The future seems bright with the technological development of business systems and processes.
A recent study found that chatbots can cut costs by up to 30% and 86% of those interviewed say intelligent automation improves customer experience.
Over the years, we have seen technology skyrocket in development time – and daily business operations, and processes are no different. As back end jobs, what is hidden from the public will evolve in 2020 in a myriad forms ranging from chatbots to internet of things.
Read more to find out our top 5 successful business trends for 2020:
5 business success trends in 2020
1. Chatbots integrated with Natural Language Processing (NLP)
Chatbots currently undertaking tasks like accepting customer complaints will become advanced tools for end-to-end communication with clients in the future.
Chatbots with NLP will no longer rely on pre-existing static information and will be equipped to provide a more experience and handle human languages that have variations in emotions, intent, and sentiments to express each specific query.
2. Intelligent Automation redefines the future of work
According to an IDG survey, industry leaders agreed that effective intelligent automation holds enormous potential for the business world. 92% said that it will make the employee experience more rewarding and yet 46% of the organisations barely have any form of intelligent automation currently deployed.
“Intelligent automation” is the amalgamation of:
– Business Process Management, the pillar of business operations,
– Robotics Process Automation, performs repetitive tasks like data entry and leave critical thinking tasks to humans
– Artificial Intelligence, can decipher patterns, analytics, and ensure algorithm-based output.
3. Adaptive Case Management (ACM)
Traditional methods to improve the efficiency of predictable tasks, using business processes are becoming too slow and inadequate.
In a dynamic world, it is difficult to keep up with all the challenges of the evolving workforce, requirements and legislation.
But there is a faster way to tackle this – Adaptive Case Management (ACM).
The key is to start a process as a standalone case instead of a business process. Next, you can start transforming the process by using a much more adaptive, much more agile Case Management System instead of the regular Business Process Management (BPM) tools.
4. Integrating Internet of Things (IoT) and Business Process Management (BPM)
As technology becomes a part of our lives, business processes continue to adapt. After Fitbits and Amazon Echo, the IoT based developments could go a long way to tackle problems of business processes.
An integration of IoT and BPM could mean that:
– Collection and processing of data could be automated and
– Use devices for almost everything, like buying new devices
– Improved customer service
5. From Cloud Computing to Cognitive Computing
Cloud computing is being used by many businesses and is growing in scale exponentially.
The future of cognitive computing runs parallel to it, involving the development of Natural Language Processing techniques. These still seem to be in the initial phase of development, but technological developments will allow for them to be integrated into the new model of business process management as proposed by IBM.
Benefits of these future business technologies
Stay updated on the technology front and automate your business processes using all the efficient tools available. And, here’s what you can do with all the extra time you will soon have:
Got a fantastic product but no time to promote it? Rid yourself of the burdens of menial tasks and use tools like intelligent automation to curate a new promotional campaign.
Spend your time planning new revenue sources. You can finally ideate on a new product or expand your business. With these technologies, you will definitely be less concerned about the operational technicalities of scaling up your business.
Outsource and work on high ticket activities. For example, instead of developing your own business process system, hiring experts (like us!) will save you a lot of time and money and let you focus on converting leads.
Not to mention, the increased income your bank account! By reducing the amount of extra manpower (with RPA) and integrating Adaptive Case Management will reduce operational costs. It’s safe to say your finance department will be ecstatic.
Finally achieve the work-life balance you dreamed of. New business tools, can share your workload and even take things off your hands, allowing you to focus on yourself.