In an increasingly digital-first world, adopting Intelligent Process Automation has become a standard norm to stay ahead in the competition.
Automation powered by Artificial Intelligence and Machine Learning technologies unearths hidden opportunities in existing business processes. It automates non-deterministic tasks and allows enterprises to fully leverage existing human resources, thereby cutting operational costs and increasing year-to-year ROI.
According to experts, 31% of businesses have fully automated at least one function in 2020. Another report shows that 62% of organizations have up to 25% of business intelligence automation models in place. Unfortunately, a complete business process transition is seen in just 2% of organizations surveyed.
The statistics present a promising picture reflecting that Intelligent Process Automation is on the rise and is gradually spreading its wings across industries. And why shouldn’t it?
With the recent arrival of intelligent RPA, corporate leaders envision the growth trajectory to escalate even further. RPA or Robotic Process Automation is fundamentally a rule-based deterministic automation process and benefits businesses in many ways. Let’s explore further.
Intelligent Process Automation combines Artificial Intelligence, RPA, and other advanced technologies to produce automation capabilities that can elevate overall business value. Intelligent Process Automation can give companies a competitive advantage when configured and managed correctly.
For example, many companies employ IPA systems that detect, analyze, and process voluminous quantities of unstructured customer interactions. The resulting data set collections are then integrated with conventionally structured systems involving predictive analytics technologies.
That being said, intelligent process automation’s greatest contribution lies elsewhere – amplifying human workforce capabilities to reach their full potential.
There’s a biased notion about Artificial Intelligence. Many believe this technology will replace humans entirely in the coming days.
However, humans and technology can work in sync to deliver greater value than individually. This concept can be termed collaborative intelligence.
The primary objective of Intelligent Process Automation is to provide a company’s human workforce with additional knowledge, support, and insights, not replace them. This is acquired through systems integration and automation via bots.
IPA software can:
This perfect balance between Intelligent Automation and human-like bots can work like a magic potion and help enterprises achieve more significant goals faster than they would have done earlier.
However, full-scale IPA adoption is not devoid of obstacles and challenges, a few of which are discussed below.
These shortcomings, obstacles, and challenges are not absolute. Every problem has a silver lining; we need to identify that on time.
One thing that baffles organizations mostly is where Intelligent Automation might best fit within their existing operations systems. How to initiate the transition eventually delays their entry into the IPA world. Here are ten steps to IPA adoption, serving as a good starting point:
Intelligent Process Automation can be a game-changing solution for businesses striving for excellence and unlocking the human workforce capabilities like never before. This is no more a fantasy.