How Automation Of Business Processes And Data Science Research Run
Below I’d like to share some of the most successful practices implementing BPA solutions and conducting Data Science research projects that we worked out at 482.Labs.
How Do You Automate Business And Why?
The main focus in every R&D project we conduct is always aimed at the business aims. In simple words, we help enterprises understand their data streams better and thus make better decisions in marketing, strategy or production. We also make lives of employees and top management easier, minimizing routine tasks and providing them with new actionable data to work with.
Drilling down into the details, we first develop mathematical models and algorithms that help us make sense of the existing data streams. Based upon them are developed specific instruments that make the automation possible:
- Total Quality Management
- Business intelligence tools
- Contract Management tools
- Document automation tools
- Logistics automation tools
- Security management system
- Issue-tracking systems
- Decision support system
- Enterprise resource planning
Where previously were spent hours of human work, now powerful machine learning algorithms and software solutions do all the job faster and better. Most important here is that BPA doesn’t replace people — it only makes them more productive, powerful and smarter.
BPA in Banking
The manual processing of data in banking industry is costly and slow, and it can lead to inconsistent results and a high error rate. Business automation solutions can rescue these back-office procedures from needless expense and errors. Specifically the solutions include:
- BI systems for various departments
- Debt-management systems
- Credit scoring models development and their automation
Even small tweaks in bank operations processes can save a lot of employee time and wasted resources.
BPA in Insurance
In the rise of digitization and machine learning, insurance companies are getting more automatable. Same as in banking, the manual calculations are getting too complex and multiple to be conducted manually. The forecasts predict a significant shrinking of the workforce in insurance industry by 2025, which makes it a race for the companies to get to that point first.
BPA in Retail
Customers’ expectations are growing higher, economic pressures push them to do more with less, and each day new competition appears. Addressing that rapid pace of change is both the biggest challenge and the biggest opportunity of the retail companies. It’s calculated that 47 percent of a retail salesperson’s activities have the technical potential to be automated. The solutions automating retail process include:
- orders tracking systems
- sales pipeline automation and analytics
- advanced and customized visitors and traffic analysis
- development / integration of E-Commerce software & omni-channel solutions
BPA in Logistics
Talking about logistics automation, we are speaking about all of the automation features available to manage the transportation and freight departments. Lots of manual work and routine is to be replaced here by smart IT logistics models running on machine learning algorithms.
Practical Business Automation Implementation:
At 482.Labs we develop BPA systems in the context of Data Science. That is because of the importance of the data streams analyzed during the development and of the focus on business values. The whole BPA solutions development process is also based on CRISP-DM (Cross-Industry Standard Process for Data Mining).
Simplified, the process of development and implementation looks as follows:
- Business Understanding: 20–30 days
- Data Exploration: 20–60 days
- Data Understanding: 20–30 days
- Modeling: 30–90 days
- Evaluation: 20–30 days
- Deployment: 20–30 days
Estimating And Receiving ROI From BPA
Business process automation solutions, even though R&D heavy, have a quite straightforward and often fast return on investment. It is achieved due to the following factors:
- Optimization of the enterprise communication
- Minimizing the waste due to the “human-factor”
- Developing the processes of the forced accountability
- Transparent business processes which allow tracking of the results
- Providing clear decision making hierarchy and shifting it towards being data-driven
Our experience shows that implementing complex BPA solutions for SMBs brings from $150 000 to $350 000 of the additional revenues, depending on the business size, while the ROI during the first year is between 30% and 300%. On average it takes from 12 to 36 months for the BPA solutions to cover one hundred percent of their costs.
Why Outsource BPA Development To Remote R&D Center
Business process automation and data science projects belong to the “Rocket Science” ones, being very much not standard and requiring lots of cross-domain expertise. Therefore, BPA is one of the development directions of enterprises which is outsourced.
Large R&D centers like 482.Labs have the advantage of providing a vast infrastructure which serves the development. Working remotely from the clients, 482.Labs take all of the risks associated with the R&D process and don’t cause any disruption inside the enterprise until the moment the solutions are ready to be implemented. We also strive to become long-term technology partners, providing continuous improvements and maintenance of our solutions.