Intelligent Process Automation- Discovering the Smart Way of Executing Business Processes
Intelligent Process Automation is defined as the application and implementation of emerging artificial intelligence (AI), machine learning, cognitive automation, and other technology to automate or remove time-consuming, repetitive tasks that otherwise would have to be performed manually by an organizational employee.
The key objective of Intelligent Process Automation is to closely mimic human activity and behavior by learning and improving performance through experience with the help of intelligent software algorithms. Manually performing business processes and tasks can not only be extremely time-consuming but can also lead to errors and mistakes which can be extremely detrimental to the business as a whole.
The market for intelligent process automation is estimated to reach a total market value of $13.75 billion by the year 2023, with a Compound Annual Growth Rate (CAGR) of 12.9%. It can be used to automate and better execute tasks using intelligent technology; which will benefit your organization operationally and financially.
Having a wide variety of potential benefits such as improved customer interaction response times, intelligent automation offers better customer service, client relationships, employee performance, and enhanced organizational efficiency and productivity.
Benefits and Value of Intelligent Process Automation:
1. Task Automation
Task automation is defined as the implementation of digital software and tools to simplify and streamline complex tasks through automation. Intelligent Process Automation can automatically perform routine, monotonous business processes which would have previously had to have been performed by one of your business’s employees. This allows employees to spend their valuable time performing more intellectually stimulating, higher-level organizational tasks.
2. Reduced Data Processing Errors
Manually performing tasks is not only monotonous but can also lead to disastrous data processing inaccuracies if entered wrong due to human error. Therefore, by removing the human input element of data processing, manual errors such as inaccurate data input or misnamed data records can be easily avoided.
Cloud-based centralized databases can be used to verify all the information in a record so that information can be made as accurate as possible. This also ensures that documents are now mistaken with other files and that there is uniformity in the way that organizational and consumer data is represented.
Tasks such as filling forms, assigning financial and human resources based on availability, sending automatically generated emails and notifications and data retrieval can now be performed almost completely independently.
3. Reduced Operational Costs and Production Times
With Intelligent Process Automation, comes an automatic increase in organizational productivity and efficiency. AI, Machine Learning, and robotic technology can not only eliminate the possibility of potential errors but can also radically speed up the process of performing business processes.
Organizational tasks that would previously require a human employee a substantial amount of time to perform can now be automatically completed by digital technology within seconds.
In the case of industries in which potential safety hazards and injuries are prevalent and can potentially disrupt production cycles, digital motorized technology that can perform tasks with fail-safe mechanisms can significantly improve safety and reduce the amount of supply chain disruptions.
Automation can be used to automate every step of the supply chain process, from manufacturing to delivery. With its help, organizations can significantly increase the volume of workload that they can handle on a day-to-day basis. This is due to the shorter workflow cycle that is created due to reduced production times; which can also help exponentially increase your business’s overall productivity.
4. Better Customer Experience and Satisfaction
Customer service is commonly known as the most important aspect of managing and developing a successful organization. In fact, according to research conducted by Microsoft, 90% of respondents indicated that good customer service was an important factor for their choice and loyalty towards a particular brand.
During customer interactions, there are many different potential opportunities to make significant mistakes that can jeopardize customer relationships. However, Intelligent Process Automation software can monitor, analyze and verify every step of the consumer interaction by comparing data with a cloud-based database.
With verification and authentication strategies in place, common errors such as mistyped information, non-verification of personal customer data, and overlooked customer applications and concerns can be easily detected and resolved. Predictive analysis technology can even be used to predict potential consumer queries or concerns before they are received so that you can best serve your business’s customers.
5. Better Compliance Strategies
To sustain and develop success in our modern business landscape, businesses must have comprehensive and holistic compliance strategies and action plans. Studies show that compliance audits and procedures at regular time intervals have saved businesses $2.86 million on average.
However, manually keeping track of data encryption and security, digital privacy, record retention, financial regulation, and sales policies can prove to be extremely hectic and ineffective. However, Intelligent Process Automation technology can be used to ensure that rules and regulations set by your organization and governing regulatory bodies are automatically being followed.
Moreover, once compliance data and information has been integrated and established with Intelligent Process Automation tools and features, compliance audits can be conducted automatically without the constant interference of a company official. Analytical tools such as pattern matching and full-text matching can be used to avoid potentially disastrous compliance issues.
Automate Your Business Processes with Intelligent Process Automation
According to a McKinsey report, 45% of all paid activities can be automated by modern digital technology, which is equivalent to approximately $2 trillion in annual wages. Intelligent Process Automation is currently revolutionizing the modern business landscape.
Businesses are no longer tasked with performing repetitive tasks that can easily be automated. With this automation, employees can achieve much more within their organizations.
Subsequent customer experiences and compliance strategies can now be much more refined and tailored to best suit the organization’s needs. Modern businesses should take advantage of the multitude of benefits that Intelligent Process Automation has to offer.