Businesses seeking to implement intelligent automation solutions amidst the uncertainty of today’s fast-paced world are overwhelmed by the sheer complexity of the technology. Companies are constantly struggling to fully understand enterprise intelligent automation and are often left inundated amidst technicalities. But what is important to note is that these intelligent automation solutions can help revolutionize the SMB and MSME sector, as well as large enterprises.
While some tasks still require human intervention to further enhance automated processes, intelligent automation can automate complex workflows and even create a digital assembly line. Because of intelligent automation, teams working in a collaborative environment can achieve the required momentum for providing robust services to end users.
If you are an enterprise waiting for your next big change, reach out to us about setting up intelligent automation processes within your teams. But for now, you may relax and explore the power of intelligent automation, machine learning, and artificial intelligence as we simplify your next steps in this detailed blog.
Know What Exactly is enterprise Intelligent Automation
Intelligent automation is also known as cognitive automation, primarily because it broadly encompasses Business Process Automation and has a variety of intelligent applications as a company leverages it to bring about operational efficiency. Intelligent automation comprises three main facets: Artificial intelligence, Machine learning and Robotic process automation.
Just to bring home the impact such technologies will have, in a McKinsey report businesses have claimed that only 8% of their current models will remain viable if digital trends continue to bring a change in the industry. Healthcare, retail, and logistics industries have also seen automation in data entry, processing, and document management. RPA robots are smart enablers that can mimic human actions like typing, clicking, and scrolling, making them ideal for automating tools for routine tasks.
How does intelligent automation help businesses?
Intelligent automation services are gaining traction in the market as they offer benefits for enterprises to improve their output efficiency, reduce operational costs, and enhance decision-making among teams. This section explores the advantages of enterprise intelligent automation and provides real-world examples of how it has benefited various industries.
One of the most significant benefits of enterprise intelligent automation is increased efficiency. By automating routine tasks, like data entry or invoice processing, businesses can save time and resources that can be allocated to higher-value tasks. For example, in the healthcare industry, NPS and CSAT are a priority for the business. In a report, it was discovered that RPA can help process half a million insurance documents in less than 8 weeks!
Intelligent business process automation can also lead to cost savings for businesses. By automating routine tasks, enterprises can reduce labor costs and increase productivity. According to a report by McKinsey, businesses will witness a 15 percent reduction in the global workforce between 2016-2030. In addition, by automating processes like inventory management, businesses can reduce waste and save money on storage costs.
By using machine learning algorithms and artificial intelligence, businesses can reduce errors and improve drastically. For example, enterprise intelligent automation has been used in the manufacturing industry to enhance product quality by automating quality control processes. Big companies like Bira91 automate their entire bottling and quality check processes using smart software that enables the machinery to detect toxins layers under the bottled beverage.
Increased Customer Satisfaction:
Health-tech startups use automation to respond to customers more quickly and efficiently by making manual customer service inquiry redressal a redundant process. Machine learning algorithms efficiently predict customer needs and preferences, and businesses can offer personalized products and services that meet customer expectations.
Use cases and enterprises intelligent automation examples
After the outbreak of covid-19, enterprise intelligent process automation has become one of the most significant trends in the business world, contributing largely to employee satisfaction and improved efficiency with the advent of no-code disruptions. Companies believe intelligent business process automation can handle all-pervasive learning and manage exceptions on the go. The power of machine learning and robot process automation (RPA) is seen more than ever in growing enterprises today.
For all that it’s worth, we have been seeing the applications of intelligent automation across industries. For instance, half of all insurers have already grappled with intelligent automation in enterprises for their customers in 2021. Machine learning algorithms also help detect fraudulent transactions in the fintech industry.
A report by Research and Markets indicated that the global intelligent process automation market size is expected to grow from $13.9 billion in 2022 to $21.1 billion by 2027, growing at a CAGR of 8.7%. This is a strong precedent that intelligent automation in enterprise benefits businesses trying to remain competitive in the digital age.
In finance, intelligent automation in enterprise has a number of applications, such as:
- Fraud Detection: IA can be used to identify fraudulent activities in the financial sector. With machine learning algorithms and data analytics tools, IA can detect patterns in data and alert financial institutions of potential fraud attempts, which helps reduce the risk of fraudulent activities and enhances customer trust.
- Account Reconciliation: IA can be used to automate the account reconciliation process, making it more accurate and efficient. By automating the process, IA reduces the chances of human error and the time spent on manual reconciliation; this helps businesses save time and money while improving accuracy. Read more about how to use RPA in finance to understand better.
- Customer Service: IA can improve customer service in the financial sector by automating responses to customer inquiries. With chatbots and natural language processing (NLP) tools, IA can understand customer queries and provide relevant responses. This helps businesses provide quick and efficient customer service while reducing response times.
In healthcare, there are a lot of enterprise intelligent automation examples such as:
- Medical Record Keeping: IA can automate medical record-keeping, reducing the need for manual data entry. By automating the process, IA can reduce errors and improve the accuracy of medical records. This helps healthcare providers make more informed decisions and improves patient outcomes.
- Claims Processing: IA can automate the claims processing process, making it faster and more accurate. With machine learning algorithms and data analytics tools, IA can identify fraudulent claims and reduce the risk of errors. This helps healthcare providers reduce costs and improve the efficiency of the claims process.
- Patient Care: IA can improve patient care in healthcare by automating repetitive tasks, such as appointment scheduling and prescription refills. By automating these tasks, IA frees up healthcare benefits are professionals’ time to focus on more complex patient care tasks. This helps improve the quality of care provided to patients.
7 Steps to Implement Intelligent Automation Now
Intelligent automation in enterprise is gaining popularity among businesses for automating tasks, improving efficiency, and cutting costs. Adoption rates will differ by country and sector due to labor-market dynamics. According to McKinsey, advanced economies such as France, Japan, and the United States could displace 20-25% of the workforce by 2030. To ensure successful implementation, companies must have a clear plan and strategy. This blog explores how businesses should adopt enterprise intelligent process automation.
Defining Clear Goals and Objectives
To ensure the success of automation projects, it is crucial for businesses to start with a clear definition of their goals and objectives. Such a step should involve an in-depth analysis of the tasks and processes that require automation, identifying the expected outcomes, and assessing the benefits to the business. This approach ensures that the automation project is in line with the company’s overall strategy and that the expected results can be effectively measured and analyzed.
Assess the Current Processes
In order to achieve a successful automation initiative, businesses must conduct a thorough analysis of their existing processes. This includes identifying the areas of operation that can be streamlined through automation, evaluating the existing technological infrastructure, and anticipating potential challenges that may arise during the implementation phase. This diligent assessment provides businesses with a clear understanding of the automation project’s scope and complexity, enabling them to craft a realistic implementation plan.
Develop an Implementation Plan
Once enterprise intelligent process automation tools have been chosen, businesses should develop a comprehensive implementation plan. This plan should include timelines, milestones, and responsibilities. The implementation plan should also consider employees’ and stakeholders’ training and support needs.
Test and Validate the Automation Solution
Before deploying the automation solution, businesses should test and validate it. This step involves ensuring that the automation solution is working as intended and that it can handle the expected volume of data and transactions. Testing and validation are crucial to ensure the automation solution meets the business needs and requirements.
Deploy and Monitor the Automation Solution
Once the automation solution has been tested and validated, businesses can deploy it. This step involves training employees, monitoring the solution’s performance, and addressing any issues. Continuous monitoring ensures the enterprise’s intelligent process automation solution delivers the expected outcomes and benefits.
Measure the Results and Refine the Solution
The final step is to measure the results and refine the automation solution. This step involves evaluating the effectiveness of the automation solution, measuring the return on investment, and identifying areas for improvement. Businesses should continuously refine the automation solution to ensure it remains aligned with the business strategy and objectives.
What is an example of intelligent automation?
Have you ever wondered how businesses can use enterprise intelligent process automation to streamline their processes and improve efficiency? Let’s consider an example of any e-commerce company that has successfully implemented enterprise intelligent process automation solutions to optimize its logistics and supply chain management.
By leveraging intelligent automation, organizations have identified areas in cart-checkout processes that could benefit the end user from automation. With enterprise intelligent automation solutions, the brands’ automated order processing, inventory management, and delivery schedule for customers resulted in improved customer satisfaction.
Automation solutions, with the use of a machine learning component, can be used to create chatbots for handling customer inquiries and processing orders, as well as an AI-powered system to track inventory levels, forecast demand, and generate purchase orders automatically.
By implementing enterprise intelligent automation solutions in your company for delivery scheduling, companies have been able to optimize delivery routes and schedules based on real-time traffic data, weather conditions, and the availability of delivery partners, resulting in significant reductions in delivery times and improved customer satisfaction.
This example truly illustrates the benefits of intelligent automation in business, proving that companies can use technology to improve their processes and reduce costs while enhancing their customer experience. With enterprise intelligent automation solutions, companies can achieve greater scalability, real-time visibility, and operational efficiency, all while freeing up valuable time and resources to focus on strategic initiatives.
Automation in an enterprise is a transformative technology that can revolutionize how businesses operate, bringing about increased efficiency, cost savings, improved accuracy, and customer satisfaction. Appinventiv can help businesses stay competitive in the digital age by providing expert guidance and support in adopting intelligent automation.
With Appinventiv’s cutting-edge AI development services and generative AI consulting, companies can successfully implement intelligent automation in business and unlock its full potential. So, whether it’s automating complex tasks or streamlining business processes, Appinventiv can help businesses leverage the power of intelligent automation in enterprises to achieve their goals and succeed in the digital marketplace. It’s time to embrace this exciting world of intelligent automation and partner with Appinventiv to take your business to the next level.
Frequently Asked Questions
Q. What is intelligent automation, and how does it help businesses?
A. Intelligent automation is a technology that combines artificial intelligence, machine learning, and robotic process automation in business to automate complex processes. It offers numerous advantages to help enterprises become more efficient, reduce costs, and stay ahead of the competition. Some of the intelligent automation benefits include increased efficiency, cost savings, improved accuracy, and increased customer satisfaction.
Q. How do companies implement intelligent automation?
A. Companies must have a clear plan and strategy in place to ensure a successful implementation of intelligent automation. They should first define their goals and objectives, identify which tasks and processes should be automated, and assess their current processes. Then, they should select the right technology, create a roadmap, train employees, and continuously monitor and improve the automation processes.
Q. How can enterprise intelligent automation improve accuracy in business operations?
A. Intelligent automation can improve the accuracy of business operations by using machine learning algorithms and artificial intelligence to reduce errors and improve the quality of products or services. For example, intelligent automation has been used in the manufacturing industry to enhance product quality by automating quality control processes.