October 6, 2020 By: Sandeep L. Joice
A version of this Blog was first published on the SME Channels
Digital transformation is the way towards utilizing digital innovations to transform and re-envision the business processes and customer experiences to meet changing business, technology and market requirements. Digital transformation leads and empowers the end-to-end journey of enabling a paradigm shift towards a smarter organization.
As we move from traditional processes to digital processes and smart applications for dealing with our business, we get the opportunity to reimagine how we do business and how we engage our clients with digital technology on our side.
Regardless of heavy investments in automation solutions, like, Enterprise Resource Planning (ERP), most crucial business processes are still following traditional data-driven manual tasks, for example, gathering, assessing, and inputting information. To do these repetitive, non-value-adding tasks, a large human workforce with certain cognitive capacities is required, which brings higher expenses, extended timelines, and quality issues in operations.
Software Robots and Artificial Intelligence can handle these human cognitive capacities, this makes a chance to automate the tasks in more effective manners as before. RPA is the strength or the workhouse of the operations. It’s an initial step, to begin with, automation, utilizing software to limit or exclude the manual efforts, interacting and executing processes in a more proficiently and adequately manner than a human might have done. Monotonous activities such as making invoices, acknowledgment mail, sending reminders, etc. can be handled by bots (RPA) in sync with your current business frameworks. This enables employees to focus and accomplish more important work, and initiatives that can have more noteworthy impacts on the bottom line.
Talking about Intelligent Automation, that is a key player and a holistic solution for accelerating the digital transformation. Intelligent Automation is a perfect combination of Robotics Process Automation (RPA), Cognitive Process Automation (CPA), and Artificial Intelligence (AI) that leverages organizations to not only automate the human tasks but also help them in the decision-making process. Intelligence Automation is like the “Brain” of the system as it can imitate people, gain from them as they go, and, after some time, carry out certain responsibilities stunningly better than their human counterparts might.
According to Forbes Posits, Intelligent Automation increases execution capacity, minimizes the overhead needed to get services and products to market and optimizes efficiency by facilitating better-informed decision-making and a focus on quality.
There are a ton of innovative offerings out there — often enough to make head spin — and all to convey esteem the business essentially can’t survive without. At the point when we’re assessing software innovation buys, we take a gander at both how the innovation will empower our groups to play out their work more speedily and how the investment in the technology will convey business esteem.
Let’s be honest, better workflows are extraordinary, as are staggeringly cheerful clients, however, these things, joined with primary concern business savings — that is what we’re all searching for and the solution is offered by automation.
Research from McKinsey uncovers organizations over numerous businesses that have been trying different things with Intelligence Automation are seeing 20-35% yearly run-rate efficiencies because of automating 50-70% of errands. This has additionally brought about a decrease in straight-through process time of 50-60% and the ROI frequently in the triple-digit rates. Furthermore, Futurum research shows that organizations understand the worth automation can convey, and 75% of associations mean to put resources into RPA or IA among now and 2025 — with 44% wanting to put resources into the following year, 18% intending to put resources into the following 12 to year and a half, and 13% in the following two to five years.
The main objective of Intelligent Automation is to expand the possibilities of business. The scope of its application in businesses will continue to grow and expand as new smart technologies enter the market. Automation is not a substitute for the human workforce, rather human and automation when comes together, complement each other, and compensate each other’s limitations and help the business keep thriving.
