Technology has become an important asset for growing a business, but many businesses are still having trouble boosting their overall productivity so that they can stay ahead of the competition. This is one major area where intelligent process automation (IPA) can save the day.
In the last ten to fifteen years, IPA has received all kinds of positive responses from the businesses that properly implement it. The upgraded version of IPA known as intelligent automation (IA) has also been showing more potential among businesses that use structured and unstructured data processing, machine learning, and more.
Plus, we must also not forget that the IPA market is supposed to grow from a $10 billion market to a more than $43 billion market by 2029.
But how do businesses make the most out of AI-powered IPA and IA?
Read on to find out!
Definitions and Benefits
Intelligent process automation is when software bots are used to complete repetitive and mundane tasks like data entry, archiving, and more. It frees up time for human workers to focus on more intricate, detailed types of work.
Intelligent automation is a little different because it can automate routine and non-routine tasks, making it slightly more versatile. It can carry out non-routine tasks by leveraging creativity, judgment, persuasion, and problem-solving capabilities.
As an IA solution grows human-like cognition, it can even learn how to register different handwriting, process different pictures, and process natural languages.
Keep in mind that this “human-like cognition” is not what we are used to seeing in movies. An AI-powered intelligent automation solution is simply programmed to learn what it can learn, so you can set whatever limitations you would like on it.
Costs are always considered inside of a business, and IPA costs are typically affordable. IPA bots are implemented into a given software, removing the need for IT infrastructure investments and other integrative investments.
IPA and IA solutions can result in some of the following benefits:
- Improved data collection
- Increased accuracy
- Flexibility and scalability
- Optimized business productivity with data-driven processes
- Result-driven sales and marketing strategies
- Proactive customer support services
- Time and cost management
AI-Powered Automation Use Cases
Healthcare
Healthcare organizations can leverage AI-powered automation to improve their patients’ experiences and manage their appointments, treatment, claims processing, billing, and more. Many of the healthcare organizations that have implemented IPA solutions have seen anywhere from a 30-70% increase in productivity without the need for human intervention.
Finance
Banks and financial firms use IPA solutions to analyze trade portfolios and investment metrics so that they can later create NLP-based reports. Global banks also use IPA solutions so that they can stay up to date with complaints and observe/identify non-compliant activities.
Customer Support
Customer service centers use IPA solutions to reduce their administrative and back-office workloads. The software robots gather customer data in real-time from various digital systems so that they can learn about what the customer likes and how they can be helped in the future.
IPA and IA have use cases that stretch across many kinds of industries. Wherever there is a process-driven task, IPA can be implemented to free up time for the employees while boosting productivity and accuracy across the entire business. To learn more about IPA and IA solutions, get in contact with a Digital Workforce Solutions representative today!
