Intelligent automation is becoming increasingly essential for businesses striving to enhance performance and cut costs. This technology automates repetitive and time-intensive tasks, allowing companies to allocate their resources more efficiently toward strategic initiatives. According to Gartner, the integration of hyper-automation technologies with redesigned operational processes is projected to reduce operational costs by 30% for organizations by 2024.
Intelligent Process Automation (IPA) stands out as a potent tool for companies aiming to streamline and optimize their workflows, offering a promising avenue to reshape the future of business operations.
In this article, we will delve into the tangible benefits of intelligent automation for both SMBs and enterprises, illustrating how it can drive growth and success.
Intelligent Automation Definition
Intelligent automation definition refers to the integration of advanced technologies such as AI, machine learning, and robotic process automation to automate complex business processes that were once performed by humans. This approach combines human and machine intelligence to optimize efficiency, accuracy, and productivity in various industries.
The most important components of intelligent automation technology include:
- Artificial Intelligence (AI) enables machines to perform cognitive tasks, e.g. understanding natural language, recognizing patterns, and making decisions. AI-powered algorithms can be used to automate complex tasks and optimize decision-making.
- Intelligent Robotic Process Automation (RPA) uses rules-based logic to automate repetitive tasks such as data entry, invoice processing, and report generation, freeing up employees’ time to focus on higher-level tasks.
- Machine Learning (ML) enables machines to learn from data and improve over time. ML algorithms can be used to identify patterns and make predictions, enabling organizations to automate decision-making processes.
- Natural Language Processing (NLP) enables machines to understand and interpret human language. NLP can be used to automate tasks such as customer service and support, helping organizations provide quick and efficient responses to various queries and FAQs.
- Cognitive Computing combines various AI technologies, such as ML, NLP, and reasoning, to mimic the way humans think and make decisions. Cognitive computing can also be applied to automate complex tasks and improve decision-making processes.
The Value of Intelligent Automation for Businesses
Intelligent process automation (IPA) is a subset of intelligent automation that specifically focuses on enhancing business processes. Nevertheless, it also combines advanced technologies to streamline and optimize operations.
Unlike general intelligent workflow automation, which can be applied to a wide range of industries and use cases, IPA is designed specifically for business processes. It typically involves the automation of repetitive, rule-based tasks, such as data entry, invoice processing, and report generation. By opting for intelligent automation services, organizations can free up employees’ time to better focus on issues that require human expertise, such as analysis, strategy development and decision-making.
Another key difference between IPA and general IA is that the former is typically more focused on end-to-end process automation. This means that it is designed to deal with entire workflows, rather than just individual tasks. For example, intelligent process automation solutions might influence the entire order-to-cash process, from receiving an order to invoicing and payment.
Intelligent Automation Vs RPA for SMBs
While choosing the best solution for your business, it’s usually difficult to answer the question, “How does robotic process automation differ from intelligent automation?” This is why, we decided to provide you with the most comprehensive and clear answer.
The key difference between IA and robotic process automation is their level of complexity. RPA is a relatively simple technology which is easy to implement—it does not require a high degree of technical expertise. Intelligent automation technology, on the other hand, is more complex and requires advanced knowledge of AI, machine learning, and so on. Implementing intelligent automation systems requires a high degree of technical expertise and may require significant investment in technology and infrastructure.
While RPA and IA share some similarities, they are fundamentally different technologies. RPA is a specific type of automation technology that is focused on specific tasks within a larger process. At the same time, intelligent automation is a much broader term that refers to the integration of multiple technologies and automating of complex business processes end-to-end.
What is the Real Value to Expect for Business?
Small and medium-sized businesses face unique challenges when it comes to improving efficiency and productivity. They often have limited resources and smaller budgets, which can make it difficult to invest in new technologies or hire additional staff. This is where intelligent automation software can make a real difference for SMBs. Here are some of the real values to expect from applying IPA solutions.
Increased Efficiency. Intelligent automation systems can help SMBs streamline their business processes by taking care of repetitive tasks. This means that employees can focus on higher-level issues or just decrease staff turnover because of high load. By reducing the amount of time employees spend on repetitive tasks, SMBs can improve overall efficiency and productivity.
Improved Accuracy. Manual data entry and other manual processes are prone to errors, which can lead to costly mistakes. Intelligent automation technology can help eliminate errors by opting for upgrading them and ensuring that data is entered correctly every time.
Cost Savings. Intelligent process automation can help businesses of any size reduce costs by automating tasks that would otherwise require manual labor. This will affect the budget positively, helping to save money on labor costs, as well as reduce the risk of errors and other inefficiencies that can be costly in the long run.
Enhanced Customer Experience. With IA in place, SMBs can improve the customer experience by enabling quick and efficient responses to their queries. For example, a chatbot powered by NLP can provide instant answers 24/7, helping clients even when your staff is out of the office. This reduces wait times and improves overall satisfaction significantly.
Scalability. SMBs are often focused on growth, but scaling up can be challenging without the right software and processes in place. Intelligent automation tools can help SMBs scale their operations by automating processes and enabling employees to handle larger volumes of work.
Top Industries Benefiting from Intelligent Workflow Automation
Healthcare
Intelligent automation software is now widely used in healthcare to improve patient outcomes. For example, machine learning algorithms can analyze vast amounts of medical data to identify patterns and provide insights for personalized treatment plans. Additionally, robots can assist in surgical procedures, performing precise movements that are difficult for human surgeons to execute.
IPA can help healthcare organizations streamline patient care processes, such as patient registration, appointment scheduling, and insurance verification. According to a report by Grand View Research, the healthcare sector is expected to be one of the biggest beneficiaries of IPA, with a projected CAGR of 14.7% from 2020 to 2027.
For example, Mount Sinai Health System in New York City implemented intelligent automation technology to upgrade the way they had to deal with reviewing and processing insurance claims. This resulted in a 25% reduction in the time taken to process claims and a 90% reduction in errors.
Manufacturing
IPA can help manufacturing companies automate processes such as inventory management, quality control, and supply chain management. As an example, BMW implemented intelligent automation solutions to optimize the process of ordering parts from suppliers, as well as enhance the customer experience and the level of satisfaction while selling premium products. The company even won the Connected Car Pioneer Award for the responsible application of AI technology.
One more example of intelligent automation is the use of chatbots in customer service. Chatbots are programmed with natural language processing technology that allows them to understand and interpret customer queries, respond with relevant answers, and even resolve issues without human intervention. This saves manufacturing companies time and money by reducing the need for human customer service representatives.
Finance
Another example is the use of RPA in finance and accounting. RPA can automate repetitive tasks such as data entry, invoice processing, and report generation, freeing up bank employees to focus on what matters the most. By opting for intelligent automation, financial organizations can reduce errors and increase efficiency, resulting in cost savings and improved customer satisfaction.
For example, American Express implemented an intelligent workflow automation solution to automate disputes processing. As a result, they maintained the lowest fraud rate for 14 consecutive years and an impressive reduction in manual effort.
Customer service
Intelligent Automation is revolutionizing customer service by introducing AI-powered chatbots that can address customer inquiries 24/7, significantly reducing wait times and elevating customer satisfaction.
Additionally, this technology enables sentiment analysis to evaluate customer interactions, identifying potential issues and pinpointing areas for improvement. Moreover, Intelligent Automation plays a pivotal role in automating lead generation and nurturing processes, streamlining tasks such as lead qualification and the delivery of tailored marketing messages.
Retail
In the retail sector, Intelligent Automation proves invaluable for demand forecasting and inventory management. By analyzing sales data, this technology can accurately predict demand patterns and optimize inventory levels, effectively reducing stockouts and overstock situations.
Furthermore, AI capabilities allow for the delivery of personalized product recommendations by evaluating customer data to suggest products that align with individual preferences and interests. Additionally, Intelligent Automation streamlines the product ordering and fulfillment process, enhancing efficiency for both online and in-store purchases.
Conclusion
As we come to the end of this article, it’s clear that intelligent automation is more than just a passing trend. By leveraging the power of AI and RPA, companies can transform their operations, delivering better results for customers and stakeholders alike. As businesses continue to face increasing pressure to do more with less, IPA is a powerful tool that can help them achieve their goals and remain competitive.
As we’ve seen from the examples above, intelligent automation systems can provide businesses with a wide range of benefits, from improving productivity and efficiency to reducing costs and enhancing the customer experience. By harnessing the power of AI and RPA, businesses can unlock new levels of innovation and agility, enabling them to thrive in the digital age.
Contact LITSLINK to choose the best fitting AI solution for your business and feel maximum value from its implementation.