Business process services in the era of generative artificial intelligence

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Business process services in the era of generative artificial intelligence

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In today's fast-paced business landscape, staying ahead requires more than just keeping up with the latest trends—it demands innovation. This is particularly true in the realm of BPS, where efficiency, accuracy, and adaptability reign supreme. In our latest special report, we delve into the transformative power of GenAI and its profound implications for the future of BPS.

What’s Inside

  1. The current state of BPS
  2. How GenAI can solve current BPS challenges
  3. Quantifying the financial impact of GenAI
  4. How GenAI can transform BPS
  5. Addressing GenAI implementation challenges
  6. How to measure the financial impact of GenAI
  7. Current state of GenAI adoption in BPS
  8. How GenAI may reshape the BPS industry
  9. The future: The GenAI-Enhanced evolution of BPS

In today’s fast-paced business landscape, staying ahead requires more than just keeping up with the latest trends—it demands innovation. This is particularly true in the realm of Business Process Services (BPS), where efficiency, accuracy, and adaptability reign supreme. In our latest special report, “Business Process Services in the Era of Generative Artificial Intelligence,” we delve into the transformative power of Generative Artificial Intelligence (GenAI) and its profound implications for the future of BPS.

Current state of BPS

We analyze the current state of BPS, highlighting its strengths and limitations. Traditional approaches have undoubtedly improved operational efficiency, but they often fall short in handling complex tasks that require nuanced decision-making and adaptability.

Unlocking solutions with GenAI

Enter Generative AI—a game-changer in the world of BPS. We explore how GenAI offers innovative solutions to longstanding challenges, from streamlining repetitive tasks to enhancing decision-making processes. By harnessing the power of machine learning and natural language processing, GenAI empowers organizations to automate workflows, optimize resource allocation, and drive unprecedented levels of efficiency.

GenAI implementation challenges

Navigate hurdles of GenAI adoption with strategies for data governance, technical integration, and fostering a culture of AI acceptance. Our paper equips readers to overcome obstacles, ensuring successful implementation and maximizing the transformative potential of AI in BPS.

Reshaping BPS

We delve into how GenAI is reshaping BPS as we know it. From revolutionizing customer service with chatbots to automating document processing tasks, the potential applications are limitless. By augmenting human capabilities with AI-driven insights, organizations can elevate their BPS capabilities to new heights, unlocking untapped value and gaining a competitive edge in the process.

While low complexity tasks in BPS may be fully automated by GenAI, the consequent vacuum created will be filled.

Measuring financial impact

But how do we quantify the financial impact of GenAI adoption? We explore this question in detail, outlining key metrics and methodologies for assessing ROI. Whether it is through cost savings, revenue generation, or enhanced customer satisfaction, the benefits of GenAI are tangible and far-reaching.

The future of BPS

Looking ahead, we paint a compelling picture of the future of BPS with GenAI at its core. As organizations embrace AI-driven automation and innovation, we envision a landscape where BPS becomes synonymous with efficiency, agility, and strategic value creation. By leveraging GenAI to its fullest potential, businesses can future-proof their operations and thrive in an era of unprecedented digital transformation.

” Business Process Services in the Era of Generative Artificial Intelligence ” offers a comprehensive exploration of the transformative potential of GenAI in the realm of Business Process Services. From addressing current challenges to envisioning future opportunities, this paper serves as a roadmap for organizations looking to harness the power of AI to drive meaningful change and unlock new possibilities. Join us on this journey as we redefine the future of BPS together.

Credits
Author@lab45: Ankit Pandey

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The platform ecosystem business model: A blueprint for enterprises. Part 1

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The platform ecosystem business model: A blueprint for enterprises. Part 1

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Platform ecosystems are defined as open or closed networks where an orchestrator mediates relationships between a diverse set of complementary stakeholders. Orchestrators receive benefit from both accrued value in the platform ecosystem and in barriers to entry that ecosystems create for potential competitors. Platform ecosystems are also defined by a collaborative strategy that aims to create value for all stakeholders, including customers, partners, suppliers, and competitors.

What's inside

  1. Platform ecosystem overview
  2. Structure of Platform ecosystem
  3. Platform ecosystem typologies
  4. The rise of ecosystem orchestrator

Platform ecosystem overview

Platform ecosystem business models (platform ecosystem) have evolved in response to expanding business interconnection and complexity. They depart from traditional business models that emphasize internal control and efficiency. They establish and utilize connections with ecosystem stakeholders, who are independent actors, to produce value. They aim to establish a network effect that produces more value than any single entity could provide. Download Complete Research

They, ideally, conduct the following:

  1. Recruit multiple participants. At least one member acts as the orchestrator of the participants.
  2. Provide enterprises a structure for working together.
  3. Leverage the advantages and skills of related enterprises, groups, and participants in the ecosystem.
  4. Remove obstacles from the user journey and create additional value through ease of use.
  5. Enable every participant to use state-of-the-art technologies and systems to fulfil their individual needs.
  6. The orchestrator leverages the total value created by the platform ecosystem to benefit their business model.
  7. All stakeholders in the ecosystem also benefit from the value created by the ecosystem.

Structure of platform ecosystem

The essential elements of ecosystem business models are:

Suppliers(n): Businesses or institutions that provide the materials, components, or logistical support.

Orchestrator(Only one): Coordinates and controls the interactions between various ecosystem participants, such as suppliers and complementors, to add value for customers and foster the ecosystem's overall growth.

Complementors(n): Offer additional goods or services to the orchestrator's offers.

Customers(n): End-users or beneficiaries.

Ecosystem platforms rely on network effects to grow and prosper since they boost the platform's value as more users join and interact with the ecosystem. Network effects create a positive feedback loop that improves the overall value proposition is created as the user base expands and draws in new developers and enterprises to offer their services. Download Complete Research

Platform ecosystem typologies

Today, organizations across industries are exploring the potential of ecosystems to create additional value and minimize capital-intensive internal processes.

The business landscape is now characterized as the "age of business ecosystems," where enterprises that adopt ecosystems are better positioned to drive innovation and capital efficiency, and thus create more value for customers.

Partnership ecosystem: Partners within an organization work together to realize common objectives, capitalize on one another’s advantages, and co-create value.
Examples: Disney-Marvel, Amazon-Whole Foods Market

Aggregator marketplace ecosystem: A platform-based environment that brings together a variety of suppliers and buyers, facilitating transactions and generating value for all parties.
Examples: Amazon, Airbnb

Growth/expansion ecosystem: This ecosystem gives firms the resources to grow their operations and penetrate new markets. Resources include capital, knowledge, collaborations, and infrastructure.
Example: Uber expanding to Uber eats

Orchestrator ecosystem: A platform or network that facilitates transactions between ecosystem partners. In addition to setting up the infrastructure and tools needed for participants to work together and add value, the orchestrator also defines rules, standards, and protocols.
Example: AWS marketplace

Supply chain ecosystem: Enterprises leverage their existing capabilities (value chain ecosystem) to create an ecosystem of suppliers and partners to support their operations and growth.
Example: Apple’s supply chain ecosystem, Dell’s Direct Model

Community-based ecosystem: Businesses that are create social and environmental impact alongside financial goals.
Examples: Amul, Patagonia

Crowdsourcing ecosystem: Ecosystems that enable individuals to collectively contribute their knowledge, skills, and resources towards solving problems, generating ideas, or completing tasks.
Example: OpenStreetMap, Kickstarter

Technology/Innovator platform-based ecosystem: Ecosystem of interconnected IT resources that can function as a unit. Comprised of suppliers, customers, applications, and third-party service providers.
Example: SAP platform, Apple iOS ecosystem

The Rise of the ecosystem orchestrator

Ecosystem orchestrators create strategic partnerships and alliances to connect companies in a value chain.

They offer products and services that are mostly limited to their original product range and they share customers and data with their partners.

Orchestrators connects various stakeholders and create shared value for an ecosystem community.

They take on the risk, complexity, and challenges of supporting stakeholders. They enable others to create and sell goods and services through their ecosystem platform. They maintain a high level of quality within their ecosystem. Download Complete Research

Their roles are as follows:

  • They create platforms that drive exceptional customer experiences.
  • They define the reference architecture, creating the “true north” for ecosystem participants.
  • They collaborate with their partners to co-create and integrate services that address business issues and deliver valuable outcomes.
  • They ensure they are delivering differentiated customer experiences.

Platform ecosystem business models have proven to be a powerful modality, both for creating value and fostering collaboration among stakeholders.

Niche players in emerging industries may find it challenging to participate in global transactions or initiatives independently, but when positioning themselves within the ecosystem they can leverage the broader ecosystem’s resources or network effect to engage in larger endeavours and expand their customer reach.

Larger enterprises that struggle with agility in producing niche goods can benefit from partnerships with more nimble businesses within ecosystems. They can gain access to specialized knowledge and capabilities that enable them to deploy innovative products to market at speed.

As technology continues to reshape businesses and economies, the importance of platform ecosystem business models are expected to grow. Competent management of platform ecosystems will be a defining characteristic of successful leadership teams. Platform ecosystem owners can enhance their operations and user experience by establishing effective feedback channels. Download Complete Research

Credits
Author@lab45: Poonam Pawar
Contributing Author: Hussain S Nayak

Top trending insights

The platform ecosystem business model: A blueprint for enterprises. Part 2

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23:47 Minutes The average duration of a captivating reports.

Special reports

Special reports: POV’s are in depth business reports that help leaders make key decisions.

The platform ecosystem business model: A blueprint for enterprises. Part 2

Access full article and
ignite inspiration within

Download Special Report

Platform ecosystems are defined as open or closed networks where an orchestrator mediates relationships between a diverse set of complementary stakeholders. Orchestrators receive benefit from both accrued value in the platform ecosystem and in barriers to entry that ecosystems create for potential competitors. Platform ecosystems are also defined by a collaborative strategy that aims to create value for all stakeholders, including customers, partners, suppliers, and competitors.

What's inside

  1. How are ecosystem business models helping enterprises?
  2. How do enterprises mastering ecosystems drive transformational growth?
  3. How to build ecosystem in eight steps
  4. Transformative trends redefined

How are ecosystem business models helping enterprises

Ecosystem business models offer diverse benefits, as described in part one. A brief summary can be found below:

  • Agility and adaptability: Ecosystems can adapt swiftly to shifting market circumstances due to effective collaboration across a broad set of partners.
  • Access to innovation and technology: Diverse set of collaborators enables access to new ideas, technology, and innovation.
  • Improved customer experience: Seamless integration of services and goods provides ease in creating value and results in better customer experience and satisfaction.
  • Cost reduction and operational efficiency: Shared resources, distribution networks, and economies of scale reduce redundancies, create cost savings and optimize operations.
  • Market expansion: Leveraging the reach of a given ecosystem, businesses can increase their total market reach and gain access to new clients.
  • Additional income streams: Ecosystems offer the potential for additional income streams through cross-selling and value-added services. Download Complete Research

How do enterprises mastering ecosystems drive transformational growth?

For enterprises seeking to adopt an ecosystem model, the key factors of success are listed below:

How to build an ecosystem in eight steps

The following are the identified eight steps to develop an ecosystem business model:

Transformative trends redefined

The key trends in ecosystems business models being adopted by enterprises at present are as follows:

  1. Collaboration among competitors: More businesses are collaborating with their rivals to expand their ecosystems.
    Example: Apple and IBM collaborate to create business apps, and General Motors and Lyft collaborate to create autonomous ride-sharing services.
  2. The emergence of consortium-based platform-based ecosystems: Many firms are shifting towards platform-based ecosystems to interact and collaborate with their partners and clients.
    Example: AWS offers a platform for enterprises to host their apps and data.
  3. Increased focus on customer experience: A smooth, intuitive, and appealing customer experience across all touchpoints is a growing area of enterprise focus.
    Example: Apple has created an ecosystem that integrates its devices, software, and services seamlessly.
  4. Adoption of AI and autonomous systems: Automation and AI are used more frequently in business ecosystems to boost efficiency and streamline procedures.
    Example: Siemens leverages AI to instantly improve the operation of its gas turbines within its broader ecosystem.
  5. Rise of open innovation: More enterprises are embracing open innovation to collaborate with external customers, suppliers, and startups.
    Example: GE's Ecomagination program, which collaborates with entrepreneurs to hasten clean energy technology development.
  6. Emphasis on sustainability and social impact: Businesses are incorporating sustainability and social impact into their ecosystem strategy as ESG becomes more prevalent across enterprises.
    Example: Unilever has a Sustainable Living Plan that aims to improve stakeholder health and well-being and minimize the company’s carbon footprint. Download Complete Research

Credits
Author@lab45: Poonam Pawar
Contributing Author: Hussain S Nayak

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