Over the last few years, a large percentage of enterprises have made huge investments in technologies like IA (AI, ML & RPA). Further according to surveys, it is expected that spending on these technologies will continue to increase in the future also. It is estimated that the market for RPA will be worth US$5.9 billion by 2025.
While RPA when leveraged alone has some limitations, as it cannot handle the complexity of real-world businesses such as subjective decision making, unstructured data, and human interactions. Intelligent automation on the other hand delivers significant promise to conquer these challenges. It has the capabilities to automate processes with unstructured data, handles exceptions and continuously learns from past experience. Precisely, Intelligent Automation delivers significantly greater cost reduction.
Sadly, many do not understand what IA actually is and how to leverage it to accomplish your goals. So, for the benefit of our readers, Intelligent Automation (IA) refers to the application of Artificial Intelligence (AI) and related new technologies such as Machine Learning (ML), Robotic Process Automation(RPA) Computer Vision, Cognitive automation. I hope, this will help you get clarity on what IA is. Moving forward, let us know about the top applications of IA that are bringing a transformation in industries.
Below are some of the applications where intelligent automation is proving its capability to assist organizations in driving business efficiency and growth.
Intelligent Automation; a big winner in product engineering
A transformation in product engineering processes and the use of advanced technologies such as IA is essential to survive in a highly competitive market. It is apparent for product manufacturers to fast-track their product offerings to induct the filament of digitalization in this rapidly changing scenario and meet the demand for mass customization.
Intelligent automation in product engineering has countless benefits across the value chain starting from design, manufacturing, quality, logistics, and sales.
Tools like customized Computer-Aided Design (CAD) APIs, Configure, Price, Quote (CPQ) and process technologies have a huge potential in terms of product engineering as a step towards intelligent automation for small and medium enterprises in a budget investment.
To beat the obvious challenges, strategizing and planning each step of the implementation process & integrating an automation mindset across the organization will help set the path for change. Automation for product engineering could be monumental and can begin paying off in a very short period.
Augmented patient health care and streamlined payer-provider collaboration
In healthcare, we have a great opportunity to make the right use of IA to overcome all the healthcare challenges. As the result, the combination of artificial intelligence + robotic process automation offers a personalized system to reach patients in the best manner.
The healthcare industry has a great partnership with modern-age technologies like IA to overcome some of the common yet the biggest challenges of the patient care system.
The intelligent automation system is used in almost all core functions in the healthcare cycle; such as
- Automating the back office revenue cycle management
- Automating payer-provider association
- AI-driven care continuum to improve patient healthcare
- Voice-enabled patient experience supported by Intelligent automation
- Tele-monitoring and telehealth supported by IoT with artificial intelligence
- Patient health management/Public health management leveraging data sciences and IA
- Voice-AI driven clinician augmentation
Optimizing the supply chain, managing massive volumes of patient-related data, enhancing patient experience, ensuring data security, managing system integration, communication, & data sharing, etc. are a few of them.
Forecast and Real-Time Optimization for Logistics
For every industry, making a prediction, whether be it for service and products, sales or customer preferences is challenging. IA can be helpful here, as it garners real-time data, and then applies it to identify unpredicted holdups and improves accuracy. Additionally, it is essential to optimize routing and identify issues proactively, especially in logistics as this is crucial to the long-term productivity of a business.
It is common knowledge that a supply chain and logistics setup have many complex systems where products pass through a series of steps starting from manufacturers to suppliers, through distribution centers, to retailers, and then finally to the end customer.
Leveraging intelligent automation provides timely preventative action for problem cases, by providing real-time alerts to related teams.
Excellent customer experience and efficient operations for banks, insurance companies and financial
As the world forges ahead with transformations in every sphere of life, banks are setting themselves up for continued relevance. They are adopting IA for various ways, such as robo financial advisors, algorithmic training, digital fraud detection and prevention.
Human errors are common, especially in repetitive and mundane tasks. There are many possibilities, especially if your processes entail a long and complex method such as documentation/filling long forms, KYC forms, etc. for the loan process and other financial transactions. It becomes even more critical if it happens in the data entry process. This can result in critical business errors in banking, skewed numerical outcomes, and put a huge negative impact on various aspects of your banking business, and even severe data breaches.
Besides this Banking and Insurance companies are benefitting a lot from IA for assisting customer queries and providing 24X7 support. Another very vital application is security and compliance. IA is very effectively used to monitor processes and data for regulatory compliance, anti-money laundering (AML), and risk management in BFSI
Personalization in E-Commerce and Retail
Customer satisfaction is essentially driven by personalization in the contemporary market. Offering products & services to customers based on their past purchases and personal preferences can be a strategic differentiator for your success. This will be an important and positive factor for consumer-facing, e-commerce/retail industries.
With this background, using intelligent automation to improvise & automate processes and evaluate customer’s preferences is a vital method to lower the time spent by your team scanning through data manually. This will free them to focus more strategic work effectively on customer services.
These are just a few examples of the application of Intelligent Automation. There are many more opportunities to use IA to achieve a greater return on investment from automation. As Intelligent Automation will continue to deliver considerable applications to businesses, it will make incredible changes in years to come. And to experience the full capabilities of the technology, enterprises must lead with a process-first approach to promote increased adoption and positive employee experiences to ensure seamless adoptions across your organization.
If you are facing any challenges in the adoption of IA; our experts will be happy to help you in your journey with IA.