Artificial Intelligence: AI Can Be Useful For Reinventing Business Processes

March 3, 2023 | Artificial Intelligence, News

The idea of business process reengineering is making a comeback, this time driven by artificial intelligence (AI).

In the 1990s, companies used enterprise resource planning systems and the internet to carry out business process reengineering (BPR) in order to bring about radical changes to broad end-to-end business processes. However, the implementation of such systems often failed to meet expectations.

Over the years, process management typically involved only incremental change to local processes. However, a new version of the idea is making a comeback, and as AI emerges as a universally applicable general-purpose technology, it appears possible that it can enable the kind of radical redesign of business processes envisaged by BPR’s proponents. (Harvard Business Review)

Today, the cost of implementing AI has dropped dramatically, and AI is already transforming a range of sectors including banking, insurance, industry, and health care. However, to take advantage of the potential benefits, companies need to bring back an end-to-end process perspective on their businesses and carefully consider how AI can transform them.

As AI inducts new capabilities into a business process, companies need to rethink it all – what tasks are essential, who will perform them, and in what sequence and frequency.

At its most basic level, process analysis often involves a mix of constraints and opportunities, and companies need to explore where they are generating sufficient data to extract patterns that could be used to support operational decisions.

Smart companies are viewing the introduction of AI as a catalyst for an end-to-end re-examination or revisualization of their business processes.

Related Story:  Celonis, Which Makes Software To Fix Processes, Raises $1B

Photo by Kaleidico on Unsplash

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Ledger, Maker Of Crypto Security Hardware, Raises Nearly All Of $100M Series C Round
March 31, 2023     Digital Assets, News, Venture Capital

Paris-based startup Ledger, which makes hardware wallets for cryptocurrency investors, has raised €100m ($109m) in funding, valuing the company at €1.3bn. The round was led by investors including Digital Finance…
FinTech: Cogo And Eliq Partner To Help Banking Customers Enhance The Energy Efficiency Of Their Homes
March 31, 2023     ESG and Sustainability, FinTech, News

Cogo, a fintech which collaborates with banks to assist customers in decreasing their carbon footprint as a carbon footprint management firm, is partnering with Eliq, a company that specializes in…
Venture Capital: The LSP Dementia Fund Closes €260M (US$283M) To Address Dementia, One Of The Most Significant Health Crises Of Our Era
March 31, 2023     Latest News, News, Venture Capital

The LSP Dementia Fund has reached a final close at €260 million (US$ 283 million), surpassing its initial target of €100 million. The fund, which is managed by EQT Life…
Artificial Intelligence: The DAGGER AI Model Gives Advance Warning Of Dangerous Solar Storms
March 31, 2023     Artificial Intelligence, News

Researchers have developed an AI-based model that combines satellite data and machine learning to predict where an impending solar storm will strike on Earth, offering 30 minutes of advance warning….