5 Acronyms to Know and Understand as a Part of Digital Transformation

I have a confession to make. I HATE the ever-growing number of acronyms that the enterprise software industry uses. If managing your organization’s Digital Transformation isn’t enough of a challenge, we borderline make you learn a new language to understand our industry. So, I am going to break it down for you.

Here are the top 5 acronyms you should know and understand before heading down the path to Digital Transformation:

1. AI – Artificial Intelligence

Artificial Intelligence (AI) is often associated with systems that are self-aware, and capable of rational thought, like the Will Smith movie “I, Robot”. More practically, however, the enterprise software industry also uses the term to describe machines that mimic human intelligence.

How Does It Fit Within Your Digital Transformation Strategy?

A great way to explore the use of AI within your business is to leverage Optical Character Recognition (OCR) and Process Discovery Tools that leverage AI to automate tasks and provide valuable business insights. Capabilities to look for include:

• The Ability to Learn: Over time, the solution should be able to learn from the processes it interacts with to recognize patterns and become more effective.
• Use of Contextual Information: The tool should be able to gather context similar to how a human brain can and apply it.
• Validate Information and Self-Correct: The tool should be able to identify that the task is likely to be unsuccessful and either modify its approach or flag it as an exception.

Solutions that Utilize AI:

• Brainware
• ABBYY
• Kryon

2. BPM – Business Process Management

Business Process Management (BPM) tools enable you to optimize your processes with automated workflows and provide visibility to monitor your business’s overall health. BPM can be used to manage processes that follow a linear path and documents, or objects are routed throughout the organization by rules and logic.

How Does It Fit Within Your Digital Transformation Strategy?

BPM or Workflow is often the first step that organizations take on their automation journey. The tried-and-true method of electronically routing information allows you to instantly limit the amount of paper within your organization and increase visibility into process bottlenecks. When looking for a scalable Workflow solution, make sure that your solution includes:

• Point-and-Click Configuration: A configurable tool allows for quick automation for your business processes, and with no need for custom coding.
• Electronic Forms: Expedite your processes further by eliminating paper and improve information accuracy with features like required fields and data validation.
• Reporting Capabilities: Deliver real-time insights into your processes to identify opportunities for improvement and quickly respond to changes in performance.

Solutions that Utilize BPM:

• OnBase- Workflow

3. RAD – Rapid Application Development

Rapid Application Development (RAD) platforms, also known as low-code solutions, finally settle the adage of “Buy vs. Build”. With RAD solutions, you get the benefits of a custom solution that typically would have required custom coding, but with the speed of an off-the-shelf solution.

How Does It Fit Within Your Digital Transformation Strategy?

You can use these tools to quickly replace aging database applications while filling in the functionality gaps that exist between your line-of-business systems. A RAD application should give you the freedom to:

• Build Rather Than Code: You shouldn’t need to be a developer to create and extend your solutions. Training is certainly needed, but you should be able to leverage checkboxes, radio buttons, and drop-down menus to configure and change solutions.
• Minimize IT Sprawl: By minimizing the need for time-consuming, costly custom coding, and multiple niche vendors, you realize a lower total cost of ownership. Your IT team can also focus on bringing new solutions to life, rather than supporting a string of unrelated applications.
• Respond to the Business: Point-and-click configuration allows you to deliver solutions at the speed that end-users expect. You can also meet complex process needs or changing requirements and tailor solutions to specific business needs without custom coding.

Solutions that Utilize RAD

• OnBase- Case Management

4. RPA – Robotic Process Automation

Robotic Process Automation (RPA) refers to software that automates structured business processes. The robots act as virtual workers to complete business processes, just as a person would. However, they’re able to do it in less time, with greater accuracy, and at a fraction of the cost.

How Does It Fit Within Your Digital Transformation Strategy?

RPA can be used 24/7 behind the scenes to execute the high-volume, repetitive and time-consuming tasks. It can also help your team to leverage an attended bot that can automate tasks on demand. Set your RPA journey up for success with:

• Process Discovery: Using AI, machine learning, and neural networks, Process Discovery and Process Mining shows you exactly where to automate for a better ROI.
• Attended Automation: End-users can choose whether to have a Robot assist them in completing a task or do the task for them – directly from their desktop.
• Unattended Automation– Eliminate human oversight by assigning error-prone processes to your virtual workers to execute without intervention.

Solutions that Utilize RPA:

• Kryon

5. SaaS – Software as a Solution

Software as a service (SaaS) is a software distribution model in which a third-party provider hosts an application. It also makes them available over the Internet, versus being hosted on-premise. Often, SaaS solutions are also referred to as Cloud-hosted solutions.

How Does It Fit Within Your Digital Transformation Strategy?

The most obvious benefit of SaaS application is the infrastructure savings that comes with hosting in the cloud. However, they can also help you with:

• Scalability: SaaS solutions can evolve right along with your changing business needs. For example, they can scale to accommodate additional infrastructure and storage needs.
• Support of the Solution: The best cloud-based providers have service level agreements or SLAs. These SLAs mandate they address any issues immediately. Additionally, there is 24/7 support available in the event of any disruption to service.
• Security: The level of security provided by reputable data centers that run private, managed clouds is higher than the security an organization could practically provide or afford for itself.

SaaS Solutions:

• OnBase
• ABBYY
• Kryon

Would you like to learn more about the solutions that can help enable your digital transformation? Join us for a live webinar event, “Solutions to Enable Digital Transformation,” on June 23rd to learn more!