Intelligent Automation can reduce costs while facilitating innovation
Technology today has seeped into almost every part of our lives, personal and professional. Businesses have adopted technology at lightning speed to not only professionalize the workforce but also automate laborious or intricate tasks. Much of the success in the adoption of new-age technologies within industries is a result of Intelligent Automation (IA). An amalgamation of Robotic Process Automation (RPA) and Artificial Intelligence (AI) technologies, this combination has rapidly changed the industrial ecosystem from its very core.
It’s not as if these technologies weren’t present in the pre-COVID-19 era. However, the pandemic brought them to the forefront, making them essential to maintaining business continuity. So powerful is their potential that the IA technology market is expected to grow by double-digits through 2024 (source: Gartner report on RPA). While the pandemic hampered supply chain management across the world, businesses that chose to rapidly adopt IA have made the best of a difficult situation. The need of the hour in the face of COVID-19 was agility, precision, and swiftness. Progress is impossible without embracing change and IA made the necessary change possible.
Intelligent Automation as a Business Enabler
Coming to the rescue of many industries, IA has many facets that have propelled business development at a faster rate. The use of IA made business processes swift and drove efficiency. IA provided organizations with a chance to mitigate risks without compromising the quality of their products. With this, workforce’s productivity improved as well. To add, the use of IA reduced costs while facilitating product innovation, and most importantly improved decision-making power in such a way that it helped ensure customer satisfaction.
IA has made everyone realize that repetitive tasks can be done with ease and without any errors. Its implementation in various sectors such as healthcare, insurance, finance, commerce, manufacturing, and others, has enabled companies to think smart and stay ahead of time. This technology has almost unlimited potential based on its unique attributes. However, businesses need to ensure the right implementation of the technology. [box type=”info” align=”” class=”” width=””]To begin with, successful implementation of IA requires an organization that values continuous learning and a set of people with the vision to not only comprehend the process but to think beyond it. The knowledge base within the organization and its intended purpose is also a key factor.[/box]
Speaking specifically about the fintech sector, many organizations have sought to incorporate IA by working with the right partners to deliver operational excellence and resilience to customers. From labor capacity creation and improved client experience to the launch of new products and services, IA technologies have provided us with a platform to grow leaps and bounds. IA has been transforming processes – from customer services, sales, and customer intelligence to fraud prevention and cybersecurity. With established features that can be implemented quickly, customized by the operating team, and are non-intrusive and capable of generating a return on investment (RoI) in a short span of time, this technology has become a game-changer in the field of financial services.
Right implementation – A key to Drive Growth
IA demands an ecosystem where it can thrive – which can come through scouting data appropriately, investing in a suitable toolset, and accurate management. Automation has the potential to completely transform an organization. Right from the entry-level to management, all processes can go through a 360-degree change.
The process of automation goes beyond just implementation, it also plays a significant role in reducing the long-term total cost of ownership (TCO) with potential benefits such as cost savings on capital expenses, easy scalability, increased productivity, and efficiency and more. Hence, this process must be handled with utmost care and integrity.
In the fast-evolving world of applications and websites, technology is the key driver for business growth and automation technology is enabling a paradigm shift in the way businesses are transforming themselves.
IA is maturing very fast and considering the way it is being adopted for a range of business processes, it is surely gearing up to be a core part of any organization. New age platforms like Low Code Application Platforms (LCAPs) and AI Intelligent business process management suite (iBPMS) will help organizations complete their automation journey. Our future is not only intelligent but automated too.
Pavan Kishore Kota Subramanya, Director – Intelligent Automation, Fiserv Global Services