Artificial Intelligence (AI) and Business Process Automation (BPA) have risen over the past few years as technologies that are dramatically changing IT and the business operations it supports. And the trend is expected to continue.
Both BPA and AI have been gaining in popularity in recent years. In 2023, the global artificial intelligence market is estimated to be worth over $100+ billion (explodingtopics.com). This figure is expected to grow to over $1.5 trillion by 2030. Similarly, the global BPA market is expected to reach over $40 billion by 2023 (Straits research) and be vastly larger by 2030.
As these technologies become more prevalent, they bring with them both new challenges and opportunities.
Current State of AI and BPA
First, one must realize that the largest consumer of “software” is, in fact, “other software.” Yes, that is unnerving for some – “Skynet?” But, all kidding aside, once you understand this little-known fact, BPA takes shape. For example, consider Salesforce. Yes, staff “inputs” data; however, other software, such as NetSuite, will pull massive amounts of data daily via API’s. This backend connection is referred to as Business Process Automation.
In its simplest form, BPA is streamlining and automating workflow processes. This can include everything from streamlining customer service processes to automating data entry and analysis. AI, on the other hand, is the use of computer algorithms to analyze data and make decisions. AI can be used for various purposes, including predictive analytics, customer service, and data analysis.
AI and BPA Trends in 2023
As AI and BPA become more advanced and widespread, businesses will be able to take advantage of several trends. The following five trends have become the most prominent.
- Increased Automation: Automation will become increasingly common in business processes. This will allow businesses to reduce costs and improve efficiency.
- Automation of Complex Tasks: AI will become more capable of handling complex tasks, such as data analysis and customer service. This will allow businesses to reduce costs and improve customer service.
- Increased Use of Machine Learning: Machine learning will become increasingly common in business operations. This will allow businesses to gain insights from data and make better decisions.
- Improved Security: AI and BPA will be used to improve security by detecting threats and preventing malicious activity.
- Improved Chatbots: AI-powered chatbots will become increasingly capable and be used for various purposes, including customer service and sales.
In conclusion, AI and BPA are expected to continue to grow in popularity over the next few years. Businesses can take advantage of several trends, including increased automation, improved security, and chatbots. As these technologies become more advanced and widespread, companies will be able to reduce costs, improve efficiency, and gain insights from data.
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