The Forrester Wave™ for
Digital Decisioning Platforms, Q4 2020
Making Intelligent Automation Work
Read our whitepaper to learn how to successfully automate decision-making processes. Also included: Five criteria you should consider when choosing a business automation platform.
What is Intelligent Automation?
Intelligent automation allows organizations to combine human know-how with artificial intelligence in order to speed up business processes, reduce errors and minimize human input.
In today’s digital world, businesses have to be smarter and more agile than their competitors. This requires the automation of as many routine tasks as possible, freeing up staff to focus on more creative areas such as managing and developing the automation processes. Artificial intelligence helps businesses to work more efficiently.
Why Intelligent Automation is the Key to Success
The advance of digital technology constantly reminds us of the words of Eberhard von Kuenheim, the man who famously transformed BMW’s fortunes: “It is not the big who eat the small, but the fast who overtake the slow.” More than ever before, success depends on businesses being faster and more agile than their competitors. For example, online customers expect fast delivery of their goods or an instant quote when seeking to buy insurance. But providing this service usually involves some complex decisions about why a particular product or offer is suitable – or not. When can the product be delivered? Which warehouse will ship it? Which factors have to be taken into account in price calculations and how is it possible to guarantee the final price is correct?
Digital transformation means that processes, prices and rules are changing faster than ever before. If they are to survive, businesses have to think and act with agility. To do this, they need to embrace the latest technology and develop the right mindset amongst their staff.
Intelligent automation (IA) integrates every aspect of turning findings into actions. It combines human knowledge from subject matter experts with data-driven artificial intelligence and uses powerful automation software to enable instant action.
fewer credit defaults
more effective production recommendations
more efficient compliance clarifications
5 Mistakes to Avoid when Automating Banking Processes
Watch the preview to learn about the first mistake. The full video shows you:
- How ACTICO Platform connects business logic and AI / ML,
- How business users can customize rules without the need for programming skills,
- How all decision-making processes are transparently documented.
How to Make Intelligent Automation Work for You
Rapid developments in technology mean that more and more business processes can now be automated. Initially this means that machines and software can relieve workers of boring, routine tasks. Big data, machine learning and artificial intelligence are also making it possible to automate more complex tasks, but many of these projects fail or fall short of expectations.
The successful implementation of intelligent automation depends on user acceptance and a good working relationship with the IT department. However, these criteria are often not met because users are expected to describe their requirements in detail so that IT staff can program an appropriate solution. Even if the IA application perfectly reflects the wishes of the department in question (a rare occurrence), it is still necessary to make regular adjustments because market conditions are in a state of constant flux.
An agile organization cannot accept that quickly adjusting a price or complying with new legal requirements should involve joining the queue of change requests being dealt with by IT. Instead, users should be able to make their own adjustments as and when they need them. That’s why it is important to have a user-friendly interface that can, wherever possible, be used without the need for programming skills.
Three Keys to Successful Automation
Companies have to be able to respond to changing conditions, which requires them to have processes that are quick and easy to adjust. Many decisions can be automated in order to process higher volumes and get faster results.
Ease of Use
It is the users who really understand their department’s needs. The agile implementation of business logic requires user-friendly solutions that have been specifically designed for their users, otherwise they can’t act quickly enough.
Independence from IT
Businesses should not be held back by a lack of trained IT staff. Particularly when adapting the business logic, users should be able to intervene directly and change the basic rules, e.g. by using low-code platforms.
How to Identify Suitable Automation Projects
Businesses can reap long-term benefits from automating their processes and decisions. But which decision-making processes are suitable for intelligent automation and how do you identify the best place to start?
It’s best to begin with processes that have a major strategic impact. They don’t have to be the most complex processes. Regular, repetitive processes are ideal candidates for automation if scaling can only be achieved by taking on more staff. More staff generally entails higher costs, the need for more coordination, the potential for misunderstandings and mistakes, and increased tension in general. Intelligent automation transforms your process into a scalable, fully automated, reliable and fully documented routine.
Our checklist “7 Steps to Identifying Automation Opportunities” makes it easy for you to get started on your first automation project.
New Pricing Models
ASSU 2000 found that its existing price models were no longer in line with the market. The company had grown, competition had increased, and new technologies had changed customer expectations. The insurance company wanted to be able to adjust its pricing models flexibly and quickly across all sales channels and was looking for a globally deployable IT system. It wanted to replace its existing proprietary system and minimize high maintenance costs.
User-friendly AI-based Solutions with Intelligent Automation
Responding to fast-changing requirements is part of daily life in most sectors. Departmental managers and IT staff have to work together to select the platforms and IT architecture that will help them survive in today’s digital world. Their first question is: how quickly can we implement it? This is where it is important to look for applications that are fast to implement and intuitive to use without the need for time-consuming alignment and training. Even more importantly, they have to be easy to use in day-to-day operations. Agile business processes have to be regularly adapted and optimized whenever the department thinks it is necessary.
How it works
AI-Powered Automation – Controlled by Your Business
Intelligent Automation with Rules and AI
ACTICO Platform combines AI-powered and rules-based automation. Users can individually define which automation aspects should be based on rules and which aspects should be optimized with predictive machine learning models. ACTICO Platform has a powerful automation engine at its core that orchestrates machine learning and business rule models. It meets the most demanding performance requirements and can be integrated into a wide range of IT environments.
Graphical Rules for More Control over Your Business
Whether it relates to policies and laws, best practices, calculations or common sense – automation often requires human knowledge. Rules-driven automation enables subject matter experts in your business to implement their knowledge graphically with transparent rule models that can be executed automatically. ACTICO’s low-code development approach reduces development work by up to 50% and accelerates change implementation by up to 90%. Business agility is taken to a whole new level.
Machine Learning for Data-Driven Predictions
Machine learning analyzes data and automatically generates predictive models. ACTICO Platform makes it easy for users to train machine learning models based on leading technology and algorithms. The ML models that are generated can be embedded wherever it makes sense to optimize business outcomes. Your business department can manage the use of the models through business rules. The machine learning models are explainable to create transparency and trust.