“A business must have an effective automation plan to reap the full benefits of automation.”
Organizations are reaching new levels of productivity and efficiency as they automate their business processes. Integrating artificial intelligence technology is expected to fuel growth prospects for intelligent process automation as small, and large organizations deploy advanced tools to streamline end-to-end business processes, reduce errors, and more. By 2030, the intelligent process automation market is expected to reach $37.63 billion, growing at a CAGR of 16.50%.
What is Intelligent Process Automation (IPA)?
Intelligent Process Automation (IPA) refers to the use of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Robotic Process Automation (RPA), and Natural Language Processing (NLP) to automate complex business processes. Together these technologies accelerate innovation and automate more extensive decision-based processes that typically require human intervention. IPA aims to streamline business operations by automating repetitive tasks, reducing human errors, and improving overall efficiency.
What Makes up IPA?
What are the benefits of intelligent process automation?
Intelligent process automation has several benefits due to its cognitive capabilities and ability to mimic human actions. The IPA tools can increase operational and business efficiency and can improve the following:
- Customer experience: IPA can improve internal processes that enable faster and more accurate customer data results, such as onboarding, underwriting, and customer service times
- Workforce productivity: Automating labor-intensive tasks that previously required human intervention enables employees to reallocate their time to other tasks that yield greater ROI
- Accuracy: Manual data entry is often prone to error. IPA improves data accuracy and ensures consistency across data sets
- Time and cost savings: Streamlined processes and increased employee productivity enable organizations to complete tasks faster, which saves organizational time and money
- Compliance: A consistent and automated approach helps organizations adhere to security requirements and regulatory compliance
Intelligent Process Automation Use Cases
Leveraging intelligent process automation across various industries gives organizations a competitive advantage while contributing to increased growth and efficiency. Some common use cases include:
- Financial services: IPA contributes to faster customer response times, adherence to compliance requirements related to loan applications and credit decisions, fraud detection, and ensuring accurate and streamlined underwriting.
- Healthcare: IPA creates faster more accurate, and more secure processes for transferring patient records and billing. This improves employee productivity and the patient experience.
- Insurance: Intelligent process automation tools can supplement many insurance processes like document handling for underwriting, claims processing, and handling and reduce operational costs and customer-facing tasks
- Food and Beverage: IPA makes smarter business decisions, enhances productivity, automates tasks, and improves customer experience and operational efficiency.
Ways To Kickstart Your Intelligent Process Automation Journey
Automation needs research, preparation, and seamless, streamlined workflows that reduce human errors. Here are some of the best ways to start your automation journey.
- Identify the process and areas of transformation.
- Get powerful, intelligent process automation software and integrate it into your workflows.
- Focus on redefining workflows, processes, subprocesses, and tasks to improve critical aspects like quality, output, cost, service, and speed.
- Ensure a seamless experience and keep making the necessary changes.
Intelligent Process Automation Solutions
Our automation services power intelligent decisions at the DNA level of every enterprise. Whether it’s a chatbot or an intelligent reporting/AI-based predictive analytics solution, we’ll help you decide to solve real-world problems, improve business outcomes, and reduce costs with our intelligent process automation solutions.
Intelligent process automation is more than just speeding up operations and completing mundane tasks at a reduced rate of errors. Companies are using intelligent process automation solutions to develop new platforms, engage with customers, and win over advisors, all at a lower cost.