Abstract
Artificial Intelligence (AI) is gaining a strong momentum in business leading to novel business models and triggering business process innovation. This article reviews key AI technologies such as machine learning, decision theory, and intelligent search and discusses their role in business process innovation. Besides discussing potential benefits, it also identifies sources of potential risks and discusses a blueprint for the quantification and control of AI-related operational risk.
Highlights
Recent years have seen many successful applications of artificial intelligence (AI) technology, accompanied by a strong interest of the public in their impact
We review selected key Artificial Intelligence (AI) technologies and their potential benefits and risks in business process management (BPM)
Machine learning is very interesting for business process management as it can detect patterns, i.e., functions that relate input with output, which have remained unnoticed by humans
Summary
Recent years have seen many successful applications of artificial intelligence (AI) technology, accompanied by a strong interest of the public in their impact. Humans have been responsible for the activities that drive the process from data gathering via prediction and decision making to selection of the action(s) to be executed. AI can deal with huge amounts of data, it is widely applicable and replicable, and it can achieve full automation This makes it often a technology of choice as it is a cost-effective way to improve the efficiency of business processes. Jana Koehler: Business Process Innovation with Artificial Intelligence: Levering Benefits and Controlling Operational Risks algorithms We discuss how these AI technologies support the forecast-conclude- behave cycle and discuss opportunities and benefits.
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