“Innovation leaders ultimately prefer best-of-breed and interoperability”
CHIEF INNOVATION OFFICER, ABBYY
“In 2022, more organizations will adopt digital intelligence technologies into their overarching digital transformation initiatives, as enterprises realize that these solutions illuminate paths to improved customer experience, reduce operating costs, and sharpen competitive advantage”
Predicting the future can be risky, especially the future of technology. However, there is one thing we know for certain that the adoption of AI has accelerated, and companies have significantly transformed how they operate; AI will continue to impact both our workplace and personal lives.
Every organization strives to achieve the smoothest and simplest online interaction with clients. In, 2022, we will be seeing a massive growth of prebuilt, plug-and-play niche technology platforms integrated into customer-facing platforms.
Seamless online interaction is embraced by the popularity of low-code/no-code (LCNC) and the emergence of composable technologies using out-of-the-box, plug-in software platforms that interact smoothly into the existing stack. It requires no developer knowledge, allowing the development of apps in days rather than months.
Low-code/no-code platforms are pre trained and pre-configured to process any customer request. These,apps will provide a much faster and more sophisticated level of service. Depending on the customer’s needs, they can be as a subset of a wider network or as an entire procedure. The option of integrating a whole process (a mini app) or just part of the process (a microapp) allows flexibility and greater efficiency through best-of-breed technologies prebuilt for specific industries.
A good example of the use of mini app in action is during customer onboarding, when proof of identity is the first hurdle. The customer will trigger the app to take them through tailored ID verification, before being automatically returned to finalize the rest of the onboarding process. But in some circumstances, a microapp may need to be called; this specialized prebuilt app provides a specialized experience around capturing and processing industry-specific document types. It’s all about quickly and easily building a high-level experience out of the best components and services.
The drivers & disruptors for the technology innovations
An outlook for 2022 wouldn’t be complete without talking about the market’s consolidation, threats, and opportunities. We’ve seen RPA and process mining vendors consolidate over the past couple of years, and I believe there’s room for more. Both technology capabilities are considered enablers within automation platforms rather than standalone pure-play solutions from when they first entered the market. Organizations need to be careful about standardizing all-in-one automation, intelligent document processing (IDP), and process mining solutions Innovation leaders ultimately prefer best-of-breed and interoperability.
Platforms are advancing at an amazing speed, with technologies like graphic processing unit capabilities, machine vision, and machine learning exploding at an astonishing rate. The opportunity lies in leveraging the services on the device and cloud rather than building it alone. It enables technology vendors to focus on solving customers’ problems through innovative solutions.
Aggressive adoption of advanced technologies for staying relevant and competitive
The democratization of development is the key to the future of digital business. And LCNC platforms that allow fewer technical workers to develop applications with little to no code experience are leading the charge to a world where developing applications has become an accessible skill for business executives. Instead of struggling with complex design and setup tools, training, business rules, and more, this technology has prebuilt to deliver an easily consumable and deployable skill.
LCNC empowers citizen developers to have more control within intelligent automation initiatives and quickly get started with all types of high-value use cases that move the business forward, such as invoice processing, accounts receivable, claims processing, mortgage lending, and customer onboarding. It drives change across the entire organization by enabling business owners to digitize operations faster without relying completely on IT. With LCNC, we derive critical insights from documents on a large scale. Through empowering individual users, it allows business leaders to accelerate automation strategies, improve customer experience, lower risk, and increase productivity.
LCNC, plug-in technologies also save a fortune in systems development and accelerate time to market, dramatically improving the overall customer experience – the number one priority for business in 2022.
Additionally, in terms of drivers, the developer shortage is a big driver behind the use of low-code application platforms (LCAPs), with the profession facing a shortfall of more than 35% by 2025.
However, another important factor is the value that LCAPs bring to both company savings/efficiency and improved customer experience.
Another driver for the use of LCAPs is that companies prefer to opt for best-of-breed technologies to build their business processes, that easily accessible out-of-the-box platforms fit well for achieving maximum proficiency and speed with digital transformation. Furthermore, these platforms are becoming more easily available through online digital marketplaces, where drag-and-drop technology is accessed on a try before you buy basis.
Another growing area within LCAPs is adding content intelligence skills to RPA to understand, extract and classify content without being an expert in machine learning. For example, an accounts payable analyst could add a pre-trained invoice processing skill to enable the bot to read and understand fields within invoices.
In 2022, more organizations will adopt digital intelligence technologies into their overarching digital transformation initiatives, as enterprises realize that these solutions illuminate paths to improved customer experience, reduce operating costs, and sharpen competitive advantage.