The market for automation tools to support technology-driven business process transformations is primed for explosive growth. A confluence of recent developments, including the digital transformation craze that has taken hold in the wake of the COVID-19 pandemic, a growing cloud computing trend that is democratizing access to tools, and increasing user adoption of data-driven intelligence in every aspect of business processes are prime catalysts. Businesses are adopting Business Process Automation (BPA), Robotic Process Automation (RPA), and Intelligent Process Automation (IPA) tools at a pace far exceeding prior technology roll-outs.
The global market of Intelligent Process Automation is estimated to grow to nearly $14B by 2023 according to a leading market survey. Most of the growth will be driven by increased demand for intelligence and automation to improve business process efficiency, across industry segments. Business Process Automation and Robotic Process Automation have been around for a while and are now morphing into Intelligent Process Automation as business needs and tool capabilities evolve. Today, almost every SME and enterprise is either using or evaluating these technologies in some way or the other. And with increasing awareness among CIOs and other business leaders, the demand for these technologies is on the rise. A business leader needs to well understand the differences in these automation technologies and the specific purpose that they serve. This will give them clarity about the technology that is most appropriate for their organization and its unique process transformation needs. Although they may sound similar, there are fundamental differences in BPA, RPA, and IPA, and depending on your business goals, one may be far better suited than the others.
Continue reading “The differences between BPA, RPA and IPA. Which of these process automation technologies is right for your enterprise?”
The most comprehensive knowledge sharing platform for all you need to know about business process automation – Zvolv empowers its customers by spreading awareness.
Automation is inevitable in every walk of our lives, and even more so when it comes to business processes. It makes execution smoother, faster, and the output more accurate as compared to manually driven business processes. Even for something as simple as writing and publishing this article, there were several layers of automation involved. Proofreading takes a long time when done manually. However, with an automated proofreading tool such as Grammarly, the same task gets completed at a much faster pace. Such automated software not only identifies inappropriate language and grammatical errors but also suggests correct options. Just one click on the suggested option and the error on the document is rectified. Similarly, there was process automation involved in collaborating on ideas for the article, getting this article approved for publishing on our blog, and sharing it with our readers via newsletters and on social media.
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Our Ninja Retail series focuses on the ways in which retailers can reduce inventory and working capital requirements. You can check out the introduction here. Our previous post was focused on how you can think faster as an organization to reduce inventory and respond to market trends faster. But that only helps so much if your suppliers don’t join the party. Here’s why you need that and how you can make it happen.
Agility demands suppliers moving in lockstep with retailers and the first step is visibility into demand and order status. Our conversations with more than a hundred retailers across the globe post-Covid show us that a majority of retailers still collaborate with suppliers using clunky systems of record, emails or standalone collaboration/productivity tools, none of which truly break down any walls. The walls exist for very good reasons.
Continue reading “Ninja Retail: Retailers & Suppliers, A Three Legged Race or Synchronized Swimming?”