Automation of processes has been around for quite some time. But intelligent automation and hyperautomation, aka end-to-end process automation, have been taking industries by storm. Thanks to the advent of democratized Intelligent Process Automation (IPA) solutions, intelligent automation and hyperautomation have become easily accessible to businesses of varying sizes. IPA solutions harness both Artificial Intelligence (AI) and Robotic Process Automation (RPA) providing powerful automation capabilities. It comes as no surprise that Gartner’s number one tech trend for 2021 is hyperautomation.
The ability of IPA solutions to automate the processing of unstructured content and automate even complex processes has opened the floodgates to countless use cases. In a nutshell, IPA allows the automation of mundane tasks that are highly-repetitive and data-intensive.
These span functions such as:
- Document processing and understanding
- Invoice processing
- Form processing
- Customer support via intelligent email and chatbots
- IT support
- Finance – bank reconciliations, AP and AR process automation
- Procurement operations
These are just some of the functions that can be automated with IPA solutions. Research indicates that with implementation of IPA solutions, enterprises will be able to lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes by 2024. Intelligent automation can address numerous business pain points by uncovering gaps in processes and making correlations to discover the root cause.
These use cases are applicable in diverse and varying industries, such as, modern enterprise operations, hospitality operations, healthcare, loans and mortgages, real estate, auto dealerships or practically any other industry you can think of.
IPA solutions provide a backbone of automation tools that work cohesively to transform business processes, delivering reliable, efficient and scalable outcomes, allowing organizations to minimize cost and risk while maximizing ROIs up to 300%.
COVID-19 Pandemic Accelerated Adoption of IPA
We are witnessing an era of accelerated digital transformation where enterprises are taking the big leap towards embracing IPA and hyperautomation. This impetus has been provided by the current pandemic, which has cast a light on the urgency of digital transformation in modern enterprises. Intelligent automation has become the key for unlocking the true potential of disruptive technology for mainstream enterprise operations. It is also playing a critical role in establishing a post-pandemic, sustainable future for various businesses.
Moreover, the necessity to keep team members safe while ensuring business continuity expedited the surge in the adoption of IPA solutions across industries. The fact is that this technology empowers organizations to be more resilient in the face of adversity, making them future-proof, so that they can weather uncertainties or any other disruptive events.
Democratized IPA Solutions Leveled the Playing Field
The advent of low code/no code democratized IPA solutions have leveled the playing field making this technology accessible and affordable to companies of all sizes. Additionally processes built on low-code solutions can be deployed rapidly with minimal infrastructure configuration. You don’t need any specialist knowledge or a budget that breaks the bank to get these democratized solutions up and running. It’s just a matter of a few weeks. This development has been a true game-changer in the intelligent automation space that has had a ripple effect across myriad industries.
Just the Tip of The Iceberg
IPA solutions are one of the fastest-growing software categories. In 2019, the global hyperautomation market was valued at $492 million and it is estimated that by 2027, it will reach $22.8 billion. This is an astounding rate of growth and it indicates that the current stage of adoption of IPA solutions is just the tip of the iceberg with intelligent automation set to gain massive adoption across industries.
Studies indicate that up to 50% of tasks performed in a business fit the profile of highly-repetitive, data-intensive tasks that are good candidates for intelligent automation and even hyperautomation. This is a goldmine of opportunity for harnessing intelligent automation.
The Next Step – A Higher Degree of Complexity
Many companies focus on relatively simple intelligent automation that enables digital workers to perform tedious, data-intensive tasks that were performed by humans. A lot of these tasks are in the data entry and data validation space.
The next step is to automate highly complex processes with humans in the loop if required. As technology continues to evolve, we should expect IPA to penetrate further into the enterprise and automate even more critical business processes. This entails, for example, quote automation with IPA solutions, resulting in higher sales and greater customer delight aside from merely improving accuracy and turnaround time for generating quotes.
Fully operational AI enables intelligent interlinking of the disparate processes and silo’s that stretch across the entire enterprise, creating a completely interconnected, transparent, efficient and data-driven infrastructure. This enterprise AI with its machine learning capabilities automates processes at a robust speed allowing for your enterprise to process enormous amounts of data fairly quickly.
Intelligent automation will continue to evolve and bot-as-a service will be the new normal. The current stage of democratized IPA solutions is a stepping stone to the future of super powered enterprises where intelligent automation is ubiquitous. Therefore, it is imperative for modern enterprises to harness this disruptive technology with an eye on increasingly complex use cases, not just automating the data-intensive grunt work. We urge you to consider strategies for enterprise-wide hyperautomation that will maximize the value of your automation initiative while laying a foundation for an agile enterprise capable of withstanding future market turbulence.
If you are interested in knowing more about Hyperautomation you can read our blog on Why Hyperautomation is Imperative for Modern Enterprises or read The New Normal for Enterprises – Intelligent Automation Takes Center Stage
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.