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What promise do intelligence automation technologies hold for digital enterprises?
The pace of adoption of automation has been accelerated over the last couple of years. Every modern-day business is looking to automate its complex processes and make tasks error-free. If implemented right, automation delivers substantial benefits to companies, regardless of types and sizes. Intelligent automation is becoming a new technological wave for companies’ digital transformation journey. It amalgamates the likes of artificial intelligence and robotics process automation.
Gartner defines intelligent automation as an umbrella term that brings together various strategies, skills, tools and techniques that eliminate the need for labor, increase the predictability and reliability of services and reduce costs.
In today’s business landscape, every company needs to be more agile as well as adroit at gleaning and using real-time insight. Businesses also must be more attuned to customer expectations and needs that help them deliver customized services.
Advantages Intelligent Automation Delivers
- Minimized costs and high ROI
- Enhanced customer experience
- Increased process efficiency
- Augmented back-office operations
- Amplified workforce productivity
- More effective monitoring and fraud detection
- Enhanced Cycle Time
- Employee Empowerment
- Product and service innovation and more.
Challenges of Intelligent Automation
- Shortage of skilled workforce
- Increased cybersecurity threats
- Loss of flexibility
- Investment costs
- Integration with legacy systems, and more.
The Value of Automation That Works for Future Enterprises
Intelligent automation is here to stay. Indeed, the report shows that 86 percent of global business leaders believe that their organizations must deploy this technology in the next five years in order to stay ahead in their industries.
Another report from Gartner revealed that 42 percent of CEOs have already commenced the process of digital transformation while 56 percent already made high gains through the implementation of automation.
There is no denying that the adoption of robotic process automation has surged at lightning speed across the enterprise. This is one of the major technologies that help companies’ digital transformation journey.
Intelligent Automation is the Next Step in Digital Transformation
By automating business processes, businesses can ease the burden of repetitive tasks and frees their employees to invest more time on the more innovative set of tasks. Intelligent automation can help businesses in different ways, such as reading documents, understanding unstructured data and excerpting information. It can even better decipher what to do next. There are several IA technologies that can deliver value an organization simply can’t live without.
Some of the top intelligent enterprise technologies are hyperautomation, machine learning, chatbots, RPA, IoT, cognitive computing, predictive analytics and text and speech analytics. A McKinsey research divulges that companies across multiple industries that have been experimenting with intelligent automation are witnessing 20-35 percent annual run-rate efficiencies as a result of automating 50-70 percent of tasks. They are also experiencing a reduction in straight-through process time of 50-60 percent and returns on investment often in the triple-digit percentages.
Intelligent automation technologies help businesses address certain challenges related to the functioning of their businesses such as processing voluminous data or labor shortages and costs, among others.