How to Accelerate Your Business Through Intelligent Process Automation
Growth, acceleration, and the ability to remain competitive are the major drivers of most business enterprises. Due to this, most organizations are seeking new ways to automate actions, streamline processes, optimize tasks while increasing return on investment.
One such way that is currently being employed by most organizations is through the incorporation of new trends and technologies that paves the way for expansion, ease, and increased quality of business operations.
Digitalization and new technological trends like intelligent process automation have exposed new frontiers in business operations, facilitating breakthroughs and causing businesses to expand rapidly.
What is intelligent process automation?
Intelligent process automation is a holistic approach to digital transformation, utilizing an integration of related technologies such as Robotic Process Automation (RPA), Business Process Automation(BPA), Artificial Intelligence(AI), Computer Vision and, Natural Language processing. Intelligent Process Automation promises businesses a fruitful impact by taking advantage of various technologies to ease business operations and increase productivity with minimal resources.
By using these technologies, IPA is able to automate tasks that involve human capabilities such as intuition, creativity, and natural language processing. At the moment, so many organizations like global banks, insurance firms, and wealth management firms are already taking advantage of the benefits that this technology has to offer.
What are the pros of intelligent Process Automation?
- Eliminates labor cost
- It gives room for cost-efficient operations
- Increased level of speed and accuracy
- Managed complex and large volume of data
Let’s take a closer look at these technologies and how they help businesses reduce operating costs.
Robotic process automation: The robotic automation process employs the use of software products to handle business processes that are often repetitive. It replaces the need for interaction with a digital system to facilitate business processes and execute tasks by replicating human actions such as data entry, data extraction, making reports, file transfers, and movement, thereby reducing the level of manual tasks in a business enterprise. Robotic processing automation allows for considerable improvement in the quality of the business process, reduction of errors, and swift execution of tasks. Practical applications of RPA technology can be seen in data processing, data analysis, inventory and record management of records and inventory, email marketing, and processing, among others.
Business process automation: As the name suggests, Business Process Automation targets end-to-end business processes by automating workflows, optimizing, and improving core business processes. So while the RPA focuses on the automation of business operations-related tasks and operates at the task level, BPM automates the entire workflow, operating at an organizational level to elicit effectiveness and maximum outcome possible. Automating a large percentage of your business processes gives you an advantage over your business counterparts, promises more quality service, and allows for better customer satisfaction. The business processes management is compatible with various industries, like the tech industry, health industry, and although its setup involves more complexity, it is worth it.
Artificial intelligence: Artificial intelligence, a technological advancement that utilizes algorithms in detecting and managing patterns in structured and unstructured data. With this cognitive technology, business owners gain insights on data analysis, performance checks. AI has also been employed in augmenting RPA bots to further improve automation processes.
Computer vision: The computer vision seeks to replicate and fulfill tasks requiring human visuals. It employs the use of tools such as optical character recognition to analyze and extract information, data and transcribe it. It is responsible for the possibility of scanning images and converting them to text, and also image modelling and reconstruction.
Natural language processing: This technology provides an interface between human and computer languages. It enables computers to interpret and comprehend speech and texts and also extract valuable information. Natural language processing benefits are seen in the usage of virtual assistants, speech recognition for voice commands, and text-to-speech options.
Benefits of Intelligent Process Automation
Some of the benefits of Intelligent Process Automation to various businesses include the following:
- Automation: IPA seeks to replace manual operations, which could be labor-intensive. Automation reduces workloads on employees, saves time and energy that can be channeled towards more business processes. The result of automation is a highly productive work environment as time-consuming and repetitive processes are eliminated.
- Speed and accuracy: With the incorporation of intelligent process automation, tasks are completed and carried out with high speed leaving fewer chances of errors during data input and processing.
- Reduced workload: A significant number of business processes function with automated systems. Due to this, employees are relieved from carrying out redundant and repetitive tasks that can be quite consuming. They have more time to focus on the money-making aspects of the business.
- Swift and quality decision making: The artificial intelligence arm of the intelligent automation process guides data interpretation and hence facilitates quick and correct decision-making, which is vital to business operations.
- Collaboration: The intelligent automation process facilitates excellent work collaboration between individuals, robots, and systems. This is because employees work with machines that enhance collaboration. In addition, documents and organization files can be accessed by employees in remote locations.
- Customer and user-friendliness: Businesses with the integration of IPA technologies are a haven of ease for users and customers.
Finally, the combination of technologies offered by intelligent processes automation has a plethora of benefits to business organizations and is a realm that should be readily tapped into. With IPA, high ROI, cost-effectiveness, and high productivity are guaranteed.