Intelligent Process Automation entails a combination of technologies that consolidate to manage, automate and unite digital processes. The most rudimentary facets consolidating Intelligent Process Automation are Digital Process Automation, Robotic Process Automation and Artificial Intelligence Automation (AI). Intelligent Process Automation is utilized in several aspects of life. It has made life more streamlined and fast-paced. The need to rely on physical labor is slowly depleting, which is an excellent step.
Space-age technologies have enabled autonomous drones, driverless cars and several customer care communications operated by automated messages. These are pre-uploaded into the system. When a consumer types a particular query, all related answers are displayed, thus eliminating their problems.
It is predicted that automation is at its cusp and will impact infrastructure, customers and business models. Organizations need to imbibe more automation models into their systems to ensure faster processing. Forecasts report that Intelligent Process Automation will replace almost a tenth of the world’s manufacturing jobs. This means that AI will replace around 20 million people in the coming decade. The robotic revolution is fuelled by technological advances in automation, engineering, energy storage and machine learning.
The numbers of bots used worldwide have already amplified in mounting numbers. Forecasts suggest that the robot stocks will multiply at a faster pace in the upcoming 20 years. It will reach about 20 million by 2030, with 14 million stocks being held in China alone.
What Is The Rationale Behind Intelligent Process Automation?
The rationale is to consolidate technologies that together give birth to digital processes. The types of technologies summing up Intelligent Process Automation are:
1) Digital Process Automation: This is a more agile way to move forward. It is a modern take on traditional Business Process Management. The goal is to amplify revenues through more efficacious acquisition and retention of customers. DPA aims to do so by enhancing the customer experience. For example, customer onboarding, loan, credit, quotation and pricing approvals are a part of DPA. By creating an opportunity for competitive advantage, DPA continually improves the working of operations.
2) Robotic Process Automation: Alternatively, RPA provides more efficient functioning. It deploys robots that impersonate human actions and assists in diminishing manual labor—for example, re-keying data from one system to the other.
3) Artificial Intelligence: It helps in contributing intelligence and decisions to the final mix. Since AI can investigate the data in a far more streamlined fashion, it brings a complex thinking level to the table. It can discern patterns from old data and learn from past mistakes to make new and informed choices.
These technologies are best efficacious when used in collaboration. Their potency does not come through individually. Their cumulative use can ensure fruitful results.
What Changes Will The Robots Have On The World?
1) First and foremost, the most significant change incurred will be accelerating technology and humans’ replacement by AI. The need to have physical employees will start diminishing.
2) The productivity and growth witnessed all around the world will augment in the coming years.
BENEFITS OF USING INTELLIGENT PROCESS AUTOMATION
1) Assimilation of humans and robots: Instead of dividing the tasks between robots and humans, IPA aims to coordinate work between these entities. It is essential to integrate them with an IPA platform to avail enterprise-wide solutions.
2) Releasing employees from routine tasks: While robots’ development might worry humans regarding unemployment, there are specific labor-intensive jobs that robots must preferably perform. Assimilating DPA and AI is a sensible call because it enables better decision making.
3) Guarantees improved governance and diminishes risks: End-to-end processing leaves little or no room for errors. It is a more practical way of functioning. People can avoid mistakes like incorrect data entry. Although RPA is responsible for automating tasks, IPA can take charge and maintain consistency in case of a failure.
4) Ensuring customers’ transparency: Having end-to-end visibility fosters a more reliable atmosphere for the enterprise and the customers. They can identify any bottlenecks if needed.
5) The ability to pace things up: The most significant advantage of using IPA is time management. It is agile and accelerates processes. By discerning any errors, it instantly notifies the customers and the enterprise, hence rectifying these errors. The cumulative result is ample time being saved.
The rampant use of modern technology has also led to the increased employment of robots. Its efficiency is enticing people to move over and adopt this modern way of life. The agility and efficiency of Intelligent Process Automation is an engaging premise. There is also less room for errors.