The rise in demand for digital transformation for enterprises has seen exponential growth in the past couple of years. The tech market has gained a massive impetus, especially with the disruption caused by COVID-19, driving several industries to leverage intelligent automation for efficient and streamlined processing.
Gartner predicted that IT spending would hit $3.9 trillion this year as the COVID-19 pandemic continues to act as a catalyst for digital transformation in just about every major industry. As the demand for digital transformation grows in the following year, enterprises seek reliable tools and solutions to facilitate streamlined workflows.
However, due to the misconception of digital transformations for being an instant solution, companies investing in it tend to expect rapid outcomes and profits. In order to derive maximum value from an intelligent automation, it is crucial for enterprises to pick feasible use cases and the right Intelligent Process Automation (IPA) solution. Such solutions harness both Artificial Intelligence (AI) and Robotic Process Automation (RPA) enabling automation of processing unstructured content and end-to-end process automation aka hyperautomation. This technology can give your enterprise a competitive edge and also enables more robust, sustainable operations. Digital transformations that withstand the test of time can also reap your enterprise triple digit ROIs.
Avoid Hasty Automation for your Enterprise
Standalone intelligent automation pilots were launched to tackle workflow and management issues that consumed a major chunk of employee workhours, particularly data-intensive, highly-repetitive tasks. This trend of standalone automation pilots was extremely successful among enterprises that required a ready-to-use automation solution of iterative tasks, such as invoice management, customer-service, accounting, etc.
Many enterprises were quick to hop on this trend without any prior consideration of its long-term outcomes. But soon after implementation enterprises realized that automation of 30-50% of a typical workflow does not translate to 30-50% in labor savings. This is because on a daily basis an average employee performs a myriad of tasks, unlike the structured tasks that standalone automation pilots were automating. These tasks are inconsistently automation-ready. Furthermore, the growth of any enterprise inevitably results in a more complex business processes. This resulted in the handicap of the ready-to-use automation tools when it came to processing abstract and complex data.
Due to inadequate understanding of the automation tools and their applicable use cases, 3 in 10 automation endeavors resulted in a failure. 38% of the implementations failed due to high data complexity. Thus, where an early implementation of an intelligent automation tool should have enabled sustainability and competitive advantage to a company, its hasty and poorly contemplated implementation ironically posed as an obstacle to their progress.
Merging Of Fragmented Markets – A Promising Future for Digital Transformation
The vastly fragmented nature of the digital market could be the reason behind the inefficient utilization of automation solutions. Despite an exponential rise in intelligent automation and its ever-growing applicability in a myriad of industries, this market remains heavily fragmented. With numerous firms providing similar solutions and tools, often without modular integration and extensibility, it’s understandable why enterprises are faced with a dilemma of having to choose a suitable and reliable solution.
However, many companies are starting to make efforts towards mergers and integrations among fellow software providers. Such mergers will benefit both the companies as well as the customer. But the result of such endeavors will take some time to be visible in the market as an integrated marketable product. The responsibility, hence, falls back on the customers shoulders. Customers can, at their own risk, consolidate various automation tools to build their own integrated solutions. However, the recent advent of democratized IPA solutions is making it much easier for enterprises of all sizes to leverage disruptive technology.
Intelligent and Integrated Approach
An intelligent and integrated automation solution is the most efficient and profitable route for companies to achieve a sustainable and stable future with digital transformation. This way enterprises can have complete control over the functionality, scalability and integration-readiness of their automation tool, that can indeed withstand adverse changes in market demands with minimal need for re-configuration.
Furthermore, with the aid of Artificial Intelligence (AI), Natural Language Processing (NLP), and Machine Learning (ML) businesses are enabled to build an automation solution that matches their custom use case, with the capability and intelligence to expand its processing according to the growing complexity. Moreover, an integrated solution enables streamlined operations and centralized visibility as well as better governance of your business processes. It also enables you to tackle immediate business issues at hand. Such IPA solutions lay a foundation for a sustainable business.
Availability of an intelligent and integrated automation, especially in today’s disruptive scenario, will help your company achieve efficient operations and business model with minimal external intervention. Research states that there has been a 30% spike in digital transformation deals amongst companies in the year 2020 alone. This integrated approach serves to maximize efficiency and also provides scalability. By merging of disparate automation solutions and use cases you accelerate your enterprise towards a sustainable future; paving an efficient route to success for your business.
If you want to learn how Intelligent Automation helps your business thrive read How Intelligent Process Automation (IPA) Accelerates Processes & Drives Business Value. Alternatively, you could also explore Maximizing the Value of Intelligent Automation for Your Enterprise via Business-IT Alignment.
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