely remain loyal to your firm. They’d be happy to continue banking and trust you with their finances.

How Comidor Helps Financial Businesses in the Financial Services Industry

As the world becomes more digitalized, our use cases for finance are becoming more complex. We need to provide our clients with the best possible automation and application development solutions, and in order to do so we use advanced low-code and intelligent automation technologies. This is where our use cases for financial services come into play.

Loan Request

Applicants expect a fast, data-driven, and evidence-based approval or decline decision on their loan requests. The cognitive automation capabilities of Comidor make the loan request process smart while performing extremely complex tasks. The Comidor Machine Learning model is used to establish patterns based on historical data, resulting in a decision regarding a borrower’s creditworthiness. The ML model indicates a decision (approval or decline) based on the applicant’s financial information, such as their annual salary and credit score. After the model suggests a decision, the employee accepts or rejects it.

Supplier Due Diligence 

Supplier due diligence is an important process in supply chain management. Suppliers are selected based on their ability to provide quality products and services. In this specific case, the need of our customer was to orchestrate and automate end-to-end the supplier due diligence process that included multiple levels of evaluation and approval. Comidor’s solution in this case was a powerful workflow with multiple parallel approvals, the ability to start the process from a 3rd-party system, and the ability to manually enter supplier data or upload them via CSV files. For every new supplier, a member of the Compliance team initiates the supplier due diligence process. Legal & Compliance, Credit Control, Treasury, and Account Payable departments will review the supplier’s details, and only if all of them approve the supplier can become active. A report with 4 departments’ reviews and comments is produced with Comidor RPA Document Creator.

The Bottom Line 

Financial services are continuously evolving. Changes are coming, along with their daily tasks. With plenty of financial firms’ challenges, it’s time to step up and prepare. 

Using BPM tools can help financial companies manage financial challenges much better and faster. You would be able to provide quality services. The onboarding will become more straightforward for the customers. 

With the benefits BPM can give your financial institution, it’s all worth it. Your organization will continue to improve while keeping up with our fast-paced world.

The post 5 Benefits of BPM in Financial Services appeared first on Comidor Low-code Automation Platform.

Business Process Automation Definition

To define, business process automation is referred to as the automation of repetitive processes or breakdown of complex tasks of businesses to provide ease of operations. This process will take care of the tasks that can also be performed without human intervention as well to enhance the overall efficiency of the business operations. The term “automation” is derived from the Latin “automate” which means “to run on its own power”. It can be used to refer to a process or machine performing a sequence of actions automatically without any direct human involvement. It can also refer to the act of designing and constructing an automatic device or program.

Now that we have clarity on the definition of business process automation, we need to see what other businesses see in the process of business automation.  The major reason why businesses use business process automation tools is the higher efficiency which offers a great competitive advantage in the highly competitive market.  

If so many businesses are running in the race of being the most efficient version of themselves, if you are not using BPA tools, you might lag behind. Hence, this article will delve into the benefits and reasons why business automation is crucial more than ever. But before we get into that, it’s important to recognize the importance of business process automation.

Importance of Business Process Automation

1. It Leads to Higher Productivity

Being highly productive is the only mantra that every business follows to excel in the business world. Besides, it is no hidden fact that redundant tasks are one of the biggest productivity and time killers of employees. In fact, employees spend 4 hours and 38 minutes on duplicate tasks. Enhanced productivity is the foremost reason why businesses need BPA tools.  

To elucidate, when businesses automate their repetitive and mundane tasks, it frees the employees from performing those tasks manually. This will save them time because that task could easily be accomplished even without human involvement as well. Further, this saved time can be invested by employees into other tasks that hold more significance.  

Moreover, the employees also get frustrated when they have to perform repetitive tasks. This lower their willingness and energy to perform the rest of the tasks in a day. This way, freeing employees from the tasks that drain their energy and willpower will make them more focused and energetic in performing tasks that actually matter. Similarly, it will also enhance the employee engagement rate of the company. Hence, this way, businesses will be able to be more productive in terms of performing tasks which will enhance the overall efficiency of businesses.  

2. BPA Lowers Operational Costs

The only foolproof way to be the most profitable business is to keep your operational costs low. However, this does not in any way imply that you should compromise your quality in order to achieve more profits. This means you have to ensure that you reduce operational costs and still give the best quality service to your customers in order to earn greater profits.  

In such situations as well, business process automation can assist you effectively. Think of it this way, when you automate business processes, you won’t have to pay your labor to perform those tasks manually. Eventually, by applying BPA, you will be able to lower the additional costs of labor that you were investing in the tasks that could have been done without human intervention as well.  

Moreover, BPA also ensures that there are minimal or almost no errors in performing those tasks. This implies that there will be no possible wastage of resources that might end up costing more to the business owners. Once the errors are minimal, this will eventually lead to lowering the overall operational costs. Besides, we all know the lower the operational costs, the more the business will earn profits.

3. It Enhances Traceability

When it comes to improving business processes, it requires constant supervision. This highlights another benefit that business process automation brings along. As the whole process is automated, all the information and process will be recorded. 

To continue, this will lead to enhancing the traceability of the whole business process that has been automated. This way, companies will be able to identify at every stage whether they are the most efficient version of themselves or not. If not, they will effectively be able to identify the factors through the recorded data.   

Furthermore, if anything goes wrong in the business automation poems, businesses will easily be able to trace and eliminate the factors that are pulling them down. This will contribute to enhancing their overall efficiency and giving full accessibility to companies to successfully track every step of the automated process. 

Moving ahead, there are multiple business process automation tools that are available in the market that can significantly assist businesses in easily implementing BPA in their business. So, to assist you with the same, the next following sections will shed light on what exactly are business automation tools and their benefits in the contemporary business world. 

Business Process Automation Tools

Every business requires different types of automation and along similar lines, there are different tools that can successfully automate the business process of the corresponding business aspect. Business process automation tools are the software that allows organizations to automate their business processes. They are designed to reduce the time and cost of repetitive tasks, freeing up employees for more important tasks. Examples of these tasks are the hiring process, document management, and invoicing. In general, business process automation tools can be used in various ways to help businesses cut costs and drive growth. Some of them can be used for marketing purposes, and CRM automation, such as generating leads and nurturing them into customers, or HR automation like employee onboarding. Others can be used for customer support and feedback management.

Furthermore, now that we have gained a good knowledge of what exactly business process automation tools are, it’s time to understand the benefits these tools will bring along. Hence, the below-mentioned are the top benefits of business automation tools.  

Benefits of Business Process Automation Tools 

1. BPA Tools Streamline data

As the business grows, it gets difficult to handle so much data at once. In these situations, the need is to effectively streamline all the data in one single place and business automation tools can effectively assist you with the same. Business automation tools can store all your data through which you can easily trace all the information regarding the phases your product or service went through.  

 Along with this, these tools offer high security which will ensure that your business does not face any compliance issues of data breaches. Keeping all your data in one place with high security will make your business more stable and secure in the long run.  

  2. Reliable insights

Today’s business world runs on insights. Besides, it is no hidden fact that driving insights manually is not a piece of cake. However, using business automation tools can assist you in eliminating this issue.

To elaborate, these tools will automatically generate valuable insights that can assist your business in analyzing its strong or weak points and decision-making. Based on these analyses, you can identify the core competencies that can give you a competitive advantage over others.  

3.  24*7 availability

One of the biggest advantages of machines is that they never get tired. They are going to be available for you anytime you want them. Similarly, if you implement these business automation tools in various operating systems, they would keep the work going even in your absence and even at night.

This will ensure that your processes are operating with their utmost efficiency and this will eventually generate more profits.  

Get the Most out of Comidor Process Automation Capabilities

Not long ago, business processes were being designed and followed in the company handbook’s manuals. A new colleague was required to go through the business processes manual and required to learn as much information to make the company operations work.

Thanks to information technology, now we don’t have to go to the bookshelves and read the full manuals, as it’s all right there in front of the computer screen. A further evolution happened with the internet. Information technology expanded to the next geographical level with the help of the internet. We started to share the business processes of the company from location A to location B. But if the things were offline in the document state, were we really efficient enough?

Then comes the new era of “Cloud Technology”, where all the data is on the cloud rather than on the individual’s desktops. Cloud platforms centralize the data by backing it up and helping connect the same data from any location with the help of IT. Information technology expanded with the internet and further expanded with cloud technology.

To increase the efficiency of the companies, we at Comidor combined all three technologies in developing a business process management platform, which is based on information technology, the internet, and cloud technology. It centralizes business processes to one access point. So that all the colleagues of the company can access the same business processes at the same time, throughout, whether a colleague is located in New York, Greece or Mumbai. We have the access to the same business process to increase the efficiency and productivity of the company.

To sum up

To encapsulate, in the contemporary world, business automation is more like a need rather than an additional helping hand. The competition among businesses is rising and it is rising at a rampant pace. Hence, businesses need to identify the right Business Process Automation tools, follow the right approach and process automation rules, and need to implement them in their operational processes to enhance their overall efficiency. Eventually, this enhanced efficiency will altogether lead to more profit and growth for the businesses.

The article is written by Jessica Robinson and Comidor team. 
Jessica Robinson loves to write interesting and knowledgeable blogs regarding business management, education, and life to satiate the curiosity of her lovely readers. Currently, she is serving as a content manager at the ‘Speaking Polymath’. Every piece of content that she writes demonstrates her immense love and passion for her profession.

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