LLMs generate process knowledge, more finance functions adopt AI – PEX Research & Reports News

PEX Network’s weekly news bulletin rounds up the latest research, reports and publications in operational excellence (OPEX), digital transformation, artificial intelligence (AI) and automation, business process management (BPM), process mining and process intelligence and more. This week includes: LLMs generate process knowledge from enterprise content Over half of finance functions using AI in 2024 Academics measure, analyze and manage process complexity Businesses yet to reap benefits of digital transformation investment Join the PEX Network community Don't miss any news, updates or insider tips from PEX Network by getting them delivered to your inbox. Sign up to our newsletter and join our community of experts. Learn More LLMs generate process knowledge from enterprise content A new research paper examined a BPM system that leverages generative AI large language models (LLMs) for process knowledge. Based on the development of their prototype, the researchers observed that LLMs provide the means to organize and generate process knowledge independent of specific forms of representation. “LLMs have disrupted knowledge work in many application areas. Accordingly, the BPM community has started to explore how LLMs can be leveraged, resulting in a variety of promising research directions across the BPM lifecycle,” the authors wrote. However, despite rapid adoption in practice and strong research interest, little is known about the actual design of BPM systems that leverage LLMs in organizational contexts, they added. “In this paper, we report on design science-based research in collaboration with a large multinational company to design a BPM system that leverages LLMs for process knowledge extraction from diverse enterprise content. We present a conceptual framework that describes the role of LLMs in generating process knowledge from diverse input formats and, in turn, making it available in diverse output formats via prompting, resulting in representation-agnostic process knowledge.” Over half of finance functions using AI in 2024 The adoption of AI by finance functions has increased significantly in the past year with 58 percent using the technology in 2024. This is a rise of 21 percent from 2023, according to a new survey by Gartner, Inc. The analyst giant surveyed 121 finance leaders to understand their use of AI technologies for the finance function. Four main use cases stood out amongst those adopting AI in finance: Intelligent process automation (used by 44 percent of finance functions). Anomaly and error detection (used by 39 percent). Analytics (used by 28 percent). Operational assistance and augmentation (used by 27 percent). “AI adoption in the finance function is advancing quickly,” said Marco Steecker, senior director, research in the Gartner finance practice. “It’s also encouraging to note that two-thirds of finance leaders feel more optimistic about AI’s impact than they did a year ago, particularly among those who have already made progress leveraging AI solutions.” Thought leader Doug Shannon discusses the impact of AI on intelligent automation Academics measure, analyze and manage process complexity A newly published research paper examined measuring, analyzing and managing process complexity to help optimize workflows and boost operational performance. “BPM is pivotal in improving organizational operations, yet struggles with the inherent complexity of business processes that can escalate costs and reduce efficiency and adaptability,” it read. The research introduced novel metrics based on graph entropy that capture multiple dimensions such as size, variation and distance, augmenting them with the data perspective to improve understanding of process complexity. “Measuring complexity involves developing metrics that capture the multifaceted nature of business processes, utilizing event logs that provide empirical data on process executions,” the author wrote. Analyzing complexity uses these metrics to evaluate the impact on process performance and explores event log filtering techniques and tools like log-delta analysis to gain deeper insights, they added. “Managing complexity includes employing process automation and innovative technologies like LLMs.” Businesses yet to reap benefits of digital transformation investment Many organizations are yet to see improved productivity or digital maturity despite increasing their investment in digital transformation. That’s according to Docusign’s Digital Maturity Report 2024, which found that, in spite of digital tools and technologies, businesses are still being hindered by inefficiencies of manual processes and low-value work. They expect AI to provide relief, but lack sufficient resources to build expertise in this area, it also revealed. Almost three-quarters (72 percent) of surveyed business decision-makers reported having a skills gap when it comes to digital transformation. This is up from 69 percent in 2023. Skills gaps around AI (63 percent) and data analytics (62 percent) are causing the biggest issues, the survey discovered. More than half (53 percent) of respondents said they are unable to deliver effectively against the day-to-day operational technology imperatives due to not having enough talent, while 55 percent are unable to do things that are part of their strategic plan. What’s more, 52 percent admitted they are not well equipped to orientate their business for the long-term with 55 percent having actively lost talent because of market conditions. Nao Anthony, Commonwealth Bank, and Tariq Munir, PepsiCo, discuss the complexities and challenges of digital transformation READ MORE PEX RESEARCH & REPORTS NEWS AI reshapes BPM, process mining & digital transformation support sustainability FOMO drives AI adoption, process mining reveals valuable HR & well-being insights Generative AI success sparks increased investment, intelligent automation reshapes operational paradigms

LLMs generate process knowledge, more finance functions adopt AI – PEX Research & Reports News

Academics measure, analyze and manage process complexity while businesses are yet to reap the benefits of digital transformation

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