Over the previous decade, robotic process automation (RPA) has gradually matured and is now utilized for enterprise-scale installations. While yet in its infancy, intelligent process automation (IPA) has enormous revolutionary potential in the near future.
To optimize the effect of robot-led automation, business leaders must have a thorough grasp of the available technologies as well as a well-defined plan for automating their businesses.
Intelligent Automation:
Intelligent automation offers a tremendous deal of promise for automating nonroutine jobs that require intuition, judgment, creativity, persuasion, or problem-solving using AI and ML.
The falling costs of data storage and processing power are propelling significant advancements in the field of Artificial Intelligence, spawning a new breed of cognitive technologies with human-like skills such as handwriting recognition, picture identification, and natural language processing.
These cognitive technologies, when coupled with robotic process automation and sophisticated analytics, may build intelligent automation systems that either directly help humans in doing non-routine activities or completely automate those tasks.
Intelligent automation is being used by forward-thinking businesses in a variety of ways, including:
- Insurance Companies: Insurers are utilizing IA to answer potential clients’ questions in real-time and boost sales conversion rates.
- Wealth Management Businesses: They use IA to examine and analyses portfolio data, identify relevant indicators, and create natural-language reports on the performance of each of their funds for their consumers.
- Global Banks: Global banks are using intelligent automation to improve their regulatory compliance procedures by monitoring all electronic communications of workers for signs of non-compliant behavior.
- Unlimited Potential: Intelligent automation has virtually unlimited applications. In addition, they are generally more costly and take longer to install than robotic process automation systems. Unlike RPA technologies, which may be deployed generically, IA solutions need a more thorough setup and machine learning tailored to a much narrower business objective and the complicated scenarios it may meet.
RPA or Robotic Process Automation:
Robot-led automation or RPA has the potential to alter today’s workplace in the same way that the machines did decades ago. The robotic process automation just like the intelligent automation has utmost potential to make corporate processes smarter and more efficient.
How It Works:
Robotic process automation solutions work well for processes that have repetitive, predictable interactions with IT systems. These operations generally do not have the size or value to justify automation through IT transformation. RPA technologies can increase the efficiency and efficacy of certain operations without requiring a complete process overhaul.
RPA Software:
Robotic process automation software carries out standard business operations. The software simulates how humans interact with programs via a user interface and making choices based on basic criteria.
The software may conduct whole end-to-end operations with very minimal human intervention, generally to manage exceptions.
The advantages of robotic process automation systems go beyond cost savings and include the following:
- Increased precision
- Detailed data collection
- Scalability and adaptability
- Improved employee morale
- Reduced cycle times and increased throughput
Businesses across the globe who are deploying robotic process automation need to follow a five-step approach that specifies how automation will evolve throughout the business.
- Create business case
- Look for the potential of automation
- Create a roadmap for automation
- Determine the best operating model
- Determine automation partners
Key Differences between IPA & RPA:
Intelligent Process Automation is essentially a more advanced version of robotic process automation. IPA, unlike robotic process automation, can comprehend context, learn, and iterate. IPA can also manage both unstructured and organized data and can help you make educated decisions.
Automation of informed decision-making can be further subdivided into task level and process level automation. Intelligent automation enables companies to acquire crucial insights by accessing and analyzing unstructured data such as photos or text that would otherwise be inaccessible.
IPA can transform unstructured data into structured data for use with RPA technology. For these reasons, the technologies are not mutually exclusive and can complement one another to optimize company operations.
Getting started with RPA technology is the best method for businesses that are new to automation. They are simple to implement and may be used with low-code business process management applications.
To learn more about IPA & RPA and to get your business processes completely optimized, connect with the experts, at Marketquotient.com