Big Data Analytics in business process optimisation and automation

The optimisation and automation of business current processes are essential if fintech companies are to remain profitable, enhance the quality of their services, and improve overall business operations to stay competitive.

There’s a close interlinkage and interdependence between the optimisation and automation of business processes. In the current landscape, the automation of existing processes and repetitive tasks is the best way to optimise them. This is where Big Data Analytics, AI and ML take the stage.

Read to find out how these technologies can help solve most problems that exist in business process optimisation and make it more efficient.

Business process optimisation explained

Business process optimisation is a component of the business process management mechanisms of an organisation. It is a set of practices that fintech companies or other organisations can use to make optimum use of the available resources. Business process improvement (BPI) focuses on making incremental changes to existing workflows to enhance efficiency and effectiveness, while business process optimisation (BPO) aims for more comprehensive optimisation of entire business processes.

It includes the creation of streamlined platforms for human resources so that they can complete their tasks individually and collectively. They are also required, at times, to create large scale changes in different processes. Examples of business process optimisation include automating customer service operations, streamlining supply chain management, and enhancing data processing systems.

Business process optimisation aims to enhance organisational efficiency by focusing on individual processes and improving their standards.

Creating seamlessness in workflows, forecasting and adapting to probable changes along with accurate communication, are some of the vital facets of business process optimisation.

Fintech companies can optimise their business processes by identifying and analysing problems and devising solutions. This should be followed by the implementation and monitoring of the solutions that have been deployed.

However, optimal handling all of these tasks is quite a challenge. And this is where automation with the help of Big Data Analytics, AI and ML steps in.

The significance of automation in business process optimisation

By using automation, fintech companies can make better decisions, which are driven by the accurate analysis of data. Automation helps in reducing manual tasks such as data entry and approvals, thereby increasing efficiency and accuracy.

For example, the marketing processes of fintech companies receive a considerable boost by the use of automated processes powered with Artificial Intelligence, Machine Learning and Big Data Analytics. Similarly, fintech companies involved in equity and currency trading can use high-quality algorithms created after the analysis and processing of voluminous datasets to improve their operational efficiency.

The challenges in business process optimisation & automation

The various steps in process optimisation and optimising business processes are well-known but implementing them properly to leverage optimum solutions can be difficult. Optimising processes for different organisations mandates specific plans to counter the existing redundancies and problems. However, there are some challenges which are prevalent in the fintech industry and make the most significant overall impact.

Inability to identify problems

The identification of issues leading to decreased productivity in different complex processes, is the first step in optimising processes and making them more effective. Challenges in the accounts payable process, such as delays in approvals and inefficiencies in data handling, can significantly hinder business workflows. Many financial institutions and fintech companies are not able to achieve this, leading to continued inefficiency in operations. At times, major issues might be present in multiple processes making it difficult for them recover before considerable resources are wasted.

Wastage of resources

Numerous financial institutions and fintech companies fail to use their existing processes in the most profitable manner, which leads to substantial wastage. Creating optimised plans for using resources has always been a challenging task for financial institutions.

Issues in the management of human resources

When optimising business processes within a fintech company, substantial emphasis needs to be put on human resource management. Assessing and tracking the performance of employees using well-defined and relevant metrics is a crucial task, but many companies aren’t up to the mark in this area.

Improper handling of data

Optimising business processes requires fintech companies to make data-driven decisions at all times. Inaccurate analysis of datasets and the absence of substantial data can create chaotic situations. This is the case in many fintech companies.

Not using the most effective automation software

When companies begin automating their business processes, they need to make use of high-quality software solutions with capabilities suitable to their requirements. Failure to select the right automation software can be one of the biggest obstacles in optimising individual business processes.

How can Big Data help in business process optimisation & automation?

Fintech companies can reap numerous benefits by using Big Data Analytics, Machine Learning tools and Artificial Intelligence when optimising their business processes. Big Data Analytics can significantly enhance process efficiency by providing detailed insights and enabling data-driven decisions. Well-planned and accurate usage of these technologies can solve most problems that exist in business process optimisation and help fintech companies optimise business processes.

To implement business process optimization, it is crucial to adopt a structured and systematic approach. Identifying specific processes that require improvement, involving staff, and utilising software tools are essential steps in this assessment.

Identifying issues faster

All fintech companies need to focus on tracking the entire process to identify problems at the earliest opportunity. Continuous monitoring and improvement of optimised processes are crucial for aligning with business goals and adapting to changing circumstances. By using insights formulated after the processing of accurate datasets, fintech companies can be confident in their ability to detect issues and take measures to solve them.

Managing resources more effectively

Big Data Analytics can provide fintech companies detailed insights for the allocation and use of resources. By identifying core processes, fintech companies can ensure that resources are allocated to areas that will generate maximum profitability. The processing and analysis of data will allow them to ascertain the areas where resource allocation can generate maximum profitability.

As a result, wastage of resources will be prevented, leading to increase in revenues and more effective business processes.

Increasing process efficiency

The recruitment, as well as management of human resources, is one of the key areas of business process optimisation where Big Data analytics can play a vital role.

Using data sciences for employee recruitment and management can help you identify problematic areas in productivity. It enables you to hire talent in accordance with the needs of the business and predictive data models can be used to assess the performance of employees.

Improving data security

Fintech companies should use data management to create a centralised database facilitated by cloud-based platforms. Using role-based access methodology will ensure the security of data by preventing unauthorised access. All of this can be achieved by using relevant AI and ML tools.

Supercharging automation software

It is vital that fintech companies use automation software with Big Data analytics capabilities. Automation software must guarantee real-time tracking of processes to facilitate the resolution of bottlenecks before they get out of control.

The quality of automation that is incorporated in business processes greatly affects their efficiency. So, unless you have selected optimum software solutions, the results will not be as expected and the optimisation of your business processes will not be possible.

What’s the Spyrosoft’s approach to business process optimisation?

At Spyrosoft, we are dedicated to empowering our customers through cutting-edge business process optimisation and automation solutions.

Our team of experts in Big Data Analytics, artificial intelligence and machine learning are committed to transforming your business processes for greater efficiency, innovation and competitive advantage. Partner with us to unlock your organisation’s full potential and achieve sustainable growth.