TECHNOLOGICAL EVOLUTION IN BPS
In the last 10 years the technology component got more into focus. Bolt-ons to ERP systems, various generations of OCR software to capture structured data, Artificial Intelligence for interpreting unstructured data, and Robotics Process Automation (RPA) all contributed to the continuous improvement of business processes. However, the big disruption and predicted replacement of human workers by technology has not occurred. The ongoing battle for talents and retirement of Boomers in the global North demonstrates the need for more efficient processes. It's no longer about cost savings and redundancy but about getting the work done effectively. The Potential of Generative AI
Will AI revolutionize industrialized business processes? What is needed to make it happen? When can we expect what? We are 18 months into GenAI and ChatGPT being publicly available. Our dedicated SPS B2B-systems hosted in the private cloud in Switzerland have been operational for about 6 months. Many Proofs of Concepts (POCs) and pilot projects are in progress; however we are lacking scalable life cases, especially when it comes to industrialized Business Process Services. Many anticipated a quicker impact on transaction volumes and outcomes, so the initial progress might be slower than expected. We are likely to see further investments, progress, and an increase in automation rates through improved LLMs (Large Language Models). But this is not sufficient to run critical business process. For instance, processing a bank payment and capturing data from the payment form, requires more than ChatGPT's ability to "guess" the amount in various formats (100,00 or 100.00 or 100, - or 100 or -100- or hundred or…). t demands an accuracy and quality of 95-99% at the field level. This level of quality assurance systems is something SPS is investing in together with workflow systems to process transactions.
THE FUTURE OF BPS WITH GENAI
I am convinced that GenAI can reshape the BPS industry. The developments are tremendous, but the involved cultural, social, and legal risks need to be managed simultaneously.
In our industry it is not about a game you must win. It’s about the game you play! You always need to try to get better, this is what continuous improvement is all about. Consequently, it is our mission at SPS to be the thought leader in the industrialized usage of GenAI in Business Processing – with energy and passion, with investments and with realism.
Despite technological advances, human interaction and in-depth process expertise remains crucial in all complex business processes. Simple transactions are automated already. This journey will continue. But the moments that truly matter will still require a human touch. With rising expectations, customers are not only looking for fixes and answers, but understanding and engagement to be positively surprised. For Enterprises this is a unique opportunity for up- and cross-selling.
