A Step towards Digital Innovation in 2020
‘Automation’, a word that has gained immense significance nowadays. From autonomous driving to unmanned aerial vehicles, automation is making far-fetched technologies available today by creating and leveraging new forms of intelligence. In the modern age where robots are replacing humans, businesses also need new technologies more than ever to enhance their productivity and efficiency. That’s where the role of Intelligent Process Automation (IPA) comes into play. It is the engine at the core of the next-generation operating model of the companies. We are already familiar with the concepts of Machine Learning, Artificial Intelligence, and Natural Language Processing. On an elementary level, Intelligent Process Automation is a collection of all these technologies including some more primary technologies like Robotic Process Automation (RPA) and Digital Process Automation (DPA). Let’s dive more into the depth of this subject.
Intelligent Process Automation Explained
We are about to witness the 4th wave of automation. Intelligent Process Automation is a set of emerging technologies that combines fundamental process redesign with Robotic Process Automation and Machine Learning. It is a way to manage, automate, and integrate digital processes. IPA is designed to assist manual workers by taking over repetitive tasks. The zest of the story is that IPA takes the robot out of the human.
Intelligent Process Automation (IPA) = DPA + RPA + AI
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DPA provides the agile set of technologies to manage the flow of data across the enterprise and to rectify areas for improvement.
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Robots bring speed and efficiency to the table.
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The collected data is analyzed through AI and appropriate decisions are then taken to orchestrate complex operations.
The 3 I’s
Integrate
Integrating IPA capabilities within the systems to enable process automation.
Intuitive
Easy to use and understand business workflows and automation tools.
Intelligent
Without the need for human intervention, the ability to learn and improve over time.
Pivotal Benefits of Intelligent Process Automation
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85% reduction in process cycle time
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4x increase in process capacity
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80% reduction in resources required
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No expertise required
Practical Fragments of IPA
IPA is being used in various sectors. Let’s have a look over some of them.
Banking
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Data extraction
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Image recognition
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Automatic mortgage approval process
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Document processing
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Fast customer onboarding
Finance
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Trade processing
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Analysis of financial health
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Normalizing data
Insurance
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Commercial underwriting
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Claims processing
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Offering suggestions to clients
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Real-time tracking
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Interpretation of text communications
Intelligent Process Automation unlocking true digital transformation
When we talk about implementing Intelligent Process Automation in the real-time business world, the return on investment (ROI) is very high. IPA saves money and time both. It can create a boom in the field of automation due to its widespread applications. We know that the most common question which pops in everyone’s mind is that if we are already making advancements in Artificial Intelligence and neural networks so that machines will be able to develop decision-making abilities then why is there a need for a new term? Why make things more complicated? By introducing Intelligent Process Automation, we are making things easier. Does the above definition and follow-up of IPA sound different from what we have studied about AI previously? That’s because it is different. Only data science experts can realize the true advantages of AI and ML but on the other hand, IPA even enables a group of people with no expertise in the data science field to handle the task of data processing efficiently. Natural Language Processing (NLP) is also core to the IPA platform. Though IPA builds its foundations on the models of all of these technologies, still, they all sit in the background. Unstructured content including text, documents and images needs to be processed and analyzed before it goes for extracting business outcomes. IPA has something to offer to everyone whether you are a business executive, a process professional or an AI professional. Through machine learning algorithms, IPA platforms can deliver data-driven recommendations to key decision-makers to help optimize workflows. Traditional and legacy systems do not incorporate digital transformation as there is no room for new technologies. This is the age of intelligent automation and there is an urgent need to digitize organizational processes. Instead of deploying technologies in isolation to fulfil a specific demand, unite them with an IPA platform to gain appropriate stability and agility. In short, IPA can turn a process into profit!
Final Thoughts
Getting started with your own IPA transformation is easy. To maximize impact, design around the full portfolio of IPA solutions, build an MVP (Minimum Viable Product), capture value, and you’re good to go!
