The advent of Intelligent Process Automation (IPA) solutions in the world of business have opened doors to several possibilities and use cases. While Robotic Process Automation (RPA) allows for enterprises to automate template-based processes of structured data with human capabilities, allowing for a smoother workflow in businesses and time saving; the major area of concern lies in the massive pool of unstructured data.
Over 90% of organizations today are faced with the challenge of processing unstructured content in a variety of forms, and typically over 80% of business data is unstructured. Moreover, the problem grows further as this content of unstructured data is increasing at a rate of 50–60% annually. This is where IPA comes into play. IPA with the power of Artificial Intelligence (AI), Natural Language Processing (NLP), Machine learning (ML), Deep Learning (DL), RPA, and various other capabilities provides the ability to automate the processing of unstructured data.
Business Value of IPA
IPA solutions enable enterprises to automate and accelerate highly repetitive, data-intensive processes as they can automate the processing of unstructured content. They can process any type of unstructured content such as scanned documents, PDFs, images, emails, chats, and various other formats. They can also automate processes from end-to-end also known as hyperautomation. IPA solutions provide tremendous value to a business as they
- enable an 85% reduction in process cycle times.
- eliminate manual effort and errors.
- allow an 80% reduction in resources.
- enable scalability on-demand.
When implemented for a feasible use case, intelligent automation can provide a significant ROI of up to 300% fairly quickly.
A Wide Playing Field for IPA in Modern Enterprises
Research indicates that the global IPA market will reach $15.8 billion by 2025 with a 12.45% Compound Annual Growth Rate value (CAGR) during the period of 2021-2026. This indicates that the adoption of IPA spans many industries worldwide.
But, why are industries so keen on leveraging this disruptive technology into their businesses?
The answer is partly that data-intensive processes with unstructured content are a challenge across industries. The second factor driving this massive surge in IPA adoption is the fact that intelligent automation lends itself to a diverse range of use cases for modern enterprises, adding value in myriad scenarios.
Here are some use cases that are ubiquitous across enterprises where IPA can be implemented:
1. Efficient Accounting and Streamlined Payrolls
The team that handles accounts payable (AP) exhausts a lot of valuable time in manually sorting and processing hundreds and thousands of invoices and paychecks every day. By leveraging IPA in this department the day-to-day invoice processing becomes much more efficient and faster, along with minimization of any human errors. Invoices can be processed in less than one-fifth of the time. With faster processing of data, your enterprise will be up to date with all its payments and have real-time insights on expenditures and surpluses.
IPA also allows streamlined payrolls. This relieves the HR department of the laborious grunt work of processing huge spreadsheets of salaries, overtime, commissions, bonuses, raises, wage deductions, and expenses, which in turn allows for Human Resources to be refocused towards adding strategic value to the enterprise.
2. Personalized Customer Service
Intelligent chatbots allow for the elimination of human intervention to the maximum, along with faster response speed. With their Natural Language Processing (NLP) abilities, chatbots provide a human-like and personalized experience for the customers in a convenient, conversational format. This results in highly satisfied customers which helps in building a base of loyal customers for your business.
3. Expediting Employee On-boarding
The HR department is burdened with a ton of paperwork when your company receives a large influx of resumes. This workload can be taken off their backs by introducing IPA in your business processes. The AI component with its document recognition capabilities will scan through the huge volumes of documents and eliminate ineligible candidates and only pick candidates with skills required for the given job. It can feed this output downstream so accelerate employee on-boarding. This makes the process of employee onboarding smooth and hassle-free and also reduces paperwork. The HR department, on the other hand, can focus on the higher-value task that lets them explore their human creativity which the AI lacks.
Thus, IPA solutions have completely revolutionized the business ecosystem, and enterprises that don’t harness this disruptive technology risk falling behind competitors who leverage it. They will feel the shortcomings of their operations in the near future as IPA and newer technologies continue to change the face of business processing. Therefore it is imperative for businesses to leverage IPA to have a breakthrough in this competitive ecosystem as well as to sustain in it.
Gain a better idea of how Intelligent Automation helps you streamline your workflow by reading How Intelligent Automation Standardizes and Optimizes Processes – Rapid Acceleration Partners. Alternatively, you could also explore What You Need to Know About The New Era of Intelligent Automation. If you’re interested in exploring intelligent automation to enhance your business processes, our team at Rapid Acceleration Partners would be glad to help. Our next-gen, AI-powered content intelligence platform RAPFlow enables full lifecycle AI orchestration on a single platform. When used in tandem with our RPA tool RAPBot, it provides end-to-end workflow automation capabilities that can be deployed in just weeks. You can even build your own use case and the platform can easily integrate with your existing systems. Book a demo to get a more detailed understanding of how our products can transform your business.