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As technologies are becoming important assets in growth, businesses are also experiencing a burden to boost their productivity and stay ahead of the competition. And that’s where Robotics Process Automation comes to their rescue.
For over a decade, Robotics Process Automation (RPA) has received quite positive responses from businesses for enterprise-scale deployments. Not just it, but even its enhanced version, Intelligent Automation (IA), is showing businesses its potential to bring revolutionary transformation with its structured and unstructured data processing, machine learning, and NLP capabilities.
Also, the RPA investment market is expected to grow from $10.01B to $43.53B by 2029 at a CAGR of 23.4%.
Now, the question is, “how can businesses make the most out of this RPA, AI-powered business process automation?” Well, that’s what we are going to discuss in this article.
You can think of robotics process automation as a robot/bot in the form of an AI-powered automation software program accomplishing all digital tasks for you intelligently. It does fill out a form step-by-step, download reports, auto-save the files after every amendment you do, trigger responses, and many other repetitive tasks the way you do.
Moreover, RPA scenarios, which we just discussed above, are programmed to automate jobs made available for you in your ERP system. They can observe and learn employees’ working patterns and automate routine repetitive tasks without human intervention. So, you can focus on your other important tasks, which indeed results in powered-up business productivity.
Many business leaders are leveraging RPA to streamline mission-critical, rule-based business processes to reduce efforts and deliver high-value work and costs. On the other hand, some businesses see RPA as a thread leading to intelligent automation (IA) by leveraging AI/ML tools to build training models to predict future performance.
Intelligent Automation (IA) is highly capable of automating not just routine but also nonroutine tasks by leveraging creativity, judgment, persuasion, and problem-solving capabilities. With those advanced AI capabilities, IA develops human-like cognitive capabilities, which can recognize handwriting, do image processes, and natural language processing.
As the cost is the main concern for many businesses, there’s good news for businesses. The programmed bots are implemented in your business IT infrastructure, which removes additional investment for new IT infrastructure dedicated to RPA and IA solutions. The best thing is that they are compatible to integrate with your business IT systems and that too at a minimal investment.
By implementing RPA and IA solutions, businesses can avail of the following benefits:
- Improved and more detailed data collection
- Enhanced accuracy
- Gain competitive intelligence
- Better flexibility and scalability
- Optimized business productivity with data-driven processes
- Result-driven sales and marketing strategies
- Proactive customer support services
- Fortified cybersecurity boosting producer-consumer integrity
- Regulatory compliance management
- Top-notch time and cost management
Now, let’s know ways businesses leverage automation to boost productivity:
The impact of AI/ML-powered solutions, like RPA and IA, is game-changing. By leveraging AI/ML solutions, a French food manufacturer, Danon Group has achieved around a 20% reduction in forecasting errors, a 30% decrease in missing sales opportunities, and a 50% workload reduction.
Moreover, leading automobile manufacturer BMW Group leverages an automation image recognition program to inspect automobile manufacturing defects, so they can maintain their top-notch automobile manufacturing quality.
Healthcare bodies can leverage AI process automation to improve patient experience and manage patient-doctor appointments, treatment, claims processing, billing, and compliance. Many healthcare organizations powered with RPA bots have achieved 30-70% of enhancement in healthcare sector productivity without any human intervention.
The supply chain industry deals with global businesses and affects heavily due to even the slightest global issue. Hence, supply chain businesses must adopt RPA or IA models to analyze the market behaviors and trends to predict their next moves to accurately manage their inventory stock to prevent loss in business.
Bank & Finance
- Finance management firms use AI-powered process automation solutions to analyze trade portfolios and investment metrics and generate NLP-based reports.
- Global banks use automation to maintain complaints by closely observing and identifying non-compliant activities.
Hiring/recruitment firms cater to many businesses’ recruitment requirements by dealing with tons of candidate CVs. With this AI solution, recruitment firms can automate the CV analysis processes to quickly find the best matches meeting their recruitment parameters, like competencies, CTCs, etc.
Customer service centers can reduce their administrative and back-office workloads by implementing RPA customer services. These AI/ML-powered software robots gather data in real-time from end-connected digital systems to learn about possible customer queries and responses to act further.
Hope that the information provided in this article has provided useful insights about AI-powered automation solutions, Robotic Process Automation (RPA), and Intelligent Automation (AI) and ways different industry-based businesses are leveraging to unlock better business potentials.
Mehul Rajput is the CEO and Co-founder of MindInventory, a leading custom software development company that provides bespoke web and mobile app solutions, from startup to enterprise-level company. He is responsible for heading the operations related to business and delivery with strategic planning and defining the roadmap for the future, leveraging his extensive industry expertise.