Intelligent automation has taken industries by storm. Intelligent automation is a combination of Artificial intelligence and Robotic Process Automation to automate manual and tedious processes with little or no human supervision.
While the technology has just hit the markets, advancements in the democratization of automation with multiple IPA vendors like Power Automate, Nanonets, WorkFusion, etc.have made this technology accessible to organizations all around the world.
What is Intelligent Automation?
Every business has tasks that employees perform. Now the tasks can be of two types :
- Manual & repetitive task – which does not require human intelligence like data entry
- Strategic tasks – These require human involvement like customer service, sales, etc.
Now, while the strategic tasks can’t be replaced, manual and repetitive tasks can be automated using an Intelligent Automation Platform.
Intelligent Automation platform can help organizations manage their employee productivity, reduce costs and enhance profits by automating repetitive tasks using rule-based workflows.
What are the components of Intelligent Automation?
The solution for business and technology transformation powered by intelligent automation is made up of three cognitive technologies. Let’s take a look at them:
Artificial intelligence, or AI, is the most critical component of intelligent automation. Data is gathered, analyzed, and processed by intelligent automation to formulate predictions. Businesses can create knowledge bases and develop predictions based on their data using machine learning and complex algorithms. This is the decision engine in intelligent automation.
Business Process Management
Business process management (BPM) is the second component. BPM tools automate business workflows to increase agility and consistency. It is used across many industries to streamline processes and improve interactions and engagement.
Robotic process automation
In addition to the other two, robotic process automation (RPA), an artificial intelligence service is used to complete back-office work, such as extracting data or filling out forms. Because RPA combines artificial intelligence with artificial intelligence, it can handle a wider variety of utilization scenarios and tasks. RPA and artificial intelligence work together to handle more difficult scenarios and utilization scenarios.
These three components come together to develop a transformational solution that simplifies processes and improves the customer experience. There is no doubt that intelligent automation has significance across all sectors today. With intelligent automation, businesses may reduce costs while improving consistency in their workflows.
How can you use Intelligent Automation?
Intelligent automation has industry-wide use cases and multiple applications as it is up to the employee how to use the technology.
The intelligent automation used in the healthcare industry combines natural language processing (NLP) and intelligent automation to collect, analyze, diagnose, and treat data. Intelligent automation is used in remote healthcare appointments to shorten the time to diagnosis by reducing human intervention.
Doctors and other healthcare professionals spend 2/3rd of their time performing paper-based activities which results in delays in patient diagnosis which can be easily handled by healthcare automation software.
Healthcare automation using intelligent automation platforms can improve patient experience, enhance member loyalty and reduce operational costs for healthcare institutions.
In addition to eliminating the need for manual rate calculations, insurance companies can also simplify paperwork processing such as claims and appraisals with intelligent automation. By ensuring that compliance regulations are met, intelligent automation also helps insurance companies comply with them. This allows them to calculate the risk of an individual or entity and calculate the appropriate insurance rate.
Why Intelligent Automation is here to stay?
Intelligent automation solutions are part of one of the fastest growing software categories with over $492 Million in valuation in 2019. This market is estimated to reach $22.8 Billion by 2027, which is huge!
This indicates the nascent stage of the technology and the optimistic future outlook for the adoption of the technology in enterprises around the world. With multiple benefits, intelligent automation is bound to gain a massive following in the years to come.
Gartner predicts that by 2024, organizations that use hyper-automation technologies will slash their operational costs by 30% and optimize their operational processes. This is because the main focus of IA technology is to automate processes that are bottlenecks for the company’s growth.
Future of Intelligent Automation
Many companies focus on relatively simple intelligent automation that enables digital workers to perform data-intensive, repetitive tasks that have been traditionally done by humans. Data entry and data validation are just a few examples.
Digital workers are able to perform a wide range of trivial tasks. The next stage is to automate highly complicated processes with human involvement if required. Modern businesses will benefit greatly from automating complex processes that cross multiple systems. It enables a more accurate, efficient, and intelligent way of doing business that leads to superior business outcomes.
For example, quote automation using IPA solutions has not only increased quote accuracy and turnaround time but has also resulted in higher sales and customer satisfaction. Enterprises have received significant ROI as a result of selecting well-suited use cases. Harnessing this disruptive technology for competitive advantage is critical. Mapping and charting these difficult instances that can be automated with intelligent automation services is the next step.
Intelligent automation is continuously evolving, and bot-as-a-service will soon be the norm. Because intelligent automation is becoming ubiquitous, future enterprises will be superpowered. Because of this, modern enterprises must seize this disruptive technology in light of increasingly complex use cases, in addition to data-intensive grunt work. We urge you to envision a future where hyper-automation is the norm and provides a strong foundation for future success.