Automation technology such as aritificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) help free humans of mundane tasks so they can focus on more valuable ones. Innovative solutions can help you optimize various processes, and Digital Business Automation technology uses AI-driven process discovery to determine the most beneficial areas to automate.
With the right Digital Business Automation solution, you can set your company up for continual growth and improvement. Reflecting on the previous year’s Digital Business Automation trends and looking forward to the future of Digital Business Automation in 2024 can help you discover its benefits and how you can use it to boost your company’s success.
Approximately 70% of organizations are predicted to apply structured automation to their processes by 2025, making it necessary to keep up with the competition and remain relevant to target audiences. Gartner predicts that organizations will reduce operational expenses by 30% by 2024 after combining redesigned operational processes and Digital Business Automation technology.
In the first half of 2023, many companies were wrapping up past initiatives and stabilizing their existing systems and programs. This trend shifted in the second half of 2023 as organizations started to invest more time and money in modernizing, abating technical debt, and upgrading.
Digital Business Automation gives organizations the foundation and tools to learn and grow with the changing technological advancements in various industries.
In 2023, we saw Digital Business Automation significantly transform the workforce, increasing various organizations’ long-term success. Employees, supervisors, managers, and teams in various industries and departments discovered how much Digital Business Automation can help boost productivity by streamlining repetitive tasks. Implementing it resulted in reinvigorated teams and more satisfied employees.
Reflect on the following trends that boosted Digital Business Automation’s popularity in 2023 to understand how it will continue growing in 2024:
As Digital Business Automation’s popularity grew, more individuals realized how well it complements employee capabilities and optimizes time management. With greater access to robotic process automation, organizations could leave their monotonous digital tasks to AI and spend more time on higher-value, productive work.
There were few major feature rollouts and minimal product changes from the top RPA vendors in 2023. RPA projects remained at a healthy run rate, indicating that RPA will continue to be a viable answer to automation in various patterns and processes. Additionally, RPA licensing continues to request cloud subscriptions for automation capacity in general rather than relying on the individual mechanics of bot workers and development seats.
Low-code, no-code tools’ popularity also rose in 2023 as they enabled companies to automate their systems with little to no technical expertise. This advancement helped more companies without the means to hire an expert technical team remain competitive in their field.
As companies automate more processes, predicting impact and outcomes can be challenging. However, organizations can scale automation with well-planned strategies. Understanding how to adopt automation tools effectively became a priority, which Digital Business Automation made possible.
In 2023, more organizations began using tools such as assessment frameworks and process discovery systems to make informed decisions and implement automation successfully. Intelligent document processing and augmented analytics optimized data-driven automation and provided accurate insights organizations could use to streamline processes and increase operational efficiency.
Working with sensitive information and implementing automated processes required companies to improve their security measures. Data security advanced in 2023 with greater monitoring, threat identification, and mitigation. Organizations took advantage of advanced security measures to protect their data and privacy with the following solutions:
Updated in 2023, new lending regulations around the Community Reinvestment Act have required process reviews by banks of all sizes. In particular, mid-size and larger banks are served well by a thorough review of lending processes and procedures for impact and changes needed going forward.
Insurance providers began making drastic changes in 2023 as extreme weather events caused significant commercial and residential financial losses and accumulated large claims. Many insurance agencies began pausing their policy issuing or raising their premiums. Because of these changes, impact analysis and scenario planning are more important than ever before.
Through 2024, we can expect 2023 Digital Business Automation trends to grow and expand alongside new trends. Overall, you can expect automation interfaces to become more user-friendly and data analysis to provide more accurate insights.
Digital Business Automation will become popular in more industries as its capabilities expand, offering more end-to-end solutions for tasks such as customer service, equipment management, machine maintenance, process monitoring, and risk mitigation. Discover the following ways we expect Digital Business Automation will grow in 2024:
Automation is becoming more available and user-friendly, which enables more people in various departments to access it. This year will bring forth an increase in the automation democratization trend that has grown since last year.
As organizations notice their employees require the appropriate resources to implement and maintain automation solutions, they will adopt more user-friendly platforms. User-friendly Digital Business Automation systems require minimal to no programming, and they allow individuals who lack coding skills to develop and implement automated processes.
This trend allows for faster automation and facilitates creativity and productivity. With user-friendly platforms, employees can solve problems and bring their ideas to life with fewer IT requests.
AI advancements will improve process discovery in 2024. As machine learning algorithms progress, they can better identify and understand how organizations perform specific tasks and processes. As a result, companies can pinpoint redundancies and determine the most beneficial ways to implement automation.
In the past, process mapping was primarily manual, making it a laborious task. AI-driven process mapping provides automatic insights that tell companies where they should focus their automation efforts to achieve the greatest results and save the most time. It also helps organizations expand. AI-driven process mapping grows with companies, helping them continuously adapt to changing business demands.
While automated process mapping helps companies analyze processes, process mining uses data-driven analysis to provide deeper insights into real-time execution. Process mining continues to gain momentum in the Digital Business Automation framework, which opens a novel variety of process improvement ideas for all industries.
The fourth quarter of 2023 was full of corporate planning and long-term strategic objective discussions, and patterns of interest such as finance, procurement, and customer service remain strong going into 2024.
Companies can enhance their AI-driven customer service interactions in 2024. The better a customer’s experience is with a company, the more likely they are to return and recommend its products or services to others. AI-powered technology and tools such as the following can help companies improve their interactions with customers:
Various industries will be able to enhance their operations as Digital Business Automation integrates with the Internet of Things (IoT). IoT uses connectivity and sensors to produce data, and Digital Business Automation uses the generated data to streamline processes and procedures.
With this technology, companies can reduce human intervention, boost operational efficiency, and lower expenses. Some examples of what IoT and Digital Business Automation can do together include:
As cyber threats advance, so do cybersecurity solutions and the demand for these solutions. Digital Business Automation uses ML and AI technology to identify and combat risks rapidly and effectively, addressing potential threats automatically. AI-powered automated cybersecurity finds signs of potential security threats and blocks suspicious activity by analyzing data such as network traffic, system logs, and user behavior.
Digital Business Automation can also isolate infected systems or devices, protecting other devices from security threats. With improved automation, companies can reduce the time they spend finding and defending their systems against risks. It enables organizations to assess their cyber vulnerabilities, safeguard data, and enforce security policies despite the cybersecurity personnel shortage.
Robotic process automation became more widespread in 2023, and more organizations will continue using it but with more integration. Digital Business Automation will increasingly help companies streamline their processes and automate their end-to-end systems.
While one-off automation systems may have been the norm in past years, more businesses are seeking ways to integrate their automation solutions and increase efficiency. Connecting end-to-end processes is possible due to the increase in low-code systems, IoT growth, and advanced RPA technology, and it can significantly increase efficiency.
Digital Business Automation helps organizations adapt to market changes and stay competitive. In 2024, there will be a boost in Digital Business Automation’s ongoing adaptation and learning as its algorithms respond in real-time to data analysis and performance evaluations.
AI- and ML-powered algorithms will monitor processes continuously to identify areas for improvement, and they will modify procedures to increase accuracy and efficiency while optimizing resource allocation. You can depend on Digital Business Automation to grow with your company, helping you stay ahead of the competition.
Adopting Digital Business Automation in a sustainable manner was a trend in 2023, but we predict this trend will grow even more in the upcoming year. Sustainable Digital Business Automation can help companies promote and implement eco-friendly practices by optimizing their processes. Advanced automation systems use energy-efficient hardware and implement algorithms that help organizations consume the least energy possible.
Digital Business Automation has grown significantly in the past few years, increasing the demand for responsible implementation. As governance frameworks and ethical factors become more important, responsible AI helps organizations use AI in socially responsible and ethical ways.
This growing focus on responsible use helps ensure companies’ AI systems operate in ways that are fair to employees and customers. As organizations employ automation, they will need to ensure their processes are auditable, transparent, and in compliance with regulations.
Employees will require new skills to effectively integrate Digital Business Automation into their workflows. In 2024, organizations will need to dedicate time to training their employees so their teams understand how to work with Digital Business Automation systems and optimize them for the greatest efficiency and productivity. As employees learn new skills and grow with Digital Business Automation processes, they can increase productivity and contribute more new ideas to the company.
Digital Business Automation has been popular in industries such as manufacturing, finance, and telecommunications, but it will continue expanding in these industries and extend into more industries in the next year. You can expect to see the following industries adopt more Digital Business Automation solutions in 2024:
Digital Business Automation is quickly enhancing the healthcare industry by boosting quality, efficiency, and treatment time. Automated medical procedures transform patient care with innovations such as telesurgery and robotic-assisted surgery. This type of technology can help reduce surgical errors and improve outcomes. It also allows surgeons to perform surgery remotely, and it enables doctors to spend more time on patient care apart from surgery.
Defense industries and the government, including the public sector, will increasingly implement Digital Business Automation in 2024. These industries prioritize compliance, which can be challenging due to the extensive rules and regulations they must adhere to. Digital Business Automation simplifies compliance by automating checks and balances frequently, helping teams complete jobs efficiently while remaining aware of important considerations and areas they need to adjust.
Consumer goods and retail industries can use Digital Business Automation for various purposes, such as:
The industrial sector and manufacturing industry’s use of Digital Business Automation will expand in 2024 to further improve quality control and automated task monitoring. RPA technology can automate product inspection processes, reducing human inspection errors and ensuring products meet standards before customers receive them.
Companies can combine RPA with sensors or machine-vision cameras to automate equipment and task monitoring. This technology reduces the need for employees to manually monitor machines because it activates alarms when a piece of equipment malfunctions or a glitch compromises an automated task.
Learning, adapting, and innovating are essential to remaining relevant as technology advances. AI, ML, and RPA technology introduce incredible solutions that move companies forward, helping them increase efficiency, reduce expenses, and improve customer experiences. Over the past few years, some companies have relied on Digital Business Automation to survive, and others have used it to expand and grow.
Keeping up with a rapidly changing environment may seem challenging, but Digital Business Automation is an excellent solution that can make the process seamless. With Digital Business Automation, you can compete with other organizations in your industry, maintain and grow customer loyalty, and complete more tasks in less time.
Scale your organization’s automation with Salient Process’s Digital Business Automation solution. Also referred to as DigitalOps Toolbox, Digital Business Automation Capabilities provides the tools you need to optimize your automated processes for the greatest efficiency. This solution offers the following tools and systems:
Salient’s Digital Business Automation solution helps you determine the best automation approach for your company based on the work you do. With our solutions and tools, you can avoid mistakes and augment your automation process effectively and efficiently.
Automation is leading the way in nearly every industry, moving organizations forward and giving them more time and resources to spend on high-value tasks. At Salient Process, our Digital Business Automation Capabilities help your company learn, grow, adapt, maintain a competitive edge, and thrive in today’s market.
Contact us to learn more about our solutions and how we can help your company use technology efficiently and sustainably.