According to a report, while global IT spending on different automation technologies has increased many folds, much of it is wasted. This is primarily because technology implemented is either poorly integrated into the existing system or under-utilized because of many other reasons like improper staff training. These losses cost business a fortune over a period of time. As a result, organizations instead of experiences any real hike in savings and productivity get stuck in a productivity paradox.
In this article, we will discuss this in detail and also talk about how adopting Intelligent Automation (IA) will lead to better decision making and optimizing ROI for your organization.
Intelligent Automation; A Level Up!
If you are running an Intelligent Automation (IA) program (a combination of Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA)), you will understand that there are many moving parts to manage. You have to identify the processes that the bots will be automating, builds the bots, and much more.
Imitating human decision-making is extremely complex – no wonder, we hear a lot of people talking about AI but not a lot of people practicing it. Artificial Intelligence (AI) gives the brain to RPA and turns into Intelligent Automation(IA); basically, it incorporates the ability for the bots to make decisions just like a human.
Organizations putting intelligent automation to best use are able to re-assess not only their business process but also their human assets better to determine where automation technology can improve the overall productivity.
And everything your intelligent automation program does, regarding streamlining and accelerating processes can be analyzed through data. Businesses have tones of siloed data. But getting any actionable and valuable insights from that data is not easy. Automation enterprises, and centers of excellence are bombarded with data about their intelligent automation program, leaving them thinking, “What are we going to get from these piles of scattered data?”
Intelligent Automation (IA) acts as a bridge between disparate systems to deliver on the promise of technology to make our lives better and organizations more profitable. “Automate everything” attitude embraced by forward-thinking businesses is very much here to stay. Let’s see how?
How Intelligent Automation Helps Overcome Productivity Paradox?
- More Human Interactions and Increased Productivity– Simple and common processes are managed efficiently without any human intervention with IA. The reduction in menial tasks means employees are more engaged in more important tasks, leading to increased productivity. Organizations have witnessed how intelligent automation is enabling their employees to have more human interactions, and higher efficiency, along with cost-savings.
- Integrates Disparate Systems -The beauty of IA and the reason behind its rapid popularity is its simplicity. By automating existing business processes at the user interface (UI) layer, IA helps connect disparate technologies & systems to streamline processes without consuming much of your time and efforts.
- Accomplish Volume and Scale – Manage large volume and things at a scale that humans could not reasonably achieve manually; IA solutions and tools support your team as an extra team; IA solutions and tools support your team as an extra team member and help you scale up or down as per the requirement. So far, however, only a small percentage of automation aware companies are using IA in their business process at scale. As the domain of IA further expands and develops, the potential value that can be unlocked is likely to grow as well.
- Reduces/Eliminates Downtime – Businesses experience big losses due to system failures and sudden outrages. According to Gartner, cost of IT downtime on an average could be $5600 per minute for a large enterprise . AI tools can detect threats easily that are difficult for humans to identify. Using IA tools, users can easily monitor their machinery and infrastructure round-the-clock. When an incident can be identified much early, and you have a solution that can address and resolve those issues, downtime can be drastically reduced. Thereby leading to more savings and increased productivity & profits.
- Process large volumes of complex data – Process large volumes of complex data – Organizations gather a huge volume of data over a period of time. Processing these huge piles of data manually can be a very arduous task. With intelligent automation, data management becomes seamless. Numerous repetitive tasks, such as data aggregation and curation can be easily accomplished with automation tools.
- Support better decision making – Intelligent Automation makes it easy to analyze a huge amount of data as it is powered by AI and ML. An AI-driven automation solution can convert data into actionable insights which support better business decision-making.
- Improved Regulatory Compliance – Most industries have some legal compliances that are important to their dependable functioning. Leveraging intelligent process automation tools, you can ensure customer data privacy, record retention and safety guidelines. Besides, you can also uphold sales guidelines and financial regulation requirements in a much better way than manually. These processes or workflows can be performed without any human intervention using IA tools; not to mention it has a long-term benefit associated with it.
- Streamline inefficient business operations– A lot of businesses have complex and disorganized processes and workflows. These businesses make their employees spend hours manually doing the work fixing errors. Using an Intelligent Automation-enabled solutions organizations can help their employees in applying their skills to important initiatives like utilizing data insights in developing advanced business strategies.
- High Return on Investment – IA empowers businesses to tie existing processes together without having to split and substitute what they already have. Additionally, the IA solution can be used across teams and departments so you can reuse investments across teams without time-consuming integrations. This implies businesses can accomplish a rapid return on their investment and that too within a short time.
- Compounded Benefits – Additionally, IA benefits are not just one-time payoffs. Benefits from IA Investments continue to compound over time. Higher productivity due to automation enables employees to accomplish more within the same time. Thus, keeps them satisfied and motivated. And, greater accomplishments lead to more and happier employees.
By adopting intelligent automation, organizations are able to greatly improve their service delivery, reduce operational costs, and enhance customer and employee satisfaction thereby increasing the company’s brand name, ROI, and overall productivity.
If you think, you are ready to explore intelligent automation solutions to overcome your business challenges, then talk to our experts today