Do you know the global Intelligent Process Automation market is expected to reach USD 13.75 billion by 2023 with a significant rise (in CAGR) of 12.9% from 2018 to 2023?
Intelligent Automation (IA) has ushered in the fourth industrial revolution and is rapidly transforming the core dynamics of the digital world. It has revolutionary potential to drive high-value, smooth customer experiences, reduced outcome variability, and improve business decisions leading to innovation.
Industries across Banking, Insurance, Retail, Oil and Gas, Logistics, Telecom, and Financial services, along with many public sector and government institutions have emerged as key adopters of this technology-driven innovation.
Given the current turmoil triggered by Covid 19, enterprises in every sector are showing high acceptance towards intelligent enterprise automation to cope with the technological evolution and become more agile in the pandemic-disrupted era.
Intelligent Automation is spearheading a new era of enterprise process automation wherein disruptive technologies like Robotic Process Automation (RPA), machine learning (ML), Artificial Intelligence (AL), computer vision, and natural language processing break down information and process silos.
The execution of a winning Intelligent Automation strategy enables an organization to:
- Solve complex challenges that require human judgment.
- Respond to the process fragmentation, future uncertainties, and pressure points.
- Generate higher returns in workforce capacity without creating redundancies.
- Make contextual decisions through real-time data analysis.
- Drive operational efficiencies by automating complex processes performed by humans.
- Bring dramatic productivity gains along with higher cost savings, and enhanced customer experiences.
- Generate insights by analyzing a vast quantity of data at a rapid pace.
- Reduce manual dependency and transform how humans collaborate.
- Eliminate potential security and compliance concerns by fraud and error reduction.
How Intelligent Enterprise Automation goes beyond traditional RPA?
Industry disruption triggered by COVID-19 has become a strategic consideration for C-suite leaders struggling to close operational gaps that are breaking down their internal functional silos. Robotic Process Automation (RPA) acts as a lynchpin to uplift core automation capabilities with greater efficiency, speed, and consistency of operations.
RPA technology penetrates deeper into the existing infrastructure and replicates the mundane, repetitive rules-based tasks by mimicking human actions and freeing humans to concentrate on more strategic tasks. It is the least expensive and most straightforward approach to accelerate digital transformation journeys via the quick deployment of cognitive technologies.
Deployment of RPA technology allows organizations to capitalize on core benefits like higher speed, faster turnaround time, and unprecedented levels of quality, but without Artificial Intelligence, they won’t be able to experience faster decision-making capabilities, better scalability, and reductions in risk.
Traditional RPA deployments typically fail to scale when:
- Processes are dynamic: Business processes that are rule-based, of high volume, error-prone and depend on multiple fragmented systems for data are exceptional candidates for RPA technologies. But, if an enterprise involves decision-making on a case-by-case basis, the concept of traditional RPA technology defeats the purpose. The more dynamic processes require higher manual intervention which can be mimicked by using Artificial Intelligence and Cognitive RPA.
- RPA bots go dumb when the target UI changes: RPA bots are born to follow instructions and very consultative deployments. They typically go dumb in unexpected scenarios with no clarity on given instructions or memo. They are not good at learning and responding — such abilities would be more appropriate for Intelligent Automation.
- Relying on weak governance: RPA bots tend to fail when run autonomously without support. They work best when processes are thoroughly optimized and selected carefully. Non-standardized, poorly designed processes demand frequent human intervention and often result in the RPA deployment being a huge failure. A robust governance framework is needed to avoid automation failures.
That’s why many forward-looking organizations which have leveraged RPA solutions earlier, now want to go beyond. The next stage in the digital transformation journey is Intelligent Automation (IA) which triggers a judgment-based response through AI, Machine Learning and Dynamic workflows. Counting on its exponential value, businesses can now harness the power of this innovative technology to drive a holistic transformation, along with business agility and decision-making capabilities.
The way forward: Intelligent Automation is the new normal
For all enterprises who need to be ready for accelerating evolutions, Intelligent Automation is a game-changing strategy to transform fragmented business processes and achieve higher accuracy by automating decisions. Combining cognitive RPA with artificial intelligence (AI) allows organizations to push the horizons of automation and unleash the next level of intelligent automation capabilities by leveraging natural language processing, data mining, and pattern recognition.
Many executives and decision-makers invest significant resources in Intelligent Enterprise Automation solutions to achieve strategic coherence between people, processes, and technology. Within an organization, the success rate of RPA + Intelligent Automation is backed by the following key factors:
- Process-centric view as a priority: For every business process automation project, process-centricity holds significant importance when RPA is deployed as a core element of broader business process management and digital transformation initiatives. To make RPA and Intelligent Automation a huge success, an enterprise should re-imagine business processes by leveraging relevant design-thinking principles, which will result in the enhancement of customer experiences, all while managing compliance and governance.
- Digital Enterprise Automation: The rapid Cloud Computing revolution has swiftly pushed Enterprise Integration towards a Hybrid Integration Model, which enables unified output within an organization. Typically, a Hybrid Integration Platform (HIP) allows different on-premises applications to seamlessly integrate with cloud and SAAS-based applications. This leads to real-time development, and improved process efficiency with minimum risks – all enabling seamless Digital Enterprise Automation.
- Integration of RPA, APIs & Enterprise Software: Enterprises are maturing towards the tight integration of RPA capabilities, enterprise software, and APIs to achieve high productivity, less custom development work, and enhanced customer experiences. This way, they can transform rule-based processes into truly intelligent automation, with more significant benefits like higher cost reductions, greater competitiveness, and new capabilities.
The Conclusion:
Intelligent Process Automation is rapidly becoming the epitome of the next-generation operating model. It ensures high productivity and efficiency reduces operational risks and cognitive capabilities, and improved customer experiences by simplifying interactions and speeding up processes. Be it your business workflows or IT operations, achieve 6x faster turnaround time across your enterprise-wide Digital Transformation journey. Talk to our experts to find out how Kellton can help you to keep up with disruption and open new ways to innovate.