What is intelligent automation – and why should you care?
Gartner expects that by 2024, organisations will lower operational costs by 30% by combining intelligent automation technologies with redesigned operational processes.
You’ve probably heard of intelligent automation, but do you know what it is? And why it’s important? We take a look at what intelligent automation could do for your business, and how understanding it is crucial to maintaining a competitive edge.
The robot revolution and beyond
Many of us are already familiar with robotic process automation (RPA), in which repetitive or high-volume tasks are allocated to bots. However, business transformation goes beyond automating high-volume, low-complexity, and rules-based tasks – which is why standalone RPA is fast becoming legacy technology.
The uses of intelligent automation are potentially limitless. – Deloitte
Intelligent automation can be defined as “the use of automation technologies to streamline and scale decision-making across organisations”. It combines RPA with technologies such as natural language processing (NLP), artificial intelligence (AI), and business process management (BPM), to provide a number of benefits including reducing costs, improving compliance, and enhancing customer experience.
Benefits for your customers and your business
Of course, not all aspects of a business can, or should, be handed over to bots or algorithms – but it may surprise you how many tasks formerly carried out by humans can be successfully automated. The travel industry has been revolutionised by the use of conversational bots, and the financial services industry is now exploiting the possibilities of AI for tasks ranging from customer requests to insurance claims processing.
Automating manual and data-intensive processes increases productivity by 84% and reduces costs by 30–60% – Laiye, The Rise of Intelligent Automation
Intelligent automation is even transforming industries that have traditionally relied on human input to ensure safety and confidentiality. In the legal sector, intelligent document processing enables past cases to be scanned for precedent within seconds – reducing human error and increasing productivity. And in the healthcare industry, intelligent automation has been employed to dispense prescription medication and even to automate the consultation process, cutting compliance costs by 50% in three months, as well as displaying an impressive accuracy rate of over 90%.
Why now is the right time to adopt intelligent automation
Just as the global pandemic led to the increasing adoption of technologies such as bots to handle customer queries, the current economic crisis affecting both consumers and businesses has heightened the need for automated solutions. Many companies are struggling with the impact of staff shortages – even some of the big household names have been impacted.
Businesses simply cannot do without AI baked in from the start anymore. – Neil Parker, EMEA Manager, Laiye
As technology advances, customer expectations are rising, and a positive customer interaction can be key to retention: 61% of consumers say they will switch suppliers after just one bad experience. Businesses are recognising the importance of providing a high-quality experience throughout the customer journey. That’s why solutions involving conversational AI, such as the intelligent chatbots produced by our partner Laiye, are now in demand – and your competitors might already be using them.
Staying competitive – now and in the future
Intelligent automation is the logical next step if you want to future-proof your organisation. We’re living in uncertain times and, while we can’t predict the future, we can prepare for it by staying ahead of the curve.
Look at the areas of your business which could be automated quickly. What outdated processes do you have, and what current automation capabilities could you enhance to make them even more efficient? Perhaps you’re already using an RPA platform, but finding it doesn’t meet your needs.
Pharma company CNBG saved 412 hours per month and achieved 100% accuracy by integrating software robots to fully automate its customer audit processes. – Laiye, The Rise of Intelligent Automation
Legacy systems are often restricted to silos and cannot be integrated with other business processes. Attempting to ‘bolt on’ AI capabilities to a legacy system often results in data quality errors, preventing you from using your data intelligently to inform decision-making and respond quickly to market trends. Ultimately, only intelligent automation can deliver true business transformation.
Here at redk, we work with our expert partners to select and implement the intelligent automation solution that’s right for you, drawing on our 15 years of experience in digital transformation. Talk to us to find out how we can help you streamline your business and deliver great value to your customers.