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Today’s financial institutions have to deal with a variety of challenges. Business processes are important to an organization’s effective functioning, but since they are repetitive and involve several stakeholders, they are often error-prone and result in poor performance.
According to  , firms are striving to enhance their Business Process Management (BPM) systems by connecting them with their Business Intelligence (BI) Systems — thus making them “intelligent.” This means that BPM has developed into intelligent business process management, also called iBPM, in a continuing attempt to fully satisfy business process intelligence demands.
Now let’s find out what intelligent business process management is and how it can transform your business!
What is BPM? Differences between iBPMS and BPMS
BPM is a way of detecting and controlling the processes that are going on in an organization. Management of business processes (BPM) aims to enhance a business process from beginning to completion. It includes analysis, modeling activity in various scenarios, improved process monitoring, and continuous optimization of the business process.
A business process is an action or combination of operations that helps to achieve a certain business goal, in contrast, business process management tools have the ultimate objective of enhancing business performance. Using BPM levels up the success of  .
BPM software helps you map your everyday operations so that bottlenecks are identified and eliminated, expenses are controlled, daily activities are as efficient as possible, and individuals associated with your processes are productive.
On the other hand, iBPMS combines technological innovations, process intelligence, and predictive analytics into BPM software. Intelligent Business Process Management Software (iBPMS), in short, is an integrated group of technologies that works together to assist corporate processes properly.
Regarding the differences between iBPMS and BPM, it turns out that BPM is simply revamped with smart technology that provides value to your company’s operations using iBPMS. In other words, it is just a more advanced form of BPM. In comparison to BPM, iBPM is significantly more dynamic and provides superior operational responsiveness.
These are some other ways in which iBPMS differs from BPM:
- Real-time analytics supports intelligent business operations.
- Processing of extremely complicated events.
- Mobile platforms support.
Core attributes of iBPMS
Now let’s talk about the attributes of Intelligent Business Process Management Systems.
There are quite a few of them you should know about:
The iBPM enables extensive CEP (Complex Event Processing), the fundamental goal of analyzing large amounts of data. This helps work together to monitor any upcoming trends and data patterns; thus, you can quickly respond to emerging dangers and opportunities.
A Platform for Social Media
iBPM uses social data and external context data to predict consumer expectations and choose the next step.
Business Analytics in Real-Time
By discovering important correlations in both structured and unstructured data, real-time analytics empowers corporate decision-making while increasing process visibility.
Before selecting iBPMS for your company, you should find out more about its main features and how they help to transform businesses.
Business process automation
You should avoid overlooking the enormous costs of manual processing delays, human errors, and inefficient business processes because they cost organizations thousands of dollars each year. BPA is an essential part of iBPM that enables companies to automate repetitive activities, saving a considerable amount of resources.
Business process automation (BPA) uses sophisticated technology to automate repetitive operations connected with processes and workflow. This action usually leads to such important solutions as enhancing efficiency, reducing expenses, and adding more satisfaction to customers and employees.
showed that 66% of company executives across a wide range of sectors were exploring solutions to automate at least one business function in 2020 and up to 57% two years earlier.
The automation of business processes is a very helpful feature but so is improved collaboration between the people who work on the project. Social interaction is still needed to create a quality product and company-wide knowledge base. Document sharing, friendly interface, discussions to approval cycles — iBPM system provides an integrated set of tools to help maintain the perfect development of the whole process, saving time and money while allowing the team to step on the new level of social collaboration.
For example, as  : iBPMSs included increased human cooperation support such as social media integration, mobile process tasks, streaming analysis, and the administration of real-time decision-making.
A case study to consider: Delta Medical company decided to start a large-scale initiative to migrate internal business productivity systems to Microsoft cloud solutions. The key goal was to facilitate digital transformation while adopting the newest technology.
Infopulse designed and deployed a unified cutting-edge cloud infrastructure based on Microsoft technologies, offering solutions that boosted corporate efficiency, improved procedures and operations.
In addition, Delta Medical was provided effective tools for user collaboration and cross-communication: 1.3 TB of files in OneDrive and 49,000+ messages sent via Microsoft Teams in 6 months. With all the new benefits the company received, it could now effectively adopt the growing pace it hoped for.
Every company has to cope with tons of data. To make better decisions regarding business processes, being able to collect and handle analytics is crucial. Manually detecting analytics using a standard business process management system may not only consume valuable time but, as a worse part of it, can cause data collection errors. The purpose of predictive analytics is to help businesses effectively spot certain patterns in the data flow, think of new opportunities, and predict possible risks in the future.
A case study to consider: Large Group of Steel & Mining Companies needed an efficient quality management system and corresponding maintenance tool for production. The business was stuck struggling with detecting and predicting the data. Infopulse solved the problem by establishing advanced analytics infrastructure and, thanks to the professionally built reports, helped the business with decision-making and boosted the manufacturing efficiency.
Another case study to mention: The Global Audit and Consultancy Company struggled with processing loads of expense reports. Infopulse developed the analytical solution, addressing important business compliance scenarios with SAP HANA Predictive Analytics. Due to that, the company can now cope with massive amounts of data from numerous sources, generate reports faster than before, and discover expense anomalies.
Modern businesses rely on a range of strong apps and third-party platforms to provide their products and services. APIs are not influenced by the location constraints as data may reside on-prem or in the cloud nor by the data system intricacies. Data silos and inefficiencies result from disparate systems. Organizations may integrate their solutions using iBPM’s API-driven architecture. APIs may be essential for automating corporate processes since firms can quickly access specific data or functionality in a regulated manner.
Data is automatically transmitted from one system to another via API connectivity, which can help with swivel chair integration difficulties. Furthermore, stakeholders would be able to see data from many systems in one location, allowing them to draw relevant conclusions and make well-informed decisions.
A low-code business process management suite allows more individuals to participate in the development process. The application development process is simplified by allowing users to manually code and apply block-based programming instead. Developers may avoid time-consuming manual coding activities and concentrate on the app features that make it distinctive and user-friendly.
Low-code in iBPM provides:
- Workflow modeling
- The user experience or displays for the people involved
- Dashboards for process analytics — for continuous improvement
Low-code platforms use cloud-based architecture to deliver solutions that are dependable, secure, and easy to use. Thanks to the low-code programming, companies can overcome the lack of coding abilities and increase their development team cooperation. And with more people working remotely than ever before, these features have become even more precious.
A case study to consider: Leading European Research Companies used to spend a lot of their time gathering and reporting audit findings, using old legacy systems that were no longer in compliance with modern technical standards. With the help of Infopulse, the company acquired a tailor-made inspection management system based on the Power Apps, Microsoft’s low-code platform.
Low-code development has the benefit of accelerating time to market, consuming fewer resources, and allowing constant improvement. The business now has an efficient solution with advanced mobile features, sophisticated mobile capabilities and UI components, easy offline access to large data volumes, and automatic error-free data entry.
Better Productivity and Time Management
Automation programs can lead to greater involvement through technology, which prevents individuals from taking up more exciting jobs or spending time practicing skills that might enhance productivity. A study of more than 6,000   experts indicates that BPA increases production, as well as satisfaction for your employees.
Business benefits of iBPMS
Although iBPMS grounds on the traditional BPM, it leverages artificial intelligence and enhances the already present features. With such tech-driven features, iBPMS provides an array of business benefits. Some of them are:
BPM can greatly favor your cost reduction strategy through automated business processes and manual routine tasks, implemented advanced features, integrated collaboration, improved decision-making, and endless capabilities for sharing opinions, ideas, and gaining knowledge.
iBPM systems greatly improve the organization of the processes and overall productivity. All these result in better product quality and higher cost-savings. According to  , companies will reduce operational expenses by 30% by 2024 by integrating hyperautomation technology, which also empowers iBPM systems with improved operational procedures.
Improved customer service and revenue increase
Successful businesses must be responsive. They must be able to recognize changing customer demands and preferences and react quickly. However, satisfying customers’ demands can sometimes be a daunting mission. This is another area where a well-thought-out iBPM strategy can help, by increasing the product production, speeding up the cycle, and positively impacting customer service.
iBPM’s introduction leads to better process monitoring and reporting so you can easily find current problems with the process. At the same time, you will speed up the delivery time and quickly close customers’ feedback procedures. Processes can be re-engineered with the objective of increasing customer experiences as a new or extra goal, and with its built-in quality controls, iBPM software enables you to make changes fast. You will enjoy the faster time-to-market and the increased sales.
The   states that the iBPM market will grow to nearly USD 16 billion by 2023. It means more and more businesses start understanding the value effective business process management gives to them and how it can improve their customer services.
Mobility and agility for teams
Every part of the team has the same purpose. Maintaining an efficient cross-department collaboration and the process that concerns every member is crucial. But here is the good news: iBPM markedly surpasses BPM when it comes to mobility and agility. Composite application processes based on iBPM platforms keep businesses agile for a long period of time, while smart rules guarantee that processes adapt to changes in the corporate environment automatically.
What iBPM does is improve cross-department collaboration, which is an immense benefit for every company. During the process mapping and standardization step, multiple business sectors and team members must communicate with each other to connect in one complete and potent mechanism. This is what consequently adds up to produce the best product possible. That is what iBPM is for: it helps to advance the processes in the team settings and reroute operations dynamically in real-time.
For business stakeholders, iBPM provides the opportunity to access, monitor, and analyze processes from any part of the world and run successful business processes without any inconveniences or extra efforts.
Efficiency Improvement and Risk Reduction
With iBPM in place, organizations can enable the utmost visibility into their business process and corporate operations, which often results in a more efficient use of resources and better workflows. Improved visibility can also help remove redundant activities, duplicate work and minimize the risk of neglect and human error.
According to  , RPA may save finance teams 25,000 hours of needless rework caused by human mistakes, at a cost reduction of $878,000. Enhancing each department’s error-free operations will increase their accountability and performance quality.
iBPM also leads to the development, implementation, and monitoring of better-designed processes that can help to reduce the risk of fraud.
Why should your enterprise deploy iBPMS?
Let’s face it – companies are becoming more digital than ever before and are dealing with larger quantities of data. They need to adapt swiftly and efficiently to the shifting needs in order to maintain success. There are many advantages to deploying an iBPMS. Organizations are using iBPM to bring their current efforts at BPM to an even more advanced level.
iBPMS greatly enhances business processes and workflows. In particular, it becomes very useful in the banking industry. Financial organizations can choose the most optimal course of action based on the assessment of various scenarios.
There might also appear a problem of inefficient communication via various media platforms. Companies are using iBPM to determine the optimum method to coordinate with various workers and consumers, which turns out to be a big advantage for successful process management.
They put effort into evaluating and interpreting social media messages posted by their consumers more effectively with the help of artificial intelligence. This action allowed them to acquire a clearer picture of when, where, and in what context people mentioned them online. From there, identifying the flaws in their system became much easier.
However, there is almost no exception in the variety of industries which can benefit from iBPMS. The automation approach iBPM offers facilitates enterprise-wide operations while enhancing visibility and building insights and innovations.
How do you combine iBPMS with RPA to create Hyperautomation?
Many companies have accomplished automation to some extent by using a single digital technology like BPM software or robotic process automation (RPA). However, striving for digital transformation, businesses must broaden their efforts to adopt a combination of automation technologies, a concept which Gartner calls ‘hyperautomation’.
Hyperautomation is one of the fastest emerging iBPMS approaches. AI technologies can be presented in different forms. For example, one of the forms is Natural Language Processing (NLP) that enables bots to interpret human speech. Another form is Optical Character Recognition (OCR) which allows bots to convert pictures to text.
iBPMS technologies are especially beneficial when organizations seek to automate end-to-end operations by streamlining business processes and making them easier to operate. The use of sophisticated technologies like AI and machine learning is what enables hyperautomation. Speaking of hyperautomation, it is also worth mentioning the anywhere operations model, which is also one of the top technology strategic trends for 2021.
The concept that isolated tools cannot replace human capabilities is based on hyperautomation. However, even such competencies may be replaced by merging and integrating various tools – such as RPA (Robotic Process Automation), AI, and iBPMS (Intelligent Business Management Systems).
To enable hyperautomation, you will need to take the following steps:
1. Set the desired goals for your company
Hyperautomation is a strong collection of digital technologies that can change businesses across almost every industry. To accomplish business process optimization, you must first identify the automation opportunities resulting from hyperautomation. By hyperautomating  . Setting an exact goal is the first and the most important step you can do to improve the process execution and the performance speed.
2. Discover the available hyperautomation tools
To use hyperautomation to your advantage, you must be aware of the available tools. If you thoroughly study automation technologies, you will always be ahead of the game, and whatever you do will help you achieve your previously set goals.
Maybe you require low-code or no-code instances of hyperautomation if your company lacks an expert degree of tech know-how? In that case, you should look for hyperautomation use cases where your industry competitors are already utilizing the technology.
For example, you can use the   end-to-end automation platform that offers the Robotic Process Automation (RPA) solution with a comprehensive set of AI features. Or take a look at   that streamlines repetitive tasks and eliminates bureaucracy.
Examine the way your teams function to understand what you can and should automate, and then strive to learn as much as you can about the available tools you can use.
3. Choose the sustainable tools that bring value
After you plan your hyperautomation journey and choose the best automation platform for your needs, make sure it is scalable. Conduct careful research to avoid the hype of the RPA products and their ecosystems. The tools are intended to expand automation capabilities, not vice versa. Natural language processing, virtual agents, and chatbots are examples of technologies in this area. They can help improve your processes as your business grows, so be attentive to the tool you choose to use.
What you need are long-term solutions that stem from innovative ideas allowing you to implement digital transformation in the most profitable way and help your business stay ahead of your competitors.
Artificial Intelligence and cloud technologies have significantly helped BPM software to transform to powerful iBPM systems, providing companies with higher visibility and insights in real-time. iBPM helps maximize performance and agility in the highly competitive financial markets.
As iBPM proliferates on the market, there are exciting opportunities for companies of all sizes to quickly change their operations by means of smart process automation and optimization. So there is no doubt intelligent business process management software can help you transform your enterprise. Contact Infopulse, an experienced IT services provider, who can assist you with iBPM systems implementation.