With the advent of the digital era, many technology trends can be seen emerging in the market space. Intelligent Process Automation using AI and RPA is one of these. It is a combination of Robotic Process Automation (RPA) and artificial intelligence (AI) technologies to automate mundane tasks thus allowing businesses to achieve improved efficiency and growth.
Robotic Process Automation (RPA) software revenue grew 63.1% in 2018 to $846 million, making it the fastest-growing segment of the global enterprise software market according to Gartner. It expects the global spending on Robotic Process Automation software to reach $2.4 billion in 2022.
It is clearly evident that the intelligent process automation market is going to flourish even more in the coming days. With its potential to deliver great business efficiency, the Enterprise investment in intelligent process automation and alike technology is expected to reach $232B by 2025 as compared to $12.5B that of today.
Here in this blog, I have talked about what is Intelligent Process Automation and discussed the major benefits of Intelligent Process Automation in businesses. Read further to learn more.
What is Intelligent Process Automation?
Leading industrialists and businessmen are now looking for ways to achieve enhanced efficiency, increased work productivity, reduced operational risks, and improved customer experience. With the use of Intelligent Process Automation, it is possible for businesses now to achieve these outcomes that can help push their top-line revenues.
“By using a combination of Artificial intelligence (AI) and Robotic Process Automation (RPA), organizations can automate business processes end to end, says— Sarah Burnett, Vice President, Everest Group.
Wondering what a typical end to end process is? A typical end to end process involves managing both structured and unstructured data. An end to end process consists of taking a document using AI which after analysis is passed on to RPA for further action.
Benefits of Intelligent Process Automation!
According to Statista, more than half of business leaders today say they expect to implement automation in the coming years. Both RPA and AI have emerged as an important tool for improving business profits. By leveraging advanced techniques of RPA and Intelligent Automation together with AI, businesses are able to attain increased efficiency and productivity.
With the use of Intelligent Process Automation techniques, businesses can streamline their processes and thus stay ahead of their competitors in the race. Intelligent process automation using AI and RPA can help your business thrive by automating daily repetitive tasks and increasing work productivity of your employees.
One of the major benefits of Intelligent Process Automation is that it enables automation of repetitive tasks and accomplishes them at a faster pace without human intervention.
Since the mundane tasks and workflows do not require human input, employees get a lot of time that they can invest to perform tasks of higher value. Accomplishment of meaningful tasks adds to the productivity of the employees and makes them a valuable asset for the company.
I am sure after knowing what is Intelligent Process Automation, you would certainly know how it helps businesses in achieving agility. Agility is how well your organization can adapt itself and change quickly with the ever changing disruptive market forces prevailing in the business space.
By applying advanced techniques of Intelligent Process Automation using AI and RPA, scaling up or down your business as per the existing situations becomes a cakewalk. Meeting the challenges and overcoming the consequences of ebb and flow of any business is a daunting task to handle.
In such a critical situation, scaling up or down based on the drastic changes in the market force is not only challenging but also quite costly. In adverse problematic situations when finances are lean,for example, during economic recessions, it is quite difficult to maintain an expected level of production on a limited budget.
RPA and Intelligent Process Automation can help overcome the problem. Applying intelligent process automation methods allows businesses to scale up or down within a fraction of seconds.
One of the major benefits of Intelligent Process Automation is that it can offer an improved system operability and a reduced downtime.No matter how many safety measures you take, mishaps may occur at any point in time. Serious issues may occur at any time due to technical failure, machine adjustments or non-availability of inputs such as materials or labor.
By leveraging AI techniques in combination with RPA and Intelligent Automation, businesses can overcome such challenging issues. Intelligent process automation
enables monitoring of the entire infrastructure with the help of automated robots.
According to Gartner, the average cost of IT downtime is $5,600 per minute. Due to variations in how businesses operate, Gartner analyst Andrew Lerner estimates that on the low end, downtime can cost as much as $140k per hour, while at the high end, can run upwards of $540k per hour.
With the application of Intelligent Process Automation, AI algorithms are able to identify threats that could take days, weeks or longer for humans to spot. Detecting these threats faster than any one else is one of the major benefits of Intelligent Process Automation.
When incidents and major issues can easily be identified and can be solved immediately, downtime gets reduced and, in many cases, prevented altogether. This allows organizations to increase their efficiency.
After getting detailed information on what is Intelligent Process Automation, you might be interested in knowing more about how it helps business in decision making.
Because intelligent process automation is driven by Artificial Intelligence and machine learning, it has the capability to analyze large amounts of data for extracting meaningful information.
Incorporating advanced AI techniques along with RPA and Intelligent Automation help businesses help boost the overall performance of the organization. With these intelligent analytics, business leaders and strategists effectively identify and implement the right approaches to achieve an improved efficiency.
Organizations will continue to adopt more advanced automation technologies as they become smarter by acquiring more and more human intelligence and the ability to mimic human actions, says Ernst & Young.
Saving time and money!
Using RPA and Intelligent Automation help businesses in reducing operational costs and improving productivity. When a large portion of any business process is taken care of by machines and not humans, surely productivity increases. As work is performed faster and with more accuracy, business profits increase too.
No wonder, the use of IPA techniques brings great speed and efficiency to the table. Deploying robots help in doing repetitive and manual tasks with great speed and accuracy.
I am pretty sure that by now you have a clear idea of what is Intelligent Process Automation.Intelligent Process Automation is a mix of RPA and AI. RPA bots help businesses in increasing efficiency by automating menial and routine tasks. This increases the overall productivity which is essential for any company to grow its business revenues.
By 2025, RPA software is expected to perform the same output as 140 million full-time employees, having a potential impact of $5 to $7 trillion.
Artificial Intelligence,on the other hand, contributes intelligence and decisions to the mix. AI algorithms can analyze data and interpret the data. Thus, with the use of AI, IPA techniques can be used to make intelligent choices and for better decision making. This is how Intelligent Process Automation techniques help drive greater results.
Advances in artificial intelligence, robotics, and automation, supported by substantial capital investments, are fueling a new era of intelligent automation, which is likely to become an important driver of organizational performance in the years to come, says Deloitte.