Intelligent process automation is a combination of different technologies which is used in automating and optimizing business processes.
While Digitalization is on everyone's mind for years, still 68% of the business processes are carried out manually. Due to repeated activities and extensive documentation organizations are tend to lose a thousand hours of productivity. But how will businesses cope with that? This is where Intelligent Process Automation (IPA) comes into work. Intelligent process automation is a combination of various technologies listed below to understand it better.
- Robotic Process Automation (RPA)- The use of software robots that can interact with systems in making automation of business processes possible.
- Predictive analysis- Prediction of results using statistics and machine learning algorithms.
- Artificial intelligence (AI) & Machine learning (ML)- The use of software-based systems mimics human intelligence processes and can know without any specific instructions.
- Natural language processing (NLP)- The capability of a system for speech recognition.
What is intelligent process automation (IPA) & Advantages?
Intelligent Process Automation (IPA) the combination of technologies tends to optimize processes and IT tools that assist employees in eliminating routine tasks. IPA mimics human actions and over time also learns to do it better. Here, traditional approaches to rule-based automation are expanded with advances in deep learning and cognitive technology. But how does the use of these technologies benefit companies? Above all, the main promise of intelligent process automation is to increases in significant efficiency. In line with an IBM survey, one of the Fortune 75 companies from the consumer goods sector was able to process its "trouble tickets" up to 30% faster and even increase the productivity of workers by up to 50% in the implementation of intelligent process automation into the system. Adding to that it helps in reducing operational risk and improves workforce performance but also boost customer service and response times.
But how does it work precisely? Just think of a claims handler for an insurance company using data from numerous different systems to deliver a fair service. Using IPA, robots will replace manual clicks, interpret texts-intensive communications, and takes decisions based on rules that need not be configured. The system then makes suggestions to the customer and records all customer-system interactions in real-time.
Although the aim of automation is not to replace people rather improve the role of people and build new ways to work. New digital business processes today and in the future require, above all, a targeted interaction between people and the data to be processed. This helps the human workforce to earn time and do what they are best at in strategically thinking, to be work creatively, and interact with individuals. With all factor’s Intelligent automation, particularly enables employees to free from tedious jobs allowing them to concentrate on more creative activities. There could be significant economic gains resulting from these reforms also could there be benefits in terms of job satisfaction and employee quality of life but to be successful in the long term, intelligent process automation must reliable and compatible with the company's compliance guidelines.
At Feat Systems, we believe that the impact IPA will have on businesses will be significant and ultimately beneficial.