Intelligent Automation: How it is Different from RPA and its Importance, Use-cases and Trends
As businesses strive to keep pace with the accelerating pace of technological change, they’re increasingly turning to Intelligent Automation as a way to streamline operations, improve productivity, and enhance customer satisfaction. This powerful technology, which combines Artificial Intelligence (AI) and Robotic Process Automation (RPA), is designed to automate complex business processes that have traditionally required significant manual intervention.
Know how we leverage Robotic Process Automation for our clients to drive digital transformation. Read More.
Intelligent Automation is specifically designed to address some of the most pressing challenges facing modern businesses, including the need to reduce operational costs, increase efficiency, and improve accuracy.
According to a study by HFS Research, organizations that have adopted Intelligent Automation have seen an average increase of 28% in revenue and an average cost reduction of 26%.
This suggests that Intelligent Automation not only improves internal operations but also drives growth by enabling organizations to respond more quickly to changing market conditions and customer demands.
What is Intelligent Automation? Definition
Intelligent Automation is a cutting-edge technology that combines Artificial Intelligence (AI) and Robotic Process Automation (RPA) to automate complex business processes. According to a report by MarketsandMarkets, the global Intelligent Automation market size is expected to reach USD 16.3 billion by 2025, growing at a CAGR of 12.9% from 2020 to 2025.
Intelligent Automation leverages AI algorithms to automate decision-making, reduce manual intervention, and improve operational efficiency. It uses machine learning algorithms, natural language processing, and other advanced technologies to analyze data and make informed decisions.
Meanwhile, RPA technology enables the automation of repetitive, rule-based tasks, freeing up employees to focus on higher-value work that requires human expertise.
The potential of Intelligent Automation is enormous. According to a study by Accenture, automation technologies like Intelligent Automation could add $14 trillion to the global economy by 2035.
This technology has the power to transform the way businesses operate and create significant value across various industries. In the following sections, we’ll explore the benefits, challenges, and use cases of Intelligent Automation in more detail.
Why is Intelligent Automation Important?
Intelligent Automation is becoming increasingly important for businesses looking to stay competitive in today’s fast-paced, technology-driven environment. Here are a few reasons why:
- Increased Efficiency: One of the primary benefits of Intelligent Automation is that it can streamline operations and increase efficiency. By automating repetitive, time-consuming tasks, businesses can free up employees to focus on higher-value work that requires human expertise. This, in turn, can improve operational efficiency and reduce costs.
- Improved Accuracy: Intelligent Automation leverages AI algorithms to analyze data and make informed decisions. This reduces errors and improves accuracy, which is particularly important in industries where even small errors can have significant consequences. According to a report by McKinsey, Intelligent Automation can reduce errors in manual tasks by up to 90%.
- Enhanced Customer Satisfaction: By improving operational efficiency and reducing errors, Intelligent Automation can enhance customer satisfaction. For example, businesses can use Intelligent Automation to automate customer service inquiries, which can improve response times and reduce the risk of errors.
- Greater Agility: Intelligent Automation can enable businesses to respond more quickly to changing market conditions and customer demands. By automating certain processes, businesses can be more agile and adapt to changing circumstances more effectively.
According to a report by Accenture, businesses that have implemented Intelligent Automation have seen a 63% increase in productivity and a 75% reduction in process turnaround time.
- Cost Savings: Finally, Intelligent Automation can help businesses save money by reducing operational costs. By automating certain tasks, businesses can reduce the need for manual labor and improve operational efficiency, resulting in significant cost savings over time.
In summary, Intelligent Automation is important because it can increase efficiency, improve accuracy, enhance customer satisfaction, enable greater agility, and lead to cost savings. These benefits can help businesses stay competitive in an increasingly technology-driven environment.
Applications of Intelligent Automation
Intelligent Automation has a wide range of applications across various industries. Here are a few examples of how businesses are leveraging Intelligent Automation to drive efficiency, accuracy, and innovation.
“Intelligent Automation is a critical enabler for digital transformation, empowering organizations to optimize operations, enhance customer experience and drive innovation.”
– Mike Sutcliff, Group Chief Executive of Accenture Digital.
- Finance and Accounting: Intelligent Automation can be used to automate repetitive accounting tasks such as data entry, reconciliation, and auditing. According to a study by EY, implementing Intelligent Automation in finance and accounting can lead to a 30% reduction in manual effort and a 50% reduction in processing time.
- Customer Service: Intelligent Automation can be used to automate customer service inquiries, reducing response times and improving customer satisfaction. For example, businesses can use chatbots powered by natural language processing to answer common customer questions.
- Healthcare: Intelligent Automation can be used to streamline clinical workflows and improve patient outcomes. For example, healthcare providers can use Intelligent Automation to automate medical data entry, monitor patients remotely, and provide personalized treatment recommendations.
- Manufacturing: Intelligent Automation can be used to automate various stages of the manufacturing process, from assembly to quality control. According to a report by McKinsey, Intelligent Automation can lead to a 10-20% reduction in direct labor costs in manufacturing.
- Human Resources: Intelligent Automation can be used to streamline HR processes such as onboarding, performance management, and employee data management. According to a study by Deloitte, implementing Intelligent Automation in HR can lead to a 30-50% reduction in transactional processing time.
- Marketing: Intelligent Automation can be used to automate various marketing tasks, such as lead generation, email marketing, and social media management. According to a report by MarketsandMarkets, the Intelligent Automation market in marketing is expected to grow at a CAGR of 15.4% from 2020 to 2025.
These are just a few examples of the wide range of applications of Intelligent Automation. Across various industries, businesses are leveraging Intelligent Automation to drive innovation, increase efficiency, and improve accuracy.
How does Robotic Process Automation Differ from Intelligent Automation?
Robotic Process Automation (RPA) and Intelligent Automation (IA) are two technologies that are often used interchangeably, but they are not the same. Here are the key differences between RPA and IA:
- Scope: RPA is focused on automating repetitive, rule-based tasks, such as data entry, invoice processing, and payroll management. It is designed to mimic human actions, but it does not have the ability to learn or make decisions on its own. In contrast, IA combines RPA with Artificial Intelligence (AI) and Machine Learning (ML) to automate complex, cognitive tasks, such as data analysis, natural language processing, and decision-making.
- Complexity: RPA is a simpler technology compared to IA, as it is limited to automating routine tasks that follow a set of predefined rules. IA, on the other hand, is a more advanced technology that can handle complex tasks that involve unstructured data and decision-making.
- Decision-making: RPA is a rules-based technology that follows a set of predefined rules, and it does not have the ability to make decisions on its own. In contrast, IA can analyze data and make decisions based on predefined criteria or learn from previous decisions to improve accuracy over time.
- Scalability: RPA is highly scalable and can be implemented quickly and easily, as it does not require significant changes to existing systems or processes. In contrast, IA is a more complex technology that requires significant investment in infrastructure, training, and expertise.
In summary, RPA is a technology that automates repetitive, rule-based tasks, while IA combines RPA with AI and ML to automate complex, cognitive tasks. IA is a more advanced technology that has the ability to learn and make decisions, but it is also more complex and requires significant investment in infrastructure and expertise.
Intelligent Automation Examples
Let’s explore some real-life examples of how companies are leveraging Intelligent Automation to transform their business processes and achieve better results. These examples will illustrate the diverse range of applications for Intelligent Automation across various industries and business functions, highlighting the potential benefits of implementing this technology. From finance and accounting to customer service and supply chain management, these examples will demonstrate how Intelligent Automation is driving efficiency, innovation, and growth for companies around the world.
- Coca-Cola: Coca-Cola has implemented Intelligent Automation in its finance and accounting processes to automate data entry, invoice processing, and account reconciliations. This has led to a reduction in manual errors, improved accuracy, and faster processing times.
“We’ve automated a lot of the manual processes in our finance and accounting departments using robotic process automation and natural language processing, and we’re seeing significant improvements in efficiency and accuracy. By leveraging Intelligent Automation, we’re able to free up our people to focus on higher-value tasks, and we’re able to provide more timely and accurate information to our business partners. We see Intelligent Automation as a key enabler for our digital transformation journey.”
– Tiffani Sasse, Chief Digital Officer, Coca-Cola
- JP Morgan: JP Morgan has implemented Intelligent Automation to automate customer service inquiries and reduce response times. Using a combination of chatbots and natural language processing, JP Morgan is able to provide personalized responses to customer inquiries in real-time.
- Walmart: Walmart has implemented Intelligent Automation in its supply chain operations to improve inventory management and reduce stockouts. Using predictive analytics and machine learning, Walmart is able to forecast demand and optimize inventory levels, reducing waste and improving customer satisfaction.
- Siemens: Siemens has implemented Intelligent Automation in its manufacturing operations to optimize production and reduce downtime. Using predictive maintenance and machine learning, Siemens is able to identify potential equipment failures before they occur, reducing unplanned downtime and improving overall efficiency.
These examples demonstrate the diverse range of applications for Intelligent Automation across various industries and business functions. By automating routine tasks and leveraging AI and ML to handle complex tasks, companies are able to improve efficiency, reduce costs, and drive innovation.
Top Intelligent Automation Tools
By leveraging the power of AI and machine learning, the following Intelligent Automation tools can help companies to drive innovation and stay ahead of the competition. We will discuss the features and benefits of some of the top Intelligent Automation tools available on the market today, giving businesses the information they need to make informed decisions about which tools are right for them.
- UiPath: UiPath is one of the leading platforms for robotic process automation (RPA), offering a wide range of tools for automating repetitive tasks and workflows. Its AI capabilities allow it to handle unstructured data and complex tasks, making it a popular choice for businesses looking to streamline their operations.
- Automation Anywhere: Automation Anywhere is another popular RPA tool that offers a range of features for automating tasks across various business functions. Its intuitive interface and advanced analytics capabilities make it easy for businesses to identify opportunities for automation and optimize their processes.
Know how we used amalgamation of platforms like Automation Anywhere and Machine Learning using NLP that was implemented for one of our banking clients. Read more.
- Blue Prism: Blue Prism is a powerful RPA tool that offers a range of features for automating complex workflows and tasks. Its drag-and-drop interface and advanced security features make it a popular choice for businesses in regulated industries, such as finance and healthcare.
- WorkFusion: WorkFusion offers a range of tools for automating business processes, including RPA, machine learning, and natural language processing. Its platform is designed to handle complex, unstructured data and workflows, making it a popular choice for businesses in industries such as banking and insurance.
- Kryon: Kryon offers a range of tools for automating business processes, including RPA and process discovery. Its AI-powered tools can help businesses identify areas for automation and optimize their processes for maximum efficiency.
These are just a few of the top Intelligent Automation tools available on the market today. By leveraging these tools, businesses can automate routine tasks, optimize workflows, and achieve better results, driving efficiency and innovation across their operations.
Intelligent Automation Trends
Keeping up with the latest trends in Intelligent Automation can help businesses stay ahead of the curve. We will discuss some of the key trends in Intelligent Automation, including hyperautomation, process discovery, intelligent document processing, cloud-based automation, and human-automation collaboration.
By understanding these trends and their potential impact on business operations, businesses can make informed decisions about how to leverage Intelligent Automation to achieve their strategic objectives.
- Hyperautomation: Hyperautomation refers to the use of multiple automation technologies, such as RPA, AI, and machine learning, to automate complex business processes. This trend is driving innovation and enabling businesses to automate more sophisticated tasks than ever before.
- Process Discovery: Process discovery refers to the use of AI and machine learning to identify opportunities for automation and optimize business processes. This trend is helping businesses to improve the efficiency and accuracy of their operations by identifying areas for automation that might have been overlooked in the past.
- Intelligent Document Processing: Intelligent Document Processing (IDP) refers to the use of AI and machine learning to extract information from unstructured data sources such as emails, invoices, and contracts. This trend is enabling businesses to automate the processing of large volumes of unstructured data, driving efficiency and reducing errors.
- Cloud-Based Automation: Cloud-based automation refers to the use of cloud computing services to enable Intelligent Automation. This trend is helping businesses to scale their automation efforts more easily and cost-effectively, and to leverage the power of the cloud to drive innovation and growth.
- Human-Automation Collaboration: Human-Automation Collaboration refers to the collaboration between human workers and Intelligent Automation technologies to achieve better results. This trend is helping businesses to leverage the unique strengths of both humans and machines, enabling them to achieve better outcomes than either could alone.
These are just a few of the key trends in Intelligent Automation that are shaping the future of business operations. By staying abreast of these trends and leveraging the latest technologies and techniques, businesses can stay ahead of the curve and achieve their goals more efficiently and effectively.
Intelligent Automation is transforming the way businesses operate, enabling them to drive efficiency, reduce costs, and increase innovation. As AI and other automation technologies continue to advance, we can expect to see even more sophisticated automation capabilities, increased adoption across industries and functions, and significant transformation in the job market.
While there are challenges to be overcome, such as the need to reskill and upskill workers to keep up with technological advancements, the benefits of Intelligent Automation are clear. Businesses that embrace automation stand to gain a competitive advantage, with increased productivity, improved customer experiences, and faster response times to changing market conditions.
Overall, Intelligent Automation is a powerful tool that can help businesses of all sizes achieve their goals and drive growth in an increasingly complex and fast-paced world. As we look to the future, it is clear that Intelligent Automation will continue to play a crucial role in shaping the way we work and do business.