Our previous blog in this series detailed several benefits of leveraging Intelligent Process Automation (IPA) for business use cases. IPA that enables hyperautomation is one of the hottest disruptive technological trends for businesses across industries. In fact, Gartner ranked hyperautomation as one of the top technology trends for 2020 stating that it will have a profound impact.
Myriad sectors like hospitality, shared services, banking, financial services and insurance, healthcare, manufacturing, retail, telecom, and more have all benefited from IPA implementations. Aside from improving operational efficiency, and automating data-intensive processes that handle unstructured content, IPA drives digital transformation that optimizes processes supporting strategic business goals. It’s no wonder that the majority of businesses are looking towards IPA for digital transformation that gives them a competitive edge.
Here are 9 more benefits of implementing IPA for your business.
- Enhanced Accuracy
One of IPA’s primary benefits is that by minimizing human intervention, it eliminates manual errors. This raises the accuracy of your processes and services dramatically. This in turn boost operations as well as business decisions based on the output of these processes. In addition, eliminating manual-errors can save your business a great deal of money. So leveraging IPA truly pays off by ensuring accurate and error free processes and services.
A huge advantage of IPA is that it can be scaled up or down with ease depending on your enterprise requirements. For example, at certain times of the year there might be a seasonal spike in demand. Your IPA solution can easily scale to manage this increased level of operations and then scale back down once the surge passes. This is especially useful during times of crisis to compensate for the lack of onsite workforce. Once normalcy resumes, this ability to scale can help your business expand or respond to variations in market conditions that impact operations.
- Guaranteed ROI
There is a misconception that IPA is as an expensive affair that requires a significant upfront investment. While a certain level of investment is required, many companies have gained a triple digit ROI from their IPA implementation fairly quickly, in a matter of months. So, you can rest assured that your investment in a well-chosen IPA use case will pay off.
- Improved SLA Analysis
Organizations can easily monitor the performance of IPA implementations and track the productivity of their teams. This empowers organizations to monitor the progress of SLAs in real time, making it much easier to quickly remediate any issues in SLAs.
- Optimized Output Consistency
Bots and IPA solutions in replicating processes with minimal variations, depending on the type of data and rules for processing. Bots in particular excel at performing repetitive processes with no errors. Banking and insurance organizations can capitalize on these capabilities for the underwriting of policies and other such documents that demand zero margin for error.
- Core Domain Expertise
When you automate rule-based, data-intensive, and repetitive tasks, staff use their time to build expertise in primary processes and core domains. They can also make sure that the IPA in place is functioning in alignment with business objectives.
- Better Security
When bots and IPA solutions serve as your main workforce, you eliminate the security risks associated with human resources. They will never take a day off or leave your company. This minimizes the risk of data hacking that often occurs when an employee switches role or leaves the company.
- Lower Churn Rate
IPA augmentations allow for improved user and customer experience with swift, relevant responses and a seamless stream of services. This has the benefit of reducing your churn rate and ensure a loyal customer base which plays a big role in the long-term success of your business.
- Enhanced Internal Operations
Many internal operations that are typically manual such as new employees onboarding, tracking their attendance, maintaining records, checking on timely report submissions and so on you can be automated through IPA with minimal human oversight. This drives smoother, error-free functioning of these routine processes while freeing your team to concentrate on higher value business activities while IPA handles these processes.
In case you’re considering implementing IPA for use cases in your organization, take a look at these 9 Areas That Are Adopting Intelligent Automation for Typical Business Processes.
If you’d like to explore opportunities where your business can benefit from IPA implementations for hyperautomation, the Rapid Acceleration Partners team 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 solution 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.