What is Intelligent Automation?
Intelligent automation (IA) is a combination of robotic process automation (RPA) with advanced technologies like artificial intelligence (AI), analytics optical character recognition (OCR) and intelligence-based character recognition (ICR) and processing mining to build complete business processes that can understand, grow and adapt independently. Intelligent automation can be called Intelligent Process Automation (IPA) or hyper-automation.
Intelligent automation (IA) is sometimes known as cognitive automation, is the use of automation techniques that include artificial intelligence (AI) as well as BPM, or business process management (BPM) as well as robotic process automation (RPA) to simplify and improve decision-making across companies. Intelligent automation streamlines processes that free up resources, increase operational efficiency and has many applications.
For instance, an automobile manufacturer could utilize IA to accelerate production and reduce the chance of human error. Or the life sciences or pharmaceutical firm might utilize intelligent automation to cut costs and increase efficiency when processes are repetitive. Insurance companies can utilize intelligent automation to calculate the amount of money and make forecasts to calculate rates, and also address the compliance requirements.
What are the Benefits to Business from Intelligent Automation?
IA helps in the development and development of end-to-end processes that allow for flexible, robust, and modern operating models for business possible. Enhancing the experience of humans with IA can create a new generation of creativity and encourage individuals to ingenuously build new value for their businesses by freeing employees from tasks that could be taken care of by machines.
An effective IA is dependent on collaboration with IT with business and IT functions to determine the efficiency of current processes and then incorporate processes to create sustainable and scalable changes into the framework of the process. For an IA project to be successful, employees must be involved in the process of transformation so that they can see firsthand the advantages of adopting a different method of working and creating business value.
What technology does IA make use of?
IA Combines RPA software, which helps automate traditional labor-intensive, rules-based jobs that don’t require any human judgment or intervention with intelligence technology like:
Artificial intelligence Computer systems that simulate human intelligence, AI analyzes data faster than people and learns from past choices
Machine Learning A kind of AI software that employs algorithms to detect the patterns that are present in organized data and can make precise predictions using historical data to predict future results
Technology tools for computer vision, like OCR which converts images or documents scanned into text Natural processing of language (NLP)–Software that enables computers to process and interpret written or spoken languages
Process mining is a method of identifying business processes as they are and creating and improving processes based on the analysis of data.
What can IA aid companies in a post-pandemic environment?
The enormous economic and social consequences of the COVID-19 pandemic shows that resilience relies on the intelligent orchestration of digital processes from end to end.
Intelligent automation can be a tried and tested strategy-based tool that reduces costs and improves efficiency. Businesses are increasingly looking at IA to increase their resilience and meet the urgent problem of meeting the ever-changing requirements of their customers. Intelligent automation and smart orchestration assists in the development and implementation of complete business processes that are flexible and robust modern operating models for business possible and allow companies to anticipate the future and guide the changes.
The benefits of a business that can be derived from efficient IA are:
- 600% faster claim processing by a leading healthcare company
- Over 90% improvement in the process as well as 4X return on investment for a top Agribusiness company.
- 99percent accuracy when processing 100,000 invoices for vendors each month for a credit card company.
- 16% less call volume by using NLP which has 90% accuracy of chatbots one of the largest telecom providers.
What is different in IA or RPA?
RPA is a way to replace manual, repetitive work by implementing more efficient workflows automated with the help of software robots or bots. IA introduces new cognitive technologies like AI to increase the scale of enterprise-wide business process automation and let employees concentrate on more worthwhile work.
Examples of an effective RPA include:
- Bots reduce screening time by 40 per cent for financial institutions
- Healthcare claims-processing bots are processing 3.8M transactions per year for insurance companies, increasing more than 20 per cent increase in auto-adjudication
- Invoice-processing bots process over 1.2M invoices each year for retailers, and reduce late interest on payments by 50%.
- Revenue-cycle-management bots improve timely revenue collection by more than 20% in healthcare payment processing
- Exchange-derivative-clearing bots processing over $3B annually in commodity futures trades
The Elements of Intelligent Automation
Intelligent automation is made up of three cognitive technologies. The integration of these elements provides a solution that can drive technological and business transformation.
The most important aspect in intelligent automation is AI, or artificial intelligence or AI. Utilizing machine learning and sophisticated algorithms to analyze unstructured and structured data, companies can build an understanding base and make predictive models based on that information. This is the process of making decisions of IA.
The other component that intelligent automation has is business process management (BPM), also called business workflow automation. Business process management is a way to automate processes to give greater agility and consistency to the business processes. The business process management system is employed in a variety of industries to simplify processes and enhance interactions and engagement.
The third part that makes up the third component of IA can be described as robot process automation (RPA). Robotic process automation employs bots or software-based robots for short, to perform back-office functions like taking data or filling in forms. Bots can enhance artificial intelligence since RPA can make use of AI insights to manage more complicated tasks and utilize instances.
The combination of these three parts provides a solution that simplifies processes and streamlines workflows, which ultimately enhances the experience of customers.
The Benefits of Intelligent Automation
Intelligent automation platforms offer a variety of advantages to industries because of the large amount of data, accuracy calculation, research, and business application.
The Main Benefits Are:
Reduce costs by enlarging the number of employees and increasing efficiency by automating processes and systems, and utilizing information and analytics to guarantee accuracy will speed up production. IA can also allow you to expand rapidly without putting more risk on the business, making it less efficient or placing pressure on the existing workforce. The business leaders are reaping the benefits of this technology by achieving higher yields in production and a higher ROI.
Improve accuracy with regular processes and procedures and improve quality The key to intelligent automation lies in the use of artificial intelligence to aid the decision-making process and bring an approach that is consistent in repetitive jobs.
Enhance customer satisfaction:
Enhance customer satisfaction by providing an improved quality product that is more reliable and to market quicker and delivering responses to questions faster (or promptly) gives a better and more enjoyable experience for the client and, consequently, giving the business.
Take care of the issues:
Take care of the issue of compliance and regulations without hesitation: Many sectors have to follow specific regulations. Intelligent automation may make use of its task automation capabilities to ensure a uniform approach to compliance.
Intelligent Automation Applications
Intelligent automation automates procedures that previously consisted of manual processes or based on older technology, which is cost-intensive, time-consuming, and vulnerable to human mistakes. The advantages of IA are applicable across all industries, allowing for efficiencies across different aspects of the business.
The automobile industry is significantly affected by the advances manufacturers can achieve through intelligent automation. With IA manufacturers can better anticipate and adjust their production to adapt to shifts in demand and supply. The ability to streamline the workflow can improve efficiency and decrease the chance of making mistakes in support, production procurement, as well as other areas. By using robots, they can reduce the demand for manual work and increase the speed of defect detection and provide a better quality product to the customer at a lower price to the company.
As an example, the Volkswagen engine production facility in Germany employs “collaborative robots” that work together with the production team to manage the physically demanding part of the process of assembling engines. This can help prevent injuries and speed up processes, as well as ensure precision, and reduce the physical strain of employees.
The production of drugs is extremely controlled and requires accurate calibration of equipment as well as the measurement of the product. It also requires a massive amount of data gathering, collation, processing and analysis. A trial of a drug can’t be considered to be successful without an accurate analysis and reliable outcomes. A manual approach could cause mistakes in calculations and will require large amounts of manpower and resources to achieve.
In contrast, the creation of Covid-19 vaccines in record speed is an example of how smart automation can automate processes to enhance the speed of production as well as quality. Before the introduction of artificial intelligence, and its results inefficiencies, it used to take scientists who had doctoral degrees for 25 years or more to find an individual drug that was marketable.”
The industry of healthcare uses intelligent automation using natural processing of languages (NLP) to offer the same method for data analysis, collection of the diagnosis, and even treatment. Chatbots are used for remote appointments in healthcare requires the least amount of human intervention, and typically it takes less time to diagnose.
With IA the insurance industry can eliminate manually calculated rates or payments and make it easier to process paperwork like appraisals and claims. Intelligent automation can help insurers adhere to compliance regulations easier by making sure that compliance requirements are fulfilled. This way they can also be able to determine the risk for an individual or a company and calculate the correct insurance rate.
Intelligent Automation and IBM
If you are looking to automate complicated operations across your entire business, for example, procure-to-pay and automate tasks that are repetitive IBM AI-Powered Automation will help you reduce manually-run business processes and boost decision-making through the combination of core automation tools, such as business process management (BPM) and robot automated process (RPA) chatbots, which are augmented with artificial intelligence.
The integration of AI-powered automation technology and services allows businesses or IT personnel to understand how processes operate and then decide which ones to automate, based on data from unstructured and structured data and prioritize automation of business processes and constantly enhance central workflows, through networks, and even towards the edges. Check out the video case study to find out more about what automation means and how it will impact work shortly in the world of Pearson.
If you’re just beginning to understand the underlying process and deciding where to use automation tools or are you interested in optimizing existing automation The IBM Cloud Paks for Automation will help you accelerate and expand Automation AI within your company to enable digital transformation.
The significance of intelligent automation today, across all industries, is evident. By automating repetitive tasks with IA businesses can lower their costs and ensure consistency in their workflows. The COVID-19 virus has intensified digital transformation efforts and has prompted more investment in the infrastructure needed to facilitate automation. As remote work increases the roles of workers will continue to change. Workers who specialize in low-level work are likely to be assigned to develop and expand the solutions, along with other high-level tasks. Middle managers will have to shift their focus to the human aspects of their jobs to maintain motivation in the workforce.
Automation will reveal gaps in skills in the workforce, and employees must adjust to the constantly changing workplaces. Middle management should also be able to support the transitions in a manner that reduces stress and ensures that employees can endure the transitions. Intelligent automation is going to be the norm in work and businesses that do not embrace it will struggle to stay competitive in their market.