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Intelligent Process Automation: The stepping stone to Digital Transformation
To lead in today’s economy, organizations need to rethink the way their business operates. By integrating Intelligent Process Automation (IPA), they can optimize their business processes. These include robotic process automation, machine learning through artificial intelligence, and cognitive automation. Intelligent process automation also increases speed, productivity, and innovation within the company. Additionally, it lets you anticipate the future and adapt faster with smart intelligence.
People in many different industries have already been exposed to intelligent process automation in different areas, whether they are aware of it or not. For example, opening a bank account, chatting with a bot on a vendor’s website, or receiving various products or service offers without interacting with a human. The automation of processes not only reduces operating and product costs and errors, improve employee performance, attracts, and develops talent, improves sustainability, and modernizes and accelerates processes. Instead of the selective optimization of processes, the most extensive automation of entire process chains within organizations is stepping up increasingly. This is exactly where intelligent process automation of the entire value chain is required.
Leading companies are continuously looking for intelligent process automation use cases to address the more complicated challenges in the enterprise environment and derive real value from their data. The correct use of data analytics, robotic process automation (RPA), and artificial intelligence lead to an improved customer experience, more needs-based offers, and individually optimized pricing. This strengthens the relationship between existing customers and the organization. Therefore, this leads to more product sales. Optimized pricing based on data analysis and artificial intelligence also makes it easier to exploit pricing leeway and increase margins.
Process automation is not a new topic, but a lot has happened technologically in the past five years. For example, diverse types of bots are available today in robotic process automation (RPA). The global RPA market size was valued at $1.40 billion in 2019 and is expected to reach $11 billion by 2027, expanding at a CAGR of 34% from 2020 to 2027 (Grand View Research). The potential economic impact of knowledge work automation is expected to be $5-7 trillion by 2025. (Automation Anywhere)
Overall, process automation is being pushed further, not because of economic conditions led by covid in the organizations but because of the multiple advantages it has to offer. You might ask what helps these processes run smoothly? How were they designed to be efficient? How does workflow from one function to another without glitches? The answer to all these questions lies in understanding processes, breaking them down to the smallest task step, examining the interactive flow of information in each task, and analyzing the rules governing it. To improve a process, the organization must measure and critically evaluate the effectiveness of each process. A step-by-step approach has proven to be the best practice. Starting with the automation of a sub-area using RPA, the next step can be to focus on the entire process, the connected systems, and the relevant influencing factors. So-called workflow management systems, which can map a process as an interface between data management and human interaction, offer technical support here. This gives companies a detailed overview of where and when something is happening and where there is potential for automation.