In today’s fast-pacing digitally-driven world, Intelligent Process Automation (IPA) or Cognitive Process Automation has become a buzzword. In recent years, Robotic Process Automation (RPA) has gained traction in the corporate world and enterprises have invested millions for implementing this technology. Gartner has predicted that the annual spending on RPA software will continue to grow double digits to reach $2.4 Billion in the year 2022. We can say that RPA services are also passing through the transformation and IPA is its future.
In this article, we are going to go through the impact and benefits of IPA across the industries. But before moving forward, let’s understand the concept of IPA.
What is IPA?
Intelligent Process Automation refers to the application powered by AI (Artificial Intelligence) and other futuristic technologies like Cognitive automation, Computer Vision, and ML (Machine Learning) along with Robotic Process Automation (RPA). The major objective of IPA is to enable companies to automate processes that involve unstructured content.
How to Add Intelligence to Process Automation
Experienced RPA developers can identify the process involved in the given use case and all its variants. They also define the start and endpoint of the process along with the bottleneck activities. RPA services can automate repetitive activities like data extraction from digitized documents whereas IPA services can automate complex processes like workforce optimization.
For automating the workforce optimization process, RPA developers build tailored code in the custom software development and integrate ML (Machine Learning) technique on top of the process to automate decision-making areas like claims segmentation and fraud detection. It results in a reduction in decision-making time by 75%. It also saves around $18 million by improving the existing fraud detection system by 50%.
Impact of IPA across Industry Sectors
Though the BFSI (Banking, Financial Services, and Insurance) and healthcare sectors are major beneficiaries of intelligent process automation, various other sectors including retail, eCommerce, and manufacturing sectors also follow suit in this pandemic age. Industry sectors can make the most of intelligence in process automation in HR, R&D, and Service Operations departments. What’s more, customer support and admin-related functions can be automated by robotic process automation, and RPA developers can add intelligence in them using AI and ML.
Companies spend a huge amount in terms of money and resources for automating different processes, but still, there is a manual intervention in areas like
- Telecommunication- Determining C-SAT scores based on customer service calls and automation of the speech-to-text conversion
- HR- Screening process of resume for an interview using public data sources and extraction of information from the candidate’s social media accounts
These tasks have a lot of scope of adding intelligence to reduce the manual effort. Custom IT solutions with RPA and IPA-based features can help companies manage various such tasks effectively.
Here we mention some of the key benefits of IPA across different industry sectors.
Key Benefits of Intelligent Process Automation
The inclusion of intelligence in process automation can bring transformation in the business by offering unlimited possibilities and elevated efficiency. Be it customer experience or productivity, IPA has a vital role to play in improving key business processes. Chances are high that enterprises embark on the IPA journey will get a high ROI with value unlocking.
IPA benefits an organization by bringing automation in more complex tasks while performing more adaptable workflows over the period. It is possible to handle tasks, which robotic process automation cannot manage, using IPA. In other words, tasks that involve many exceptions or based on unstructured data and need human intervention can be effectively managed by IPA.
Several major benefits of IPA include-
- Business Process Transformation- Intelligent Process Automation using ML techniques can re-engineer various business processes and make them more efficient. Heavy industries like engineering and Oil & Gas can transform their business processes for increasing throughput and productivity.
- Higher Accuracy- Adding intelligence in processes that are subjected to human errors due to high manual intervention, can increase the levels of accuracy with efficient operation and improved customer experience. The custom application development facilitates enterprises to streamline processes and increasing accuracy.
- Reduction in Cost- Intelligent automation helps companies reduce labor costs thereby enabling them to spend more money on hiring talent in areas of strategic importance.
A reputed IT solutions provider with cutting-edge tools and an in-house team of experienced RPA developers can meet specific business requirements by adding intelligence into process automation. There is no exaggeration in mentioning that adding intelligence into your process automation is essential to stay ahead of the curve in the year 2021 and beyond.
IPA offers many benefits to various industry sectors while opening the doors of opportunities for custom software development. It enables human operators to focus more on human relationships rather than process-related work. Also, it brings automation for even complex processes that RPA cannot handle, and save costs while increasing productivity. IPA can also increase customer satisfaction significantly by removing the friction from various processes.
Silver Touch Technologies is a renowned RPA services provider. We are also a leading custom software development company that strives for bringing automation to the client’s business processes across various industry sectors. We offer resilient services and RPA services to make our esteemed corporate clients ready to battle against the adversities of the COVID-19 pandemic. Drop us a line at email@example.com with your business requirements and we will get back to you soon with the solution.