A combination of RPA and AI
Intelligent Automation (IA) is the product of an amalgamation of Robotic Process Automation (RPA) and artificial intelligence (AI) technologies (machine learning, NLP, text analytics, predictive, prescriptive analytics, and computer vision). By integrating these technologies, IA can automate tasks that involve human-like capabilities (creativity, intuition, judgment, and natural language processing). Wealth management firms, global banks, and insurance companies are currently leveraging its unlimited potential to improve their business processes and serve their clients better. In this article, we will be looking at the possibility of Intelligence Automation to augment Robotic Process Automation, its significance to digital transformations, and its pros and cons.
1. Advantages and Disadvantages of Intelligent Automation
Here are the advantages of IA:
- Elimination or reduction of labor costs
- Bridging differences in workforce skills sets
- Enabling cost-efficient operations
- The management of large volumes of complex data
- Increased and sustained levels of speed and accuracy
The disadvantages of Intelligent Automation include:
- The gradual eradication of an organization’s skilled workforce
- Challenges with training employees to acquire new skills (upskill)
- Integrating with legacy systems can be problematic
- Employees might feel threatened
- The dependence on digital processes will lead to increased security threats.
2. Robotic Process Automation as a Forerunner to Intelligent Automation
Robotic Process Automation (RPA) is an advancement in software that revolutionizes the automation process by applying automation principles to manual and repetitive tasks across different IT applications. The only snag of RPA is that it is limited to non-cognitive tasks that do not require human-like capabilities. Intelligent Automation, on the other hand, draws from data processed by machine learning algorithms. IA can execute tasks that require human-like capabilities by applying not only Machine Learning but also Computer Vision and Cognitive Automation capabilities.
IA takes automation processes steps further than traditional RPA by combining the strengths of Artificial Intelligence with intellectual gifts that only humans can offer. This combination enables IA platforms to execute sophisticated tasks that are non-rule based.
Furthermore, Intelligent Automation offers the ability to extract information by accessing data that is typically beyond the reach of RPA technologies. This ability is a boost for data-centric operations and sets enterprises ahead of the competition. Intelligent Automation also provides better internal and external support by answering specific questions while assigning more complicated tasks to humans.
3) Intelligent Automation and Digital Transformation
RPA is an advanced technology that helped usher in digital transformation by applying software robots to minimize human interference in business processes, thus increasing efficiency and reducing operational costs. However, if digital transformation is a journey, RPA can only go so far, and where task automation ends with RPA, is where it begins for IA. IA facilitates digital transformation by applying human-like intelligence to automated tasks. By building on the Automation initiated by RPA technologies, IA will lead to efficient workflows and increased business value. Currently and moving into the near future, IA will enable the execution of complicated tasks much better than humans.
Finally, Intelligent Automation is the future of digital transformation, and it is here now. It is going to change business functions in all organizations. Apart from helping businesses optimize tasks, IA will also help organizations streamline end to end processes to automate key business actions.
How can we help you take advantage of Intelligent Automation?
- Short- and long-term roadmap to success
- Proven ideation selection process
- Proof of Value (in lieu of PoC)
- Governance and operating model blueprint
- Automation analytics playbook
- Guidance on RPA tool selection
- Center of Excellence playbook
Book a FREE consultation with us to understand why…
- Have a robust Strategic Automation plan
- Select the RIGHT process for automation
- RPA projects fail and how to avoid failures