Today, every business and industry, be it SMBs or large enterprises, are working on transforming their workflow to recover and gain benefits in the coming years. A workflow is created whenever data is exchanged between the workforce and/or the systems. A Workflow is a sequence of orchestrated and repetitive tasks that processes a set of data. Effective workflows can transform a basic activity pattern to a processed form of task by systematically organizing resources to change materials, provide services, or process information into processes.
It is crucial to have seamless continuity to cope up with the market dynamics, and AI and Automation are used extensively to solve this purpose. Progressive entrepreneurs are looking to augment their core strengths and empower their people to utilize valuable time on essential tasks.
In a report recently published by Globe Newswire, the Global Workflow Automation and Optimization Software Industry is estimated to grow at a CAGR of 7.3% over the period 2020-2027 and reach 4 billion by 2027.
The impact of Workflow Automation will be seen in all the industry verticals, including Healthcare, Banking, Finance and Insurance, Manufacturing, etc. The Banking Sector is projected to reach US$454.7 with a CAGR of 8.1%, while the Education Sector is expected to grow by 8.5% CAGR in the coming seven years, in the global market including the US, China, Japan, Canada, Germany, etc.
Graph: CAGR (%) Growth on Different Industries due to Workflow Automation
In this blog, we share some of the trending domains that use Workflow Automation using Artificial Intelligence.
1.Impact On The Work From Home Environment
In recent times during COVID-19, all the organizations faced different challenges to cope up with the unprecedented tough times. For instance, to swiftly collaborate with teams in the work-from-home environment, business leaders are harnessing the power of Trello+Google. You can plan and organize your projects better and update the tasks on various G Suite Apps, like Google Drive, Hangout, Slides, or add Trello into your Google App with Gmail or Google Calendar.
2. Banking, Finance and Insurance Sector
The pandemic has brought a recession in every domain, and SMBs and large enterprises are looking for financial reprieve through loans and working on cost-cutting lines. Banks are using automated algorithms to check if the lender is qualified and funded for the different bank loan types. Due to sluggish economies and ongoing fallouts from the credit crunch, the banking industry is looking to gain business and save human resources expenses. For example, Kabbage offers an automated application that requires a connection with the bank account and gives credit to qualified applicants. It provides quick, accessible capital to business owners, and banks can streamline tasks with workflow automation and AI.
3. AI-based Applicant Tracking
It is indeed a tedious task to track a massive data record, and this is where essentially AI plays a significant role with Big Data Analytics Tools. Employers find it difficult to hire the best talent for their organization, which needs advanced decision-making skills for candidate profiling and ranking. The recruitment workflow is automated through Artificial Intelligence to find and quickly recruit the top talent effectively. It improves the quality of the hiring process and virtually screens and assesses the candidates. An Applicant Tracking System (ATS) by Skeeled uses powerful ranking algorithms to help Human Resource managers search for the top talent, according to their requirements. Employers can track the previous employee records and behavior and use it for future predictive modeling for future data analysis and decision making. The HR resources can save their time and invest their time on other strategies to improve the work culture and employee engagement.
Business endeavors are using different means of making and saving money to strive with a new zeal post-pandemic. It's the right time to switch to cost-effective and productive ways of automating workflows. Millennials are constantly on the lookout to launch lucrative and successful Minimal Viable Product or MVP at low-budget using various means of Automation using AI and Machine Learning.
There is enough evidence to support that AI and Automation are revamping the dynamic workflow in all the industry verticals. This blog highlights some of the prominent use cases to reinforce the benefits of automated workflows. The workforce's role cannot be overruled entirely, as they are essentially needed to monitor and support the IT team.
Do you feel intrigued to implement AI and Automation for quick and effective workflow in your organization?
Please share your insights on this topic and stay tuned to know more interesting facts and trends in this domain.