How to Reduce Risk through Intelligence Automation

Processes enabled by powerful, agile and intelligent technologies are easier to govern. This helps business leaders to better anticipate and mitigate risk, while ensuring all compliance obligations are met, as cost-effectively as possible.

Managing evolving risks and escalating regulatory compliance obligations is a challenge that many organizations face. With new laws being introduced and amended regularly, there’s more pressure than ever to monitor multiple regulatory and standard-setting bodies; and ensure that new compliance requirements are being integrated into every relevant business process.

How to reduce risk at a process level

Every department needs to regularly evaluate key business processes in order to identify any gaps or inconsistencies that could expose the organization – and its employees, customers, and assets – to risk. Armed with these insights, teams can redesign processes to clarify rules, and define roles and responsibilities. When every stakeholder knows what is expected of them, this helps to ensure that every process is carried out accurately and consistently, in line with company policies and regulatory obligations.

With processes clearly mapped out, it is also easier to enforce supervisory controls and rapidly identify errors or delays, before these snowball into serious risk factors. However, this can be onerous when teams rely on manual, paper-based working methods. When process information is buried in stacks of documents and long email threads, it’s difficult to maintain the visibility and data accessibility that’s required for efficient risk and compliance management.

A smarter way to work

A low-code application development platform provides organizations in any industry with the tools to automate manual tasks, build digital forms and design workflows to streamline processes – without the need to write code. This type of system can also act as a modern business process management (BPM) engine, providing supervisors with one central location from which to monitor and continually optimize enterprise-wide processes.

For companies that wish to make their process automation solutions even smarter, leading low-code platforms allow for effortless integration with a range of third-party technologies, such as artificial intelligence (AI) and robotic process automation (RPA). When these capabilities are combined, the value of each technology is amplified to create a powerful intelligent automation platform.

In this environment, it is possible to leverage several risk and compliance management benefits.

Next generation risk and compliance management

Using intelligent approaches to business process automation, enterprises can:

  • Improve oversight capabilities
    One central process management environment provides greater visibility into processes. It’s possible to track the status of any task, at any given time, no matter whether it’s being managed by a software robot, a human or another tool.  Process metrics help to identify potential problem areas and reduce risk.
  • Enhance auditability
    Every process application action is logged to provide a clear and comprehensive    audit trail. Teams can quickly prove – to internal or external auditors, or even regulatory authorities – that processes are being conducted in line with regulatory requirements.
  • Make reporting effortless
    On a low-code development platform like K2, users can easily build custom reporting tools that combine process metrics and line of business data into a single dashboard. This makes it easier to monitor and report on user behavior, timelines, escalations and more.
  • Reduce human error
    Rule-based tasks can be routed to an RPA platform to eliminate the risk of human error. Software robots can be configured to automate the repeatable tasks that human workers usually carry out, using the same application and system user interfaces, with minimal disruption to the IT architecture. With RPA handling these tasks, managers can be sure that every task will be carried out accurately, quickly and consistently.
  • Manage risks more intelligently
    In the intelligent automation environment, a range of AI capabilities can be pulled in to enhance risk management processes. For example, banks and retail companies can use machine learning to augment the abilities of their automated credit card fraud detection processes – by identifying anomalies in transaction data. Alternatively, optical character recognition could be used to help verify signatures on contracts or ensure that scanned and emailed documents are not intercepted and tampered with before they reach their destination.
  • Ensure data integrity
    One of the major benefits of managing multiple processes on one platform is the ability to govern data more effectively. When data is collected and managed digitally, it’s easier for the compliance team to ensure that data is processed in line with regulatory requirements around data privacy and provenance.
  • Increase agility
    Given the rapid pace of regulatory change, processes need to be responsive to changing risk and compliance conditions. With a low-code application development platform in place, teams have the tools they need to rapidly scale and adapt their processes and technologies as required.

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How to accelerate Intelligence Automation

Many organizations believe that disruptive digital tools, such as artificial intelligence (AI), are out of their reach. Fortunately, they are wrong. In the modern business process automation environment, it’s possible to benefit from new technologies in an effortless and agile way.

Automation technologies like r obotic process automation (RPA) and low-code application development platforms play a key role in digital transformation.

These solutions make it easy for companies to run digitally led processes that provide accurate, consistent results every time, without the need for expensive IT overhauls that disrupt business-critical legacy systems.

But what if organizations want more than this? As the business environment grows more complex, there’s a need to re-evaluate tried-and-tested automation strategies. Right now, technologies are evolving fast and companies must be confident that their process automation systems are both innovative and agile enough to keep them at the competitive edge.

Toward intelligence automation

Today, the way that many organizations are thinking about automating their business processes are changing—and a lot of this is being driven by developments in the field of AI. Capabilities such as machine learning, computer vision, and natural language processing are much more accessible today than they were a few years ago.

This means that organizations have the tools at their disposal to solve a broader range of business problems through a more intelligent approach to process automation—but are they harnessing these tools as effectively as they could?

Teething problems

While there’s no doubt that many organizations are exploring the potential business value of AI and RPA, it’s not always easy putting plans into action. Too often, different departments are tempted to adopt new technologies that meet their immediate needs, rather than thinking about how these products fit into the holistic intelligent automation environment.

This fragmented approach, where process transformation tools can’t communicate, is unlikely to have any substantial impact on overall corporate performance or customer experience.

Bridging the gaps

One way to avoid technology silos from hindering rather than accelerating digital transformation is to establish an overarching intelligent automaton strategy that’s managed through one central system. An ideal approach is to use a business process management (BPM) suite that provides a sound framework for developing, deploying and monitoring a range of different business processes.

A l ow-code development platform like K2 can provide a modern, agile BPM hub for the enterprise. Multiple technologies can be integrated into the business process applications that are built on this platform, which helps to connect fragmented systems, as well as provide visibility and control over all processes.

Faster application delivery

Low-code development platforms have been used by a great many organizations to streamline the application creation process, so the IT department can use its resources more optimally and deliver solutions faster. Everyday business users can also get more involved in the creation of custom process automation solutions, including those that leverage intelligent technologies.

Through drag-and-drop user interfaces, user-friendly form builders and other customer- grade tools, users can build powerful process applications rapidly, with minimal code. And once these solutions have been deployed, they can be re-purposed in other areas of the business or reconfigured quickly to reflect user feedback and accommodate new business needs.

The ability to build applications in a rapid, repeatable and scalable way helps to speed up time to market substantially. This gives companies the agility to explore new intelligent automation projects across the enterprise.

Integrate effortlessly

K2’s low-code development platform offers deep integration with other technology systems, including existing company software and data sources, as well as third-party services. All this is possible without the need for huge development teams.

This means that applications can seamlessly loop in RPA resources, AI tools, and cognitive services to create a truly intelligent automation environment. For example, K2 offers native integration with UiPath, a leading RPA vendor, providing businesses with the flexibility to use software robots to start or update K2 processes, or fully automate tasks.

This approach helps to accelerate the adoption of intelligent automation technologies in a way that is holistic and agile. Companies can leverage new software robotics solutions or disruptive AI capabilities such as machine learning, natural language processing, advanced analytics, and sentiment analysis as these emerge – without needing to undergo time- consuming and disruptive IT change projects.

With everything seamlessly integrated, the low-code development platform can also easily route tasks between software bots, AI agents and humans – effortlessly starting robotic and non-robotic processes from one central platform to keep every process running smoothly.

Final thoughts

Traditionally, business process automation has focused on achieving better cost control and operational efficiency. While these goals remain important, the new era of intelligent automation opens up many more avenues for improvement. These include enhancing the customer experience, optimizing the use of skills and knowledge in the organization, enabling swifter and better-informed decisions and, most importantly, accelerating the pace and scale of digital transformation to remain competitive.

In the future, an even bigger wave of technology change can be expected. Those companies that take an agile approach to intelligent automation now will be able to take advantage of new business innovation opportunities as these emerge.

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